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COMPANY REGISTRATION NUMBER: 04174504
T C Garrett Roofing Limited
Unaudited financial statements
31 July 2023
T C Garrett Roofing Limited
Statement of financial position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
306,098
399,161
Current assets
Stocks
130,682
118,403
Debtors
6
739,320
924,434
Cash at bank and in hand
4,767,595
4,374,733
-----------
-----------
5,637,597
5,417,570
Creditors: amounts falling due within one year
7
( 629,974)
( 931,574)
-----------
-----------
Net current assets
5,007,623
4,485,996
-----------
-----------
Total assets less current liabilities
5,313,721
4,885,157
Provisions
Taxation including deferred tax
( 71,917)
( 71,754)
-----------
-----------
Net assets
5,241,804
4,813,403
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
5,240,804
4,812,403
-----------
-----------
Shareholders funds
5,241,804
4,813,403
-----------
-----------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T C Garrett Roofing Limited
Statement of financial position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
T C Garrett
Director
Company registration number: 04174504
T C Garrett Roofing Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is High View, Cantley Lane, Cringleford, Norwich, Norfolk, NR4 6TF. The trading address is 118 Ipswich Road, Long Stratton, Norwich, NR15 2TJ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Property improvements
-
25% reducing balance
Equipment
-
15 - 25% reducing balance
Motor vehicles
-
25% reducing balance
Scaffolding
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
The company operates a defined contribution pension scheme for its employees and the director. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 45 (2022: 46 ).
5. Tangible assets
Property improve- ments
Equipment
Motor vehicles
Scaffolding
Total
£
£
£
£
£
Cost
At 1 August 2022
205,149
271,584
764,075
479,326
1,720,134
Additions
10,181
10,181
Disposals
( 87,015)
( 87,015)
---------
---------
---------
---------
-----------
At 31 July 2023
205,149
281,765
677,060
479,326
1,643,300
---------
---------
---------
---------
-----------
Depreciation
At 1 August 2022
182,520
189,225
528,100
421,128
1,320,973
Charge for the year
5,657
20,977
60,435
14,550
101,619
Disposals
( 85,390)
( 85,390)
---------
---------
---------
---------
-----------
At 31 July 2023
188,177
210,202
503,145
435,678
1,337,202
---------
---------
---------
---------
-----------
Carrying amount
At 31 July 2023
16,972
71,563
173,915
43,648
306,098
---------
---------
---------
---------
-----------
At 31 July 2022
22,629
82,359
235,975
58,198
399,161
---------
---------
---------
---------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
648,640
747,850
Other debtors
90,680
176,584
---------
---------
739,320
924,434
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
87,465
232,863
Social security and other taxes
376,073
494,018
Other creditors
166,436
204,693
---------
---------
629,974
931,574
---------
---------
8. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £30,797 (2022: £123,660). The maximum overdrawn balance during the year was £425,448. Interest of £5,351 was charged at the official rate.