REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Wessex Slate and Tile Roofing Services |
Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Wessex Slate and Tile Roofing Services |
Ltd |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wessex Slate and Tile Roofing Services |
Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
St Denys House |
22 East Hill |
St. Austell |
Cornwall |
PL25 4TR |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Balance Sheet - continued |
31 March 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Wessex Slate and Tile Roofing Services Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The company have taken advantage of the exemption, under the terms of Financial Reporting Standard 102 |
Section 1A 'The Financial Reporting Standard applicable in the UK an Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The financial statements are prepared in sterling, which is the fundamental currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
The financial statements have been prepared on the going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is recognised on delivery of goods or on the provision of services. |
In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measures at cost net of depreciation and impairment losses. |
Depreciation is recognised so as to write off the cost of the asset less their residential values over their useful lives on the following basis: |
Plant and equipment - 15% straight line |
Fixtures & Fittings - 15% straight line |
Motor vehicles - 25% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss. |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. |
Current Tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's lability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | STOCKS |
31/3/23 | 31/3/22 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included within Other Debtors are amounts owed by directors totalling £75,435 (£2022: £96,557) as detailed in note 16. |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
9. | LOANS AND OVERDRAFTS |
The bank holds a fixed and floating charge over the assets of the company. |
The bank also holds a cross guarantee between the company and its parent company, Westlands Holdings Limited. |
10. | LEASE OBLIGATIONS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
31/3/23 | 31/3/22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31/3/23 | 31/3/22 |
£ | £ |
Within one year |
Between one and five years |
Wessex Slate and Tile Roofing Services |
Ltd (Registered number: 02303728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | PROVISIONS FOR LIABILITIES |
31/3/23 | 31/3/22 |
£ | £ |
Deferred tax | 44,468 | 45,291 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/23 | 31/3/22 |
value: | £ | £ |
Ordinary | 1 | 5,000 | 5,000 |
Redeemable 'A' | 1 | 1 | 1 |
Redeemable 'B' | 1 | 1 | 1 |
Redeemable 'C' | 1 | 1 | 1 |
5,003 | 5,003 |
The Redeemable A, B and C shares provide a right to priority of any dividend or return of capital over the Ordinary shares. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
31/3/23 | 31/3/22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
14. | PARENT COMPANY |
The company is a 100% subsidiary of Westlands Holdings Limited, a company incorporated in England and Wales. |
The ultimate controlling party is P Lewis by virtue of his controlling interest in the parent company, Westlands Holdings Limited. |