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31/05/2023
2023-05-31
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No description of principal activities is disclosed
2022-12-01
Sage Accounts Production 21.0 - FRS102_2021
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1
2022-12-01
2023-05-31
Company registration number:
14156217
Option 1 Roofing Limited
Unaudited filleted financial statements
31 May 2023
Option 1 Roofing Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Option 1 Roofing Limited
Directors and other information
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Director |
Mr A Watson |
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Company number |
14156217 |
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Registered office |
45-49 Greek Street |
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Stockport |
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SK3 8AX |
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Business address |
293 Dialstone Lane |
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Stockport |
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SK2 7NA |
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Accountants |
Downham Morris & Co |
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45-49 Greek Street |
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Stockport |
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Cheshire |
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SK3 8AX |
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Option 1 Roofing Limited
Chartered certified accountants report to the director on the preparation of the
unaudited statutory financial statements of Option 1 Roofing Limited
Period ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Option 1 Roofing Limited for the period ended 31 May 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/ member/professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Option 1 Roofing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Option 1 Roofing Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet- 163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Option 1 Roofing Limited and its director as a body for our work or for this report.
It is your duty to ensure that Option 1 Roofing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Option 1 Roofing Limited. You consider that Option 1 Roofing Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Option 1 Roofing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downham Morris & Co
45-49 Greek Street
Stockport
Cheshire
SK3 8AX
26 February 2024
Option 1 Roofing Limited
Statement of financial position
31 May 2023
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31/05/23 |
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Note |
£ |
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£ |
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Current assets |
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Stocks |
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1,250 |
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Cash at bank and in hand |
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6,723 |
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_______ |
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7,973 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
7,374) |
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_______ |
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Net current assets |
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599 |
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_______ |
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Total assets less current liabilities |
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599 |
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_______ |
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Net assets |
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599 |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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Profit and loss account |
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598 |
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_______ |
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Shareholders funds |
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599 |
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_______ |
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For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. |
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Director's responsibilities: |
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476; |
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered. |
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These financial statements were approved by the
board of directors and authorised for issue on
26 February 2024 , and are signed on behalf of the board by: |
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......................... |
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Mr A Watson |
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Director |
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Company registration number:
14156217 |
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Option 1 Roofing Limited
Notes to the financial statements
Period ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 45-49 Greek Street, Stockport, SK3 8AX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
5.
Creditors: amounts falling due within one year
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31/05/23 |
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£ |
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Corporation tax |
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3,190 |
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Other creditors |
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4,184 |
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_______ |
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7,374 |
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_______ |
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6.
Directors advances, credits and guarantees
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During the period the director entered into the following advances and credits with the company: |
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Period ended 31/05/23 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
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Mr A Watson |
- |
(
3,384) |
(
3,384) |
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No interest is payable on loans due to and from the director and loans are repayable on demand.
7.
Related party transactions
During the period, the company voted dividends to the director totalling £13,000.
8.
Controlling party
The company was under the control of its director during the period by virtue of his shareholding.