Roofing Matters Group Ltd
Registered number: 11138023
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,300 18,533
Current assets
Stocks 10,000 -
Debtors 4 123,995 11,971
Cash at bank and in hand 54,613 73,829
188,608 85,800
Creditors: amounts falling due within one year 5 (173,528) (43,847)
Net current assets 15,080 41,953
Total assets less current liabilities 34,380 60,486
Creditors: amounts falling due after more than one year 6 (34,260) (39,377)
Net assets 120 21,109
Capital and reserves
Called up share capital 100 100
Profit and loss account 20 21,009
Shareholders' funds 120 21,109
The directors are 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 directors acknowledge their 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 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.
N Cooke
Director
Approved by the board on 12 April 2024
Roofing Matters Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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:
Plant and machinery 25% reducing balance
Inventories
Inventories 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, 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. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 22,602
Additions 9,000
Disposals (2,400)
At 31 March 2023 29,202
Depreciation
At 1 April 2022 4,069
Charge for the year 6,433
On disposals (600)
At 31 March 2023 9,902
Net book value
At 31 March 2023 19,300
At 31 March 2022 18,533
4 Debtors 2023 2022
£ £
Trade debtors 73,398 11,971
Other debtors 50,597 -
123,995 11,971
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,556 5,556
Trade creditors 85,066 22,161
Accruals 1,360 3,654
Corporation tax 11,921 12,476
Other taxes and social security costs 25,971 -
Other creditors 43,654 -
173,528 43,847
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,260 39,377
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D & N Cooke
Repayable on demand - 50,597 - 50,597
- 50,597 - 50,597
8 Other information
Roofing Matters Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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