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Registration number: 03087904

R.A. Sidebottom (Roofing Contractors) Ltd.

Annual Report and Financial Statements

for the Year Ended 31 August 2023

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Company Information



 

Directors

Mr David Garside

Mr Kevin Silverwood

Mrs Amanda Garside

Registered office

Construction House
William
Street
Mexborough
South Yorkshire
S64 8BP

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

R.A. Sidebottom (Roofing Contractors) Ltd.

(Registration number: 03087904)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

320,443

273,409

Investment property

5

300,000

300,000

Investments

-

42,574

 

620,443

615,983

Current assets

 

Debtors

6

271,079

157,188

Cash at bank and in hand

 

215,436

291,768

 

486,515

448,956

Creditors: Amounts falling due within one year

7

(252,819)

(236,149)

Net current assets

 

233,696

212,807

Total assets less current liabilities

 

854,139

828,790

Creditors: Amounts falling due after more than one year

7

(344,943)

(319,808)

Provisions for liabilities

(56,733)

(34,120)

Net assets

 

452,463

474,862

Capital and reserves

 

Called up share capital

8

500

500

Share premium reserve

(449,500)

(449,500)

Revaluation reserve

123,422

123,422

Other reserves

66,825

66,825

Retained earnings

711,216

733,615

Shareholders' funds

 

452,463

474,862

 

R.A. Sidebottom (Roofing Contractors) Ltd.

(Registration number: 03087904)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr David Garside
Director

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 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:
Construction House
William
Street
Mexborough
South Yorkshire
S64 8BP

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 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.

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, with the exception of freehold land and buildings, which arre included at the fair value as at 31st August 2017.


The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is not charged on freehold buildings as in the the directors' opinion the residual value of the freehold buildings is no less then the carrying amount included in the accounts.

Depreciation is charged so as to write off the cost of assets, other than land and properties over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tangible assets

15% and 25% reducing balance, over 20 and 30 years on a straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

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.

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.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

217,000

68,547

92,457

32,072

410,076

Additions

-

1,640

145,154

-

146,794

Disposals

(52,000)

-

-

-

(52,000)

At 31 August 2023

165,000

70,187

237,611

32,072

504,870

Depreciation

At 1 September 2022

-

51,590

58,978

26,099

136,667

Charge for the year

-

2,204

44,659

897

47,760

At 31 August 2023

-

53,794

103,637

26,996

184,427

Carrying amount

At 31 August 2023

165,000

16,393

133,974

5,076

320,443

At 31 August 2022

217,000

16,957

33,479

5,973

273,409

Included within the net book value of land and buildings above is £165,000 (2022 - £217,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 7 February 2022 by an independent valuer.

The name and qualification of the independent valuer is Holroyd Miller, Chartered Valuation Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £128,000 (2022 - £180,000).

5

Investment properties

2023
£

At 1 September

300,000

At 31 August

300,000

The investement property was valued on an independent basis on 7 February 2022 by Holroyd Miller, Chartered Valuation Surveyors.

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

240,875

120,695

Other debtors

30,204

36,493

 

271,079

157,188

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

86,968

86,802

Trade creditors

 

120,025

79,002

Taxation and social security

 

35,365

64,996

Accruals and deferred income

 

2,100

2,450

Other creditors

 

8,361

2,899

 

252,819

236,149

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

344,943

319,808

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Non-distributable reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

27,272

-

27,272

Other comprehensive income

-

66,825

66,825

27,272

66,825

94,097

 

R.A. Sidebottom (Roofing Contractors) Ltd.

Notes to the Financial Statements for the Year Ended 31 August 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

326,308

115,082

Other borrowings

18,635

204,726

344,943

319,808

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,031

10,030

Bank overdrafts

19,532

19,366

Other borrowings

57,405

57,406

86,968

86,802