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Registration number: 11443114

Watkins Roofing Contractors Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Watkins Roofing Contractors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Watkins Roofing Contractors Ltd

(Registration number: 11443114)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

20,322

23,361

Current assets

 

Debtors

6

53,794

76,512

Cash at bank and in hand

 

13,154

3,749

 

66,948

80,261

Creditors: Amounts falling due within one year

7

(65,146)

(63,397)

Net current assets

 

1,802

16,864

Total assets less current liabilities

 

22,124

40,225

Creditors: Amounts falling due after more than one year

7

(35,492)

(35,401)

Provisions for liabilities

(3,861)

(4,439)

Net (liabilities)/assets

 

(17,229)

385

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(17,329)

285

Shareholders' (deficit)/funds

 

(17,229)

385

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 April 2024
 

 

Watkins Roofing Contractors Ltd

(Registration number: 11443114)
Balance Sheet as at 31 July 2023

.........................................
S Watkins
Director

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Franks Close
Henlow
SG16 6HZ
England and Wales

These financial statements were authorised for issue by the director on 8 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company had net current assets at the year end but retained losses. The Director has pledged his support to the company for the foreseeable future and the accounts have therefore been prepared on a going concern basis.

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Contracts often span long periods, as such the director values each project at the year end. This amount is included within the accounts as accrued income, which relates to amounts recoverable on long term contracts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Motor Vehicles

20% Reducing Balance

Furniture and fittings

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,789

5,859

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

1,015

32,450

33,465

Additions

-

1,750

1,750

At 31 July 2023

1,015

34,200

35,215

Depreciation

At 1 August 2022

280

9,824

10,104

Charge for the year

147

4,642

4,789

At 31 July 2023

427

14,466

14,893

Carrying amount

At 31 July 2023

588

19,734

20,322

At 31 July 2022

735

22,626

23,361

6

Debtors

Current

2023
£

2022
£

Trade debtors

8,890

20,257

Other debtors

44,904

56,255

 

53,794

76,512

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

7,284

9,920

Taxation and social security

 

56,112

50,763

Accruals and deferred income

 

1,750

1,750

Other creditors

 

-

964

 

65,146

63,397

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

35,492

35,401

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

9

Dividends

2023

2022

£

£

Interim dividend of £Nil (2022 - £335.00) per ordinary share

-

33,500

 

 

10

Related party transactions

At the balance sheet date the company was owed £3,826 (2022: £nil) by the Director, S Watkins. The amount has been repaid in full.

 

Watkins Roofing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

11

Loans and borrowings

The company has a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of
State for Business, Energy and Industrial Strategy.

Current borrowings consist of £3,084 (2022: £2,896) owed on hire purchase and £4,200 (2022: £7,024) on bank loans.

Non current borrowings consist of £8,413 (2022: £10,668) owed on hire purchase and £27,709 (2022: £24,733) on the bank bounce back loan.

Hire purchase contracts are secured on the assets concerned. The bank loan is unsecured by Lloyds Bank Plc.