Company registration number 01876577 (England and Wales)
CAPITAL ROOFING CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CAPITAL ROOFING CO. LIMITED
CONTENTS
Page
Chairman's statement
1
Balance sheet
2
Notes to the financial statements
3 - 6
CAPITAL ROOFING CO. LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
I am pleased to report an increase in Turnover and a further strengthening of our Balance Sheet through 2022-23 The year ended with a healthy order book and over £120,000 in the bank.
Although inflationary pressures and stock availability continue to create challenging conditions, I forecast that the company will continue to develop and grow in 2023-24.
T Peck
Chairman
15 January 2024
CAPITAL ROOFING CO. LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,723
6,441
Investments
5
100,000
100,000
138,723
106,441
Current assets
Stocks
13,100
15,950
Debtors
6
1,386,498
741,607
Cash at bank and in hand
125,422
402,441
1,525,020
1,159,998
Creditors: amounts falling due within one year
7
(748,884)
(691,448)
Net current assets
776,136
468,550
Total assets less current liabilities
914,859
574,991
Creditors: amounts falling due after more than one year
8
(25,000)
Net assets
914,859
549,991
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
864,859
499,991
Total equity
914,859
549,991
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 January 2024 and are signed on its behalf by:
T Peck
Director
Company Registration No. 01876577
CAPITAL ROOFING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Capital Roofing Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 193 Westcombe Hill, Blackheath, London, SE3 7EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Where a service is incomplete at the year end, turnover represents the sales value of services provided based on an appropriate proportion of time spent. Any partially completed services that are un-billed at year end are recorded in accrued income within trade debtors.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% straight line basis
Computer equipment
20% straight line basis
Motor vehicles
15% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CAPITAL ROOFING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CAPITAL ROOFING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
19
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
18,795
Additions
42,407
At 30 September 2023
61,202
Depreciation and impairment
At 1 October 2022
12,354
Depreciation charged in the year
10,125
At 30 September 2023
22,479
Carrying amount
At 30 September 2023
38,723
At 30 September 2022
6,441
CAPITAL ROOFING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Investments
100,000
100,000
Investments comprise 100% of the ordinary shares of Gartel Design & Construction Limited, company number 01222758.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,107,503
663,456
Other debtors
278,995
78,151
1,386,498
741,607
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,766
37,039
Trade creditors
175,912
179,154
Taxation and social security
232,296
43,261
Other creditors
337,910
431,994
748,884
691,448
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
167,111
128,226