Registered number
06428309
MS Roofing Limited
Unaudited Filleted Accounts
30 November 2023
MS Roofing Limited
Registered number: 06428309
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,200 4,000
Tangible assets 4 694 897
3,894 4,897
Current assets
Debtors 5 1,284 22
Cash at bank and in hand 13,007 16,736
14,291 16,758
Creditors: amounts falling due within one year 6 (17,792) (21,335)
Net current liabilities (3,501) (4,577)
Total assets less current liabilities 393 320
Provisions for liabilities (170) (170)
Net assets 223 150
Capital and reserves
Called up share capital 2 2
Profit and loss account 221 148
Shareholders' funds 223 150
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.
Mr M Salisbury
Director
Approved by the board on 28 February 2024
MS Roofing Limited
Notes to the Accounts
for the year ended 30 November 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:
Motor vehicles 20% on written down value
Plant and machinery 25% on written down value
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 8,000
At 30 November 2023 8,000
Amortisation
At 1 December 2022 4,000
Provided during the year 800
At 30 November 2023 4,800
Net book value
At 30 November 2023 3,200
At 30 November 2022 4,000
Goodwill is being amortised over its expected useful life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 1,608 4,000 5,608
At 30 November 2023 1,608 4,000 5,608
Depreciation
At 1 December 2022 1,140 3,571 4,711
Charge for the year 117 86 203
At 30 November 2023 1,257 3,657 4,914
Net book value
At 30 November 2023 351 343 694
At 30 November 2022 468 429 897
5 Debtors 2023 2022
£ £
Other debtors 1,284 22
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,833 4,979
Other creditors 14,959 16,356
17,792 21,335
7 Related party transactions
The director, Mr M Salisbury, controls the company by virtue of his shareholding. Mr Salisbury has a non-interest paying loan account with the company. Dividends totalling £11000 were credited to the loan account during the year, against which regular withdrawals were made by Mr Salisbury. At the year end Mr Salisbury was owed £14429 by the company (2022: £15251).
8 Other information
MS Roofing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Eastway Business Village
Olivers Place
Fulwood
Preston
PR2 9WT
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