Silverfin false 31/05/2023 01/06/2022 31/05/2023 M A Langley 04 January 2024 The principal activity of the company is the provision commercial roofing services. 10773985 2023-05-31 10773985 2022-05-31 10773985 core:CurrentFinancialInstruments 2023-05-31 10773985 core:CurrentFinancialInstruments 2022-05-31 10773985 core:Non-currentFinancialInstruments 2023-05-31 10773985 core:Non-currentFinancialInstruments 2022-05-31 10773985 core:ShareCapital 2023-05-31 10773985 core:ShareCapital 2022-05-31 10773985 core:RetainedEarningsAccumulatedLosses 2023-05-31 10773985 core:RetainedEarningsAccumulatedLosses 2022-05-31 10773985 core:PlantMachinery 2022-05-31 10773985 core:Vehicles 2022-05-31 10773985 core:OfficeEquipment 2022-05-31 10773985 core:ComputerEquipment 2022-05-31 10773985 core:PlantMachinery 2023-05-31 10773985 core:Vehicles 2023-05-31 10773985 core:OfficeEquipment 2023-05-31 10773985 core:ComputerEquipment 2023-05-31 10773985 2021-05-31 10773985 bus:OrdinaryShareClass1 2023-05-31 10773985 bus:OrdinaryShareClass2 2023-05-31 10773985 bus:OrdinaryShareClass3 2023-05-31 10773985 core:WithinOneYear 2023-05-31 10773985 core:WithinOneYear 2022-05-31 10773985 core:BetweenOneFiveYears 2023-05-31 10773985 core:BetweenOneFiveYears 2022-05-31 10773985 2022-06-01 2023-05-31 10773985 bus:FullAccounts 2022-06-01 2023-05-31 10773985 bus:SmallEntities 2022-06-01 2023-05-31 10773985 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10773985 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10773985 bus:Director1 2022-06-01 2023-05-31 10773985 core:PlantMachinery 2022-06-01 2023-05-31 10773985 core:Vehicles 2022-06-01 2023-05-31 10773985 core:OfficeEquipment 2022-06-01 2023-05-31 10773985 core:ComputerEquipment 2022-06-01 2023-05-31 10773985 2021-06-01 2022-05-31 10773985 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 10773985 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 10773985 1 2022-06-01 2023-05-31 10773985 1 2021-06-01 2022-05-31 10773985 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10773985 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 10773985 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 10773985 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 10773985 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 10773985 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10773985 (England and Wales)

CAMBRIDGE ROOF EXCHANGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

CAMBRIDGE ROOF EXCHANGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

CAMBRIDGE ROOF EXCHANGE LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
CAMBRIDGE ROOF EXCHANGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTOR M A Langley
SECRETARIES D Hipperson
M A Langley
REGISTERED OFFICE Stirling House
Cambridge Innovation Park
Cambridge
CB25 9PB
England
United Kingdom
COMPANY NUMBER 10773985 (England and Wales)
CHARTERED ACCOUNTANTS Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
CB1 2LA
CAMBRIDGE ROOF EXCHANGE LIMITED

BALANCE SHEET

As at 31 May 2023
CAMBRIDGE ROOF EXCHANGE LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 256,708 196,740
256,708 196,740
Current assets
Stocks 95,716 0
Debtors
- due within one year 4 2,216,630 1,514,930
- due after more than one year 4 3,550 0
Cash at bank and in hand 663,348 222,525
2,979,244 1,737,455
Creditors: amounts falling due within one year 5 ( 1,465,386) ( 603,200)
Net current assets 1,513,858 1,134,255
Total assets less current liabilities 1,770,566 1,330,995
Creditors: amounts falling due after more than one year 6 ( 117,560) ( 101,460)
Provision for liabilities 7 ( 52,261) ( 28,903)
Net assets 1,600,745 1,200,632
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 1,600,735 1,200,622
Total shareholders' funds 1,600,745 1,200,632

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

Director's responsibilities:

The financial statements of Cambridge Roof Exchange Limited (registered number: 10773985) were approved and authorised for issue by the Director on 04 January 2024. They were signed on its behalf by:

M A Langley
Director
CAMBRIDGE ROOF EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
CAMBRIDGE ROOF EXCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cambridge Roof Exchange Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stirling House, Cambridge Innovation Park, Cambridge, CB25 9PB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that the company will receive consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

Defined contribution schemes
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 4

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 June 2022 6,782 235,375 13,394 13,695 269,246
Additions 1,760 82,145 32,324 5,708 121,937
At 31 May 2023 8,542 317,520 45,718 19,403 391,183
Accumulated depreciation
At 01 June 2022 2,967 66,267 978 2,294 72,506
Charge for the financial year 1,284 52,815 4,528 3,342 61,969
At 31 May 2023 4,251 119,082 5,506 5,636 134,475
Net book value
At 31 May 2023 4,291 198,438 40,212 13,767 256,708
At 31 May 2022 3,815 169,108 12,416 11,401 196,740

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 1,024,158 286,264
Amounts owed by Group undertakings 751,324 658,353
Amounts owed by director 200,427 365,345
Prepayments 14,248 2,007
Other debtors 226,473 202,961
2,216,630 1,514,930
Debtors: amounts falling due after more than one year
Other debtors 3,550 0

Amounts owed by director are interest free and repayable on demand.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,980 9,727
Trade creditors 822,853 167,250
Accruals and deferred income 213,510 110,757
Taxation and social security 363,581 272,255
Obligations under finance leases and hire purchase contracts 50,661 38,239
Other creditors 4,801 4,972
1,465,386 603,200

Other creditors include contributions of £2,367 (2022 - £880) payable to the company's defined contribution pension scheme at the balance sheet date.

Bank loans represent a Government backed 'bounce back' loan, which was drawn down in July 2020. This loan is 100% guaranteed by the Government with no interest or fees payable by the Company in the first 12 months. Interest is then charged at 2.5% per annum, and the repayments commenced in July 2021.

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 22,454 32,455
Obligations under finance leases and hire purchase contracts 95,106 69,005
117,560 101,460

Bank loans represent a Government backed 'bounce back' loan, which was drawn down in July 2020. This loan is 100% guaranteed by the Government with no interest or fees payable by the Company in the first 12 months. Interest is then charged at 2.5% per annum, and the repayments commenced in July 2021.

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 28,903) ( 9,480)
Charged to the Statement of Income and Retained Earnings ( 23,358) ( 19,423)
0 0
At the end of financial year ( 52,261) ( 28,903)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
67 Ordinary A shares of £ 0.10 each 6.70 6.70
26 Ordinary B shares of £ 0.10 each 2.60 2.60
7 Ordinary C shares of £ 0.10 each 0.70 0.70
10.00 10.00

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 32,000 0
between one and five years 53,333 0
85,333 0