Prestige Roofing Services Ltd
Registered number: 05709943
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 19,841 64,237
Current assets
Stocks 1,620,000 1,008,000
Debtors 5 1,467,821 1,182,980
Cash at bank and in hand - 36
3,087,821 2,191,016
Creditors: amounts falling due within one year 6 (2,335,638) (1,897,179)
Net current assets 752,183 293,837
Total assets less current liabilities 772,024 358,074
Creditors: amounts falling due after more than one year 7 (409,270) (26,020)
Net assets 362,754 332,054
Capital and reserves
Called up share capital 100 100
Profit and loss account 362,654 331,954
Shareholders' funds 362,754 332,054
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R McGrath
Director
Approved by the board on 13 March 2024
Prestige Roofing Services Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 250,000
At 30 June 2023 250,000
Amortisation
At 1 July 2022 250,000
At 30 June 2023 250,000
Net book value
At 30 June 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 105,014 387,521 492,535
Additions - 19,000 19,000
At 30 June 2023 105,014 406,521 511,535
Depreciation
At 1 July 2022 85,696 342,602 428,298
Charge for the year 13,730 49,666 63,396
At 30 June 2023 99,426 392,268 491,694
Net book value
At 30 June 2023 5,588 14,253 19,841
At 30 June 2022 19,318 44,919 64,237
5 Debtors 2023 2022
£ £
Trade debtors 1,458,020 1,173,617
Other debtors (incl. VAT refund) 9,801 9,363
1,467,821 1,182,980
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 591,900 540,911
Obligations under finance lease and hire purchase contracts 6,344 19,066
Trade creditors 1,431,348 1,172,071
Corporation tax 248,121 135,030
Other taxes and social security costs 67,749 22,826
Other creditors (9,824) 7,275
2,335,638 1,897,179
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 399,870 26,020
Obligations under finance lease and hire purchase contracts 9,400 -
409,270 26,020
8 Controlling party
The ultimate controlling party is Mr R McGrath, director and shareholder.
9 Other information
Prestige Roofing Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Finchurst, 80 Wokingham Road
Crowthorne
Berks
RG45 7QA
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