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Company No: 11903424 (England and Wales)

HAT ROOFING LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

HAT ROOFING LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

HAT ROOFING LTD

BALANCE SHEET

As at 30 September 2023
HAT ROOFING LTD

BALANCE SHEET (continued)

As at 30 September 2023
Note 30.09.2023 30.09.2022
£ £
Fixed assets
Tangible assets 3 182,134 141,845
Investment property 4 344,843 290,863
526,977 432,708
Current assets
Stocks 0 54,019
Debtors 5 671,284 380,767
Cash at bank and in hand 281,194 160,664
952,478 595,450
Creditors
Amounts falling due within one year 6 ( 423,393) ( 396,887)
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 ( 26,671) ( 226,267)
Provisions for liabilities ( 45,534) ( 35,461)
Net assets 983,857 369,543
Capital and reserves
Called-up share capital 2 2
Profit and loss account 983,855 369,541
Total shareholders' funds 983,857 369,543

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

The financial statements of Hat Roofing Ltd (registered number: 11903424) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

M Griffiths
Director
HAT ROOFING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
HAT ROOFING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 period, unless otherwise stated.

General information and basis of accounting

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 £.

Reporting period length

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

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance
Computer equipment 3 years straight line

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 balue of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

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. 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.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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

Year ended
30.09.2023
Period from
01.04.2021 to
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2022 5,159 167,798 1,841 1,831 176,629
Additions 0 95,145 1,505 2,697 99,347
Disposals 0 ( 41,431) ( 108) ( 624) ( 42,163)
At 30 September 2023 5,159 221,512 3,238 3,904 233,813
Accumulated depreciation
At 01 October 2022 1,786 31,086 487 1,425 34,784
Charge for the financial year 675 33,439 370 525 35,009
Disposals 0 ( 17,460) ( 30) ( 624) ( 18,114)
At 30 September 2023 2,461 47,065 827 1,326 51,679
Net book value
At 30 September 2023 2,698 174,447 2,411 2,578 182,134
At 30 September 2022 3,373 136,712 1,354 406 141,845

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 290,863
Additions 53,980
As at 30 September 2023 344,843

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.

5. Debtors

30.09.2023 30.09.2022
£ £
Trade debtors 576,273 267,484
Amounts owed by directors 4,100 0
Prepayments and accrued income 45,687 27,454
VAT recoverable 36,412 77,201
Other debtors 8,812 8,628
671,284 380,767

6. Creditors: amounts falling due within one year

30.09.2023 30.09.2022
£ £
Bank loans 0 5,000
Trade creditors 131,926 292,610
Amounts owed to directors 0 46,006
Accruals 3,563 5,138
Taxation and social security 198,962 30,748
Obligations under finance leases and hire purchase contracts 9,998 12,897
Other creditors 78,944 4,488
423,393 396,887

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

30.09.2023 30.09.2022
£ £
Bank loans 0 186,940
Obligations under finance leases and hire purchase contracts 26,671 39,327
26,671 226,267

Within obligations under finance leases and hire purchase contracts are hire purchase contracts which are secured against underlying assets. The carrying value of these assets is £61,594 (2022 £77,443)

8. Related party transactions

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.