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COMPANY REGISTRATION NUMBER: SC383699
A & K REID (ROOFING) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
A & K REID (ROOFING) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
A & K REID (ROOFING) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr Alan Reid
Mr Kris Reid
Registered office
26-30 Marine Place
Buckie
Scotland
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
A & K REID (ROOFING) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & K REID (ROOFING) LIMITED
YEAR ENDED 31 DECEMBER 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 A & K Reid (Roofing) Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of A & K Reid (Roofing) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of A & K Reid (Roofing) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & K Reid (Roofing) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that A & K Reid (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 A & K Reid (Roofing) Limited. You consider that A & K Reid (Roofing) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of A & K Reid (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.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
12 April 2024
A & K REID (ROOFING) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
103,660
115,653
CURRENT ASSETS
Work in progress
2,000
2,000
Debtors
6
112,642
186,049
Cash at bank and in hand
122,031
60,861
---------
---------
236,673
248,910
CREDITORS: amounts falling due within one year
7
62,215
37,899
---------
---------
NET CURRENT ASSETS
174,458
211,011
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
278,118
326,664
CREDITORS: amounts falling due after more than one year
8
84,115
104,963
---------
---------
NET ASSETS
194,003
221,701
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
193,903
221,601
---------
---------
SHAREHOLDERS FUNDS
194,003
221,701
---------
---------
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'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A & K REID (ROOFING) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
Mr Alan Reid
Mr Kris Reid
Director
Director
Company registration number: SC383699
A & K REID (ROOFING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, AB56 1UT, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the income statement on a straight line basis.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
21,271
169,558
4,891
195,720
Additions
26,113
26,113
Disposals
( 19,377)
( 19,377)
--------
---------
-------
---------
At 31 December 2023
21,271
176,294
4,891
202,456
--------
---------
-------
---------
Depreciation
At 1 January 2023
15,223
61,778
3,066
80,067
Charge for the year
911
32,324
274
33,509
Disposals
( 14,780)
( 14,780)
--------
---------
-------
---------
At 31 December 2023
16,134
79,322
3,340
98,796
--------
---------
-------
---------
Carrying amount
At 31 December 2023
5,137
96,972
1,551
103,660
--------
---------
-------
---------
At 31 December 2022
6,048
107,780
1,825
115,653
--------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
70,617
Other debtors
112,642
115,432
---------
---------
112,642
186,049
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
168
361
Corporation tax
23,962
Other creditors
28,085
27,538
--------
--------
62,215
37,899
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,937
24,829
Other creditors
69,178
80,134
--------
---------
84,115
104,963
--------
---------
9. Directors' advances, credits and guarantees
As at 31 December 2023 Mr A Reid owed the company £31,725 (2022: £24,532) by way of a directors loan. The official rate of interest is charged on the outstanding loan. As at 31 December 2023 Mr K Reid owed the company £13,187 (2022: £20,467) by way of directors loan. The official rate of interest is charged on the outstanding loan. During the year the company paid dividends of £72,795 (2022: £72,795) to the directors.