Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mrs K Brabon 04/07/2016 Mr M Brabon 30/04/2010 Mr S M Wills 02/07/2014 20 November 2023 The principal activity of the company is that of a roofing contractor. 05786496 2023-06-30 05786496 bus:Director1 2023-06-30 05786496 bus:Director2 2023-06-30 05786496 bus:Director3 2023-06-30 05786496 2022-06-30 05786496 core:CurrentFinancialInstruments 2023-06-30 05786496 core:CurrentFinancialInstruments 2022-06-30 05786496 core:Non-currentFinancialInstruments 2023-06-30 05786496 core:Non-currentFinancialInstruments 2022-06-30 05786496 core:ShareCapital 2023-06-30 05786496 core:ShareCapital 2022-06-30 05786496 core:RetainedEarningsAccumulatedLosses 2023-06-30 05786496 core:RetainedEarningsAccumulatedLosses 2022-06-30 05786496 core:Goodwill 2022-06-30 05786496 core:Goodwill 2023-06-30 05786496 core:Vehicles 2022-06-30 05786496 core:OfficeEquipment 2022-06-30 05786496 core:Vehicles 2023-06-30 05786496 core:OfficeEquipment 2023-06-30 05786496 bus:OrdinaryShareClass1 2023-06-30 05786496 2022-07-01 2023-06-30 05786496 bus:FilletedAccounts 2022-07-01 2023-06-30 05786496 bus:SmallEntities 2022-07-01 2023-06-30 05786496 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05786496 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05786496 bus:Director1 2022-07-01 2023-06-30 05786496 bus:Director2 2022-07-01 2023-06-30 05786496 bus:Director3 2022-07-01 2023-06-30 05786496 core:Goodwill core:TopRangeValue 2022-07-01 2023-06-30 05786496 core:Goodwill 2022-07-01 2023-06-30 05786496 core:Vehicles core:TopRangeValue 2022-07-01 2023-06-30 05786496 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 05786496 2021-07-01 2022-06-30 05786496 core:Vehicles 2022-07-01 2023-06-30 05786496 core:OfficeEquipment 2022-07-01 2023-06-30 05786496 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 05786496 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 05786496 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05786496 (England and Wales)

SMW ROOFING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

SMW ROOFING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

SMW ROOFING LIMITED

BALANCE SHEET

As at 30 June 2023
SMW ROOFING LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 25,500 34,000
Tangible assets 4 63,295 82,391
88,795 116,391
Current assets
Stocks 20,000 15,074
Debtors 5 356,231 112,983
Cash at bank and in hand 558,803 291,205
935,034 419,262
Creditors: amounts falling due within one year 6 ( 400,860) ( 198,187)
Net current assets 534,174 221,075
Total assets less current liabilities 622,969 337,466
Creditors: amounts falling due after more than one year 7 ( 38,729) ( 58,117)
Provision for liabilities ( 15,824) ( 13,992)
Net assets 568,416 265,357
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 568,316 265,257
Total shareholders' funds 568,416 265,357

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of SMW Roofing Limited (registered number: 05786496) were approved and authorised for issue by the Board of Directors on 20 November 2023. They were signed on its behalf by:

Mr S M Wills
Director
Mr M Brabon
Director
SMW ROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
SMW ROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SMW Roofing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years from 1 July 2016.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 170,000 170,000
At 30 June 2023 170,000 170,000
Accumulated amortisation
At 01 July 2022 136,000 136,000
Charge for the financial year 8,500 8,500
At 30 June 2023 144,500 144,500
Net book value
At 30 June 2023 25,500 25,500
At 30 June 2022 34,000 34,000

4. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 July 2022 168,417 10,833 179,250
Additions 19,744 264 20,008
At 30 June 2023 188,161 11,097 199,258
Accumulated depreciation
At 01 July 2022 89,870 6,989 96,859
Charge for the financial year 37,633 1,471 39,104
At 30 June 2023 127,503 8,460 135,963
Net book value
At 30 June 2023 60,658 2,637 63,295
At 30 June 2022 78,547 3,844 82,391

5. Debtors

2023 2022
£ £
Trade debtors 340,944 71,293
Amounts owed by directors 0 28,989
Prepayments 10,560 8,001
VAT recoverable 2,827 0
Other debtors 1,900 4,700
356,231 112,983

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 97,173 112,726
Amounts owed to directors 62,129 0
Accruals 18,053 14,198
Taxation and social security 137,671 38,342
Obligations under finance leases and hire purchase contracts 9,388 12,144
Other creditors 66,446 10,777
400,860 198,187

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 19,167 29,167
Obligations under finance leases and hire purchase contracts (secured) 19,562 28,950
38,729 58,117

Hire purchase and finance lease liabilities are secured on the assets to which they relate. The company received a bounce back loan of £50,000 on 6 May 2020.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
At 1 July 2022 28,989 0
Advances to director 47,903 82,972
Repayments by director (76,892) (53,983)
At 30 June 2023 0 28,989

10. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £36,458 (2022 - £48,958).