REGISTERED NUMBER: |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2023 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Contents of the Financial Statements |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 7 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 | to | 19 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED |
Company Information |
for the year ended 30 April 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
CUBO Birmingham |
Office 401, 4th Floor |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
35 High Town |
Hereford |
HR1 2AQ |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Strategic Report |
for the year ended 30 April 2023 |
The directors present their strategic report for the year ended 30 April 2023. |
This report aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face. |
Review of business |
The principal activity of the company during the year continued to be that of roofing and building services. |
The key performance indicators are considered to be those that communicate the financial performance and strength of the company, being turnover, gross and operating profit margins and working capital ratios. |
Turnover for the year decreased by 8% to £27.3m (2022: £29.6m) with a gross profit margin achieved of 31.3% (2022: 32.0%) and an operating profit margin of 14.0% (2022: 16.3%). Profit after tax for the year was £3.3m (2022: £4.1m). Dividends of £2.25m were paid to the parent company meaning profits of £0.85m were retained and added to brought forward reserves. Shareholders' funds therefore stood at £16.3m at the end of the year (2022: £15.2m). The current ratio fell from 6.82 at 30 April 2022, to 5.71 at 30 April 2023; excluding group debt, the ratio fell from 3.30 to 1.37. Debtor days remained steady at 52 days compared to 51 days in 2022. |
The profit and loss, balance sheet and cash flow are all monitored monthly through the year by comparison to budget and prior year performance. |
Despite challenging macro-economic conditions, as a board, we are satisfied with the performance of the company for the year. |
Principal risks and uncertainties |
The risks facing the company are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of each of the risks and ensure appropriate action is taken to mitigate it. |
A number of key risks such as credit and cash flow management, liquidity, health and safety and regulatory compliance come under the direct control of the directors. |
Future developments |
There are a number of areas of opportunity that can help to increase the growth of the business including new branches, growth with existing client base, and working on maintenance agreements with clients close to the branches. Implementing growth plans will be a key duty for the Central Group sales team. We believe we are strongly positioned to proceed with our growth plan. |
On behalf of the board: |
31 October 2023 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Report of the Directors |
for the year ended 30 April 2023 |
The directors present their report with the financial statements of the company for the year ended 30 April 2023. |
Results |
The profit for the year, after taxation, amounted to £3,349,062. |
Dividends |
The total distribution of dividends for the year was £2,250,000 (2022: £2,450,000). |
Directors |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
Financial risk management objectives and policies |
The company aims to minimise financial risks by applying the following practices: |
Price Risk - agreeing sales and (as far as possible) costs in advance of commencing work on contracts. |
Credit Risk - employing sensible credit control procedures to ensure minimal bad debts. |
Liquidity/Cashflow Risk - agreeing regular invoicing on work. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the financial statements. |
Disclosure in the strategic report |
Certain disclosures required by the Companies Act 2006 have been included in the Strategic Report on page 2. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Report of the Directors |
for the year ended 30 April 2023 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Auditors |
The auditors, Haines Watts Birmingham LLP, are deemed to be re-appointed under section 487(2) of the Companies Act 2006. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Central Roofing and Building Services |
Limited |
Opinion |
We have audited the financial statements of Central Roofing and Building Services Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Central Roofing and Building Services |
Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. |
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to: |
- | making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; |
- | obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- | assessing the risk of management override including identifying and testing journal entries; |
- | challenging the assumptions and judgements made by management in its significant accounting estimates |
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Central Roofing and Building Services |
Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
CUBO Birmingham |
Office 401, 4th Floor |
Birmingham |
West Midlands |
B3 3AX |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Statement of Comprehensive |
Income |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
3,816,557 | 4,836,310 |
Other operating income | 4 |
3,816,557 | 4,837,684 |
Income from fixed asset investments |
3,824,065 | 4,841,960 |
Interest payable and similar expenses | 6 | ( |
) |
Profit before taxation | 7 |
Tax on profit | 8 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income |
Fixed asset investment valuation | ( |
) | ( |
) |
Income tax relating to other comprehensive income |
Other comprehensive income for the year, net of income tax |
( |
) |
( |
) |
Total comprehensive income for the year |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Stocks | 13 |
Debtors | 14 |
Investments | 15 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 16 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 18 |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Statement of Changes in Equity |
for the year ended 30 April 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements |
for the year ended 30 April 2023 |
1. | Statutory information |
Central Roofing and Building Services Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The company has an extensive order book of long-term contracts with a number of customers and suppliers across different geographical areas. As a consequence, the directors believe the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The company is included by full consolidation in the consolidated financial statements of its ultimate parent company, Central Roofing TopCo Limited. The registered office of Central Roofing TopCo Limited is: Central Park, Holmer Road, Hereford, HR4 7QL. |
Significant judgements and estimates |
The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the company's accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
Long-term contract work in progress |
In respect of long term contracts, profit is only recognised when the contracts outcome can be ascertained with reasonable certainty. Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as the contract progresses. The stage of completion of the contract is assessed by comparing the cost of the work completed at the financial year end to the total anticipated cost of the contract. |
Depreciation of tangible fixed assets |
Depreciation is calculated based on an estimate of the useful economic life of each category of fixed assets together with an estimate of the assets' residual values. The estimates of each asset category's useful economic life have been stated above. |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business, net of Value Added Tax. In the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty. |
Goodwill |
Goodwill is calculated as the difference between the price paid for acquisitions of businesses and the fair values of the assets acquired from those assets. |
Amortisation is calculated so as to write off the cost of an asset, less it's estimated residual value, over the economic life of that asset as follows: |
Goodwill - 5% and 33% straight line |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Equipment | - |
Motor vehicles | - |
Fixtures and fittings | - |
Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. |
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. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
Financial instruments |
The company deals only in basic financial instruments, which are accounted for in accordance with section 11 of FRS102. |
Financial liabilities and equity instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Current asset investments |
Investments comprise of signed memorabilia at cost less permanent diminution in value. |
Fixed asset investments |
Listed investments held as fixed assets are shown at market value. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
4. | Other operating income |
2023 | 2022 |
£ | £ |
Other operating income |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
5. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Office | 52 | 40 |
Operative | 68 | 83 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
HMRC interest (receivable)/ |
payable | ( |
) |
( |
) |
7. | Profit before taxation |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Vehicle leasing charges |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Chargeable gains |
Group relief | ( |
) | ( |
) |
Deferred taxation |
Total tax charge | 491,179 | 699,511 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Fixed asset investment valuation | ( |
) | - | (32,184 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Fixed asset investment valuation | ( |
) | - | (13,875 | ) |
9. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
10. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Amortisation |
At 1 May 2022 |
and 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
11. | Tangible fixed assets |
Freehold | Plant and |
property | machinery | Equipment |
£ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
Disposals |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
Eliminated on disposal |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
11. | Tangible fixed assets - continued |
Fixtures |
Motor | and |
vehicles | fittings | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
12. | Fixed asset investments |
Listed |
investments |
£ |
Cost or valuation |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
Cost or valuation at 30 April 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 276,418 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 315,467 | 304,396 |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
13. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
14. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts recoverable on contracts | 738,505 | 1,168,683 |
Harris Allday client account | 28,177 | 515 |
S455 Debtor | 3,091 | 3,091 |
Directors' current accounts | 42 | 205 |
Prepayments |
15. | Current asset investments |
2023 | 2022 |
£ | £ |
Other |
16. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax | ( |
) |
Social security and other taxes |
VAT | 78,046 | 203,109 |
Other creditors |
Pension fund | 34,162 | 27,955 |
Accruals and deferred income |
17. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
18. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
CENTRAL ROOFING AND BUILDING SERVICES |
LIMITED (REGISTERED NUMBER: 03746288) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
18. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 May 2022 |
Utilised during year |
Balance at 30 April 2023 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 88,757 | 88,757 |
20. | Ultimate parent company |
Central Roofing TopCo Limited is regarded by the directors as being the company's ultimate parent company. |
Central Roofing TopCo Limited is registered in England & Wales (company number 10439997) and the registered office address is Central Park, Holmer Road, Hereford, HR4 9BP. |
The company is controlled by its directors. There is no single ultimate controlling party. |
21. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company is party to a Multilateral Guarantee for Prefequity LLP, dated 29 December 2021. The guarantee was signed by all group companies and includes fixed and floating charges on all of the property or undertaking of the company. |
The company is party to a Debenture for HSBC Bank Plc, including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 10 March 2003. |