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Registration number: 03386875

A.L. King (Roofing) Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

A.L. King (Roofing) Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

A.L. King (Roofing) Ltd.

Company Information

Director

Mr A L King

Company secretary

Mrs S Rosario

Registered office

Hampton Park West
Melksham
Wiltshire
SN12 6EZ

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

A.L. King (Roofing) Ltd.

(Registration number: 03386875)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

626,130

674,424

Current assets

 

Stocks

4

1,133,979

964,350

Debtors

5

2,460,916

2,532,565

Cash at bank and in hand

 

497,769

409

 

4,092,664

3,497,324

Creditors: Amounts falling due within one year

6

(1,050,146)

(991,384)

Net current assets

 

3,042,518

2,505,940

Total assets less current liabilities

 

3,668,648

3,180,364

Creditors: Amounts falling due after more than one year

6

(11,374)

(43,706)

Provisions for liabilities

(42,909)

(39,409)

Net assets

 

3,614,365

3,097,249

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

3,614,363

3,097,247

Shareholders' funds

 

3,614,365

3,097,249

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.

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.

 

A.L. King (Roofing) Ltd.

(Registration number: 03386875)
Balance Sheet as at 30 June 2023

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 14 February 2024
 

.........................................
Mr A L King
Director

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

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.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Plant, machinery, fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Leasehold property

Over the period of the lease

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.

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 38 (2022 - 40).

3

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

678,260

641,401

277,033

1,596,694

Additions

4,118

94,417

17,473

116,008

Disposals

-

(59,669)

(83,743)

(143,412)

At 30 June 2023

682,378

676,149

210,763

1,569,290

Depreciation

At 1 July 2022

343,015

384,891

194,363

922,269

Charge for the year

27,296

83,013

11,477

121,786

Eliminated on disposal

-

(40,790)

(60,105)

(100,895)

At 30 June 2023

370,311

427,114

145,735

943,160

Carrying amount

At 30 June 2023

312,067

249,035

65,028

626,130

At 30 June 2022

335,244

256,510

82,670

674,424

Included within the net book value of land and buildings above is £312,067 (2022 - £335,245) in respect of long leasehold land and buildings.
 

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Stocks

2023
£

2022
£

Other inventories

1,133,979

964,350

5

Debtors

2023
£

2022
£

Trade debtors

1,547,361

1,587,382

Prepayments

2,302

2,002

Other debtors

911,253

943,181

2,460,916

2,532,565

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

32,582

70,999

Trade creditors

 

698,241

710,176

Taxation and social security

 

38,274

48,710

Accruals and deferred income

 

59,417

21,848

Other creditors

 

221,632

139,651

 

1,050,146

991,384

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

200

2

200

2

Ordinary A shares of £0.01 each

6

-

6

-

 

206

2

206

2

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,374

43,706

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

17,153

Hire purchase contracts

32,582

53,846

32,582

70,999

 

A.L. King (Roofing) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

183,338

183,338

Advanced

251,365

251,365

Repaid

(225,000)

(225,000)

At end of period

209,703

209,703

2022

Key management
£

Total
£

At start of period

325,924

325,924

Advanced

207,414

207,414

Repaid

(350,000)

(350,000)

At end of period

183,338

183,338