GB Roofing Solutions Ltd 12596247 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Roofing activities Digita Accounts Production Advanced 6.30.9574.0 true true 12596247 2022-06-01 2023-05-31 12596247 2023-05-31 12596247 bus:Director1 1 2023-05-31 12596247 bus:OrdinaryShareClass1 2023-05-31 12596247 core:CurrentFinancialInstruments 2023-05-31 12596247 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 12596247 core:Non-currentFinancialInstruments 2023-05-31 12596247 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 12596247 core:FurnitureFittingsToolsEquipment 2023-05-31 12596247 core:MotorVehicles 2023-05-31 12596247 bus:SmallEntities 2022-06-01 2023-05-31 12596247 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 12596247 bus:FullAccounts 2022-06-01 2023-05-31 12596247 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 12596247 bus:RegisteredOffice 2022-06-01 2023-05-31 12596247 bus:Director1 2022-06-01 2023-05-31 12596247 bus:Director1 1 2022-06-01 2023-05-31 12596247 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 12596247 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 12596247 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 12596247 core:MotorVehicles 2022-06-01 2023-05-31 12596247 core:OfficeEquipment 2022-06-01 2023-05-31 12596247 countries:EnglandWales 2022-06-01 2023-05-31 12596247 2022-05-31 12596247 bus:Director1 1 2022-05-31 12596247 core:FurnitureFittingsToolsEquipment 2022-05-31 12596247 core:MotorVehicles 2022-05-31 12596247 2021-06-01 2022-05-31 12596247 2022-05-31 12596247 bus:Director1 1 2022-05-31 12596247 bus:OrdinaryShareClass1 2022-05-31 12596247 core:CurrentFinancialInstruments 2022-05-31 12596247 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 12596247 core:Non-currentFinancialInstruments 2022-05-31 12596247 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 12596247 core:FurnitureFittingsToolsEquipment 2022-05-31 12596247 core:MotorVehicles 2022-05-31 12596247 bus:Director1 1 2021-06-01 2022-05-31 12596247 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 12596247 bus:Director1 1 2021-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12596247

GB Roofing Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

GB Roofing Solutions Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

Detailed Profit and Loss Account

11 to 12

 

GB Roofing Solutions Ltd

Company Information

Director

G W Bright

Registered office

45 Copse Lane
Ilton
Ilminster
Somerset
TA19 9HG

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

GB Roofing Solutions Ltd

Director's Report for the Year Ended 31 May 2023

The report and the financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

G W Bright

Principal activity

The principal activity of the company is Roofing activities

Small companies provision statement

This report has 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.

Approved and authorised by the director on 30 January 2024
 

.........................................
G W Bright
Director

 

GB Roofing Solutions Ltd

(Registration number: 12596247)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,969

12,803

Current assets

 

Debtors

6

108,701

69,884

Cash at bank and in hand

 

530

256

 

109,231

70,140

Creditors: Amounts falling due within one year

7

(102,900)

(56,224)

Net current assets

 

6,331

13,916

Total assets less current liabilities

 

16,300

26,719

Creditors: Amounts falling due after more than one year

7

(28,090)

(26,715)

Net (liabilities)/assets

 

(11,790)

4

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(11,791)

3

Shareholders' (deficit)/funds

 

(11,790)

4

For the financial year ending 31 May 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 their 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.

Approved and authorised by the director on 30 January 2024
 

.........................................
G W Bright
Director

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
45 Copse Lane
Ilton
Ilminster
Somerset
TA19 9HG
England

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.

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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

Motor vehicles

25% reducing balance

Office equipment

25% reducing 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.

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

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.

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,324

4,267

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

542

16,667

17,209

Additions

490

-

490

At 31 May 2023

1,032

16,667

17,699

Depreciation

At 1 June 2022

135

4,271

4,406

Charge for the year

225

3,099

3,324

At 31 May 2023

360

7,370

7,730

Carrying amount

At 31 May 2023

672

9,297

9,969

At 31 May 2022

407

12,396

12,803

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

25,088

Other debtors

108,701

44,796

 

108,701

69,884

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

-

1,500

Trade creditors

 

5,983

475

Taxation and social security

 

46,367

25,169

Accruals and deferred income

 

2,000

3,000

Other creditors

 

48,550

26,080

 

102,900

56,224

Creditors: amounts falling due after more than one year

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

28,090

26,715

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,090

26,715

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

1,500

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £28,500.00) per each Ordinary

 

-

 

28,500

         

11

Related party transactions

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

G W Bright

Director's current account

44,795

63,905

108,700

       
     

 

2022

At 1 June 2021
£

Advances to director
£

At 31 May 2022
£

G W Bright

Director's current account

35,014

9,781

44,795

       
     

 

 

GB Roofing Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

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

2023
£

2022
£

Remuneration

14,408

8,840

 

GB Roofing Solutions Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

121,060

118,056

Cost of sales

Purchases

36,308

26,379

Subcontract cost

28,544

17,178

Consumable tools

1,540

-

Protective clothing

220

527

66,612

44,084

Distribution costs

Directors remuneration

14,408

-

Employment costs

Directors remuneration

-

(8,840)

Establishment costs

Rent

(600)

(1,060)

Insurance

(111)

-

(711)

(1,060)

General administrative expenses

Repairs and maintenance

(220)

-

Mobile phone

(275)

-

Website fees

(533)

-

Printing, postage and stationery

(88)

-

Trade subscriptions

(279)

-

Motor expenses

(9,497)

(8,024)

Travel and subsistence

-

(1,050)

Advertising

(402)

(1,194)

Book keeping

(4,115)

-

Waste Disposal

(263)

-

Payroll

(136)

-

Accountancy fees

(4,707)

(3,601)

Professional indemnity insurance

-

(162)

Legal and professional fees

(300)

(13)

PAYE penalties & interest (disallowable)

(1,440)

(715)

(22,255)

(14,759)

Finance charges

Bank charges

(518)

(407)

 

GB Roofing Solutions Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
 £

2022
 £

Depreciation costs

Depreciation of motor vehicles (owned)

(3,099)

(4,132)

Depreciation of office equipment (owned)

(225)

(135)

(3,324)

(4,267)

Operating profit

13,232

44,639

Other interest receivable and similar income

Other interest receivable

1,257

611

Interest payable and similar charges

Bank loan fees and interest on recovery of debt

250

4,812

Other loan interest

-

164

Other interest payable

1,144

-

1,394

4,976

Net finance cost

(137)

(4,365)

Profit before tax

13,095

40,274