Company registration number 01325682 (England and Wales)
MINERA ROOF TRUSSES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MINERA ROOF TRUSSES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MINERA ROOF TRUSSES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
712,269
637,836
Investments
5
51
204
712,320
638,040
Current assets
Stocks
383,774
260,042
Debtors
6
3,097,831
2,502,009
Cash at bank and in hand
690,100
1,923,585
4,171,705
4,685,636
Creditors: amounts falling due within one year
7
(544,438)
(921,392)
Net current assets
3,627,267
3,764,244
Total assets less current liabilities
4,339,587
4,402,284
Provisions for liabilities
(119,573)
(110,472)
Net assets
4,220,014
4,291,812
Capital and reserves
Called up share capital
9,300
9,300
Share premium account
154,700
154,700
Capital redemption reserve
1,000
1,000
Profit and loss reserves
4,055,014
4,126,812
Total equity
4,220,014
4,291,812
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MINERA ROOF TRUSSES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr M Jones
Mrs D Jones
Director
Director
Company registration number 01325682 (England and Wales)
MINERA ROOF TRUSSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Minera Roof Trusses Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1 & 2, Five Crosses Industrial Estate, Minera, Wrexham, LL11 3RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents the net invoice value of goods supplied and services provided in the year and is recognised at the time of delivery of the goods or the time the services are provided.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2.5% on cost
Plant and machinery
10% on cost
Fixtures, fittings & equipment
10% on cost
Computer equipment
20% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Cash at bank and in hand
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 current liabilities.
MINERA ROOF TRUSSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
31
29
MINERA ROOF TRUSSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
483,283
685,718
89,173
110,078
314,450
1,682,702
Additions
13,889
67,392
40,411
1,512
68,706
191,910
At 31 October 2023
497,172
753,110
129,584
111,590
383,156
1,874,612
Depreciation and impairment
At 1 November 2022
256,346
480,694
57,450
58,813
191,563
1,044,866
Depreciation charged in the year
7,707
31,543
9,616
17,978
50,633
117,477
At 31 October 2023
264,053
512,237
67,066
76,791
242,196
1,162,343
Carrying amount
At 31 October 2023
233,119
240,873
62,518
34,799
140,960
712,269
At 31 October 2022
226,938
205,024
31,723
51,264
122,887
637,836
Included in Freehold Property is land with a cost of £188,889 (2022 - £175,000) which is not depreciated.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
51
204
The company's investment at the balance sheet date is comprised of the share capital of Tŷ Eco MMC Limited, a subsidiary company in which 51% of the ordinary shares are owned. The business is incorporated in England and Wales.
MINERA ROOF TRUSSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 November 2022
204
Impairment
(153)
At 31 October 2023
51
Carrying amount
At 31 October 2023
51
At 31 October 2022
204
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
72,413
83,362
Other debtors
13,192
4,167
Prepayments and accrued income
34,298
7,760
119,903
95,289
2023
2022
Amounts falling due after more than one year:
£
£
Amount due from connected companies
2,977,928
2,406,720
Total debtors
3,097,831
2,502,009
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
284,881
491,748
Other taxation and social security
126,665
253,229
Other creditors
132,892
176,415
544,438
921,392
MINERA ROOF TRUSSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Companies under common directorate
The following transactions took place with companies having predominantly the same shareholders and boards of directors but which are neither parent, subsidiary, nor associated companies:
Tŷ Eco Construction Limited
Included in creditors at 31 October 2023 is an amount due to Tŷ Eco Construction Limited of £5,410 (2022 - £5,902). No interest has been charged on this amount.
Included in debtors at 31 October 2023 is an amount due from Tŷ Eco Construction Limited of £100,000 (2022 - £100,000). No interest has been charged in respect of this loan.
Bryn Property Company Limited
Included in debtors at 31 October 2023 is an amount due from Bryn Property Company Limited of £2,663,000 (2022 - £2,175,000). No interest has been charged in respect of this loan.
The following transactions took place with subsidiary companies:
Tŷ Eco MMC Limited
Included in debtors at 31 October 2023 is an amount due from Tŷ Eco MMC Limited of £210,949 (2022 - £129,949). No interest has been charged in respect of this loan.
Fantasticks Limited
Included in debtors at 31 October 2023 is an amount due from Fantasticks Limited of £3,979 (2022 - £1,771. No interest has been charged in respect of this loan.