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Registered Number: 06026373
England and Wales

 

 

 

MYONA ROOFING LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 30 June 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 374,910    378,645 
374,910    378,645 
Current assets      
Stocks 501,879    604,372 
Debtors 2,889,322    3,502,738 
Cash at bank and in hand 502,832    471,857 
3,894,033    4,578,967 
Creditors: amount falling due within one year (1,823,890)   (2,635,974)
Net current assets 2,070,143    1,942,993 
 
Total assets less current liabilities 2,445,053    2,321,638 
Creditors: amount falling due after more than one year (183,573)   (306,359)
Provisions for liabilities (30,327)   (28,799)
Net assets 2,231,153    1,986,480 
 

Capital and reserves
     
Called up share capital 802    802 
Profit and loss account 2,230,351    1,985,678 
Shareholder's funds 2,231,153    1,986,480 
 


For the period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 March 2024 and were signed on its behalf by:


-------------------------------
N Tompkins
Director
1
General Information
Myona Roofing Ltd is a private company, limited by shares, registered in England and Wales, registration number 06026373, registration address Unit 4A Waterside Park, Cookham Road , Bracknell, Berkshire, RG12 1RB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Income is recognised when the company obtains the right to consideration.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

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.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those heldunder hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease. 


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold improvements - 2% on cost

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the period was 7 (2022 : 8).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 April 2022 23,849    21,810    689,717    17,453    10,004    762,833 
Additions   1,647    167,225      2,931    171,803 
Disposals     (187,327)       (187,327)
At 30 June 2023 23,849    23,457    669,615    17,453    12,935    747,309 
Depreciation
At 01 April 2022 820    15,477    345,491    13,189    9,211    384,188 
Charge for period 596    2,369    122,975    1,266    877    128,083 
On disposals     (139,872)       (139,872)
At 30 June 2023 1,416    17,846    328,594    14,455    10,088    372,399 
Net book values
Closing balance as at 30 June 2023 22,433    5,611    341,021    2,998    2,847    374,910 
Opening balance as at 01 April 2022 23,029    6,333    344,226    4,264    793    378,645 

The net book value of Motor Vehicles includes £ 300,472 (2022 £255,803) in respect of assets leased under finance leases or hire purchase contracts.

4.

Director’s loan

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the following balances existed on a loan account with the directors.

Mr P J Norris - £nil (2022 - £1,788 in credit).
Mr N Tompkins - £3,432 in credit (2022 - £2,446 in credit).


The above loans are interest free with no fixed date for repayment.



5.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 2,213,940  3,173,352 
Prepayments and Accrued Income 57,693  7,679 
Accrued Income 67,044 
Other Debtors 478,135  43,162 
VAT 139,554  211,501 
2,889,322  3,502,738 

6.

Creditors: amounts falling due within one year

.   2023
£
  2022
£
Trade Creditors 885,254  1,611,992 
Bank Loans & Overdrafts 82,241  291,593 
Corporation Tax 107,523 
PAYE & Social Security 3,299  5,674 
Accrued Expenses 83,706  58,165 
Deferred Income 28,750 
Other Creditors 528,766  530,297 
Obligations under HO/Financial Leases 129,669  105,269 
Directors 3,432  4,234 
1,823,890  2,635,974 

7.

Creditors: amounts falling due after more than one year

.   2023
£
  2022
£
Bank Loans and Overdrafts 49,687  152,742 
Obligations Under HP/Financial Leases 133,886  153,617 
183,573  306,359 

8.

Leasing Agreements - Hire Purchase Contracts



Minimum lease payments fall due as follows:   2023
£
  2022
£
Within one year 129,531  105,269 
Between one and five years 133,886  153,616 
263,417  258,885 



Assets purchased under hire purchase are secured on the assets themselves.



9.

Leasing Agreements

Non cancellable operating leases   2023
£
  2022
£
Within one year 39,315  39,315 
Between one and five years 117,945  157,260 
157,260  196,575 

10.

Secured Debts

At the balance sheet date there is a fixed and floating charge covering all property or undertakings of the company, in favour of Barclays Security Trustee Limited.
2