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Registration number: 08170242

Butchart Roofing Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Butchart Roofing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Butchart Roofing Limited

Company Information

Director

Mr Graeme Butchart

Registered office

C/O The Financial Management Centre
The Meads Business Centre
19 Kingsmead
Farnborough
Hants
GU14 7SR

Accountants

The Financial Management Centre
The Meads Business Centre
19 Kingsmead
Farnborough
Hants
GU14 7SR

 

Butchart Roofing Limited

(Registration number: 08170242)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,062

26,959

Current assets

 

Stocks

5

70,000

70,000

Debtors

6

1,704,774

1,815,575

Cash at bank and in hand

 

619,806

530,452

 

2,394,580

2,416,027

Creditors: Amounts falling due within one year

7

(1,580,286)

(1,559,511)

Net current assets

 

814,294

856,516

Total assets less current liabilities

 

858,356

883,475

Creditors: Amounts falling due after more than one year

7

(43,430)

(50,000)

Net assets

 

814,926

833,475

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

814,924

833,473

Shareholders' funds

 

814,926

833,475

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

.........................................
Mr Graeme Butchart
Director

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in england.

The address of its registered office is:
C/O The Financial Management Centre
The Meads Business Centre
19 Kingsmead
Farnborough
Hants
GU14 7SR

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

25% on the reducing balance

Vehicles , Plant and machinery

25% on thereducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

12,244

86,881

45,671

144,796

Additions

-

31,790

-

31,790

At 28 February 2023

12,244

118,671

45,671

176,586

Depreciation

At 1 March 2022

7,104

73,042

37,691

117,837

Charge for the year

1,285

11,407

1,995

14,687

At 28 February 2023

8,389

84,449

39,686

132,524

Carrying amount

At 28 February 2023

3,855

34,222

5,985

44,062

At 28 February 2022

5,140

13,839

7,980

26,959

5

Stocks

2023
£

2022
£

Other inventories

70,000

70,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

570,654

653,128

Prepayments

75,518

75,518

Other debtors

1,058,602

1,086,929

 

1,704,774

1,815,575

7

Creditors

Creditors: amounts falling due within one year

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Due within one year

Trade creditors

614,899

683,025

Taxation and social security

111,820

103,791

Accruals and deferred income

550,444

470,444

Other creditors

303,123

302,251

1,580,286

1,559,511

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

43,430

50,000

8

Share capital

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

43,430

50,000

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £20,000.00 (2022 - £35,000.00) per ordinary share

 

40,000

 

70,000

         

11

Related party transactions

 

Butchart Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,000

8,628

Contributions paid to money purchase schemes

100,000

-

114,000

8,628