Company No:
Contents
Note | 30.09.2023 | 30.09.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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526,977 | 432,708 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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952,478 | 595,450 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 529,085 | 198,563 | ||
Total assets less current liabilities | 1,056,062 | 631,271 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Hat Roofing Ltd (registered number:
M Griffiths
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Hat Roofing Ltd (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 30-32 Elizabeth House The Boulevard, Weston-Super-Mare, BS23 1NF, England, United Kingdom.
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 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 £.
The prior year period was a lengthened period of 18 months due to an extension of the year end therefore comparative figures in the accounts and the related notes are not entirely comparable.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Plant and machinery |
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Vehicles |
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Office equipment |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying balue of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss account calculated as a constant periodic rate of interest over the term of the liability.
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.
Year ended 30.09.2023 |
Period from 01.04.2021 to 30.09.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Office equipment | Computer equipment | Total | |||||
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Cost | |||||||||
At 01 October 2022 |
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Additions |
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Disposals |
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At 30 September 2023 |
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Accumulated depreciation | |||||||||
At 01 October 2022 |
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Charge for the financial year |
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Disposals |
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At 30 September 2023 |
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Net book value | |||||||||
At 30 September 2023 |
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At 30 September 2022 |
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Investment property | |
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Valuation | |
As at 01 October 2022 |
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Additions | 53,980 |
As at 30 September 2023 |
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Valuation
Investment property purchased was valued on an open market acquisition and the directors believe the amounts paid adequately reflects the fair value at year end.
30.09.2023 | 30.09.2022 | ||
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Trade debtors |
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Amounts owed by directors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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30.09.2023 | 30.09.2022 | ||
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Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Transactions with the entity's directors
The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 October 2022, the balance owed to the director was £22,907. During the year, £66,280 was advanced to the director, and £41,174 was repaid by the director. At 30 September 2023, the balance owed by the director was £2,199.
At 1 April 2021 the balance owed to the director was £199. During the year, £64,342 was advanced to the director, and £87,050 was repaid by the director. At 30 September 2022, the balance owed to the director was £22,907.
At 1 October 2022 the balance owed to the director was £23,099. During the year, £25,000 was advanced to the director, and £0 was repaid by the director. At 30 September 2023, the balance owed by the director was £1,901.
At 1 April 2021, the balance owed to the director was £199. During the year, £2,100 was advanced to the director, and £25,000 was repaid by the director. At 30 September 2022, the balance owed to the director was £23,099.