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REGISTERED NUMBER: 03093855 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2023

for

Helix Roofing Contractors Limited

Helix Roofing Contractors Limited (Registered number: 03093855)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Helix Roofing Contractors Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: C E Hart
N J M Millward
D W O'Dowd
G D Randles





REGISTERED OFFICE: Oriel House
2 - 8 Oriel Road
Bootle
Merseyside
L20 7EP





REGISTERED NUMBER: 03093855 (England and Wales)





AUDITORS: SB&P
Chartered Accountants & Statutory Auditors
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Helix Roofing Contractors Limited (Registered number: 03093855)

Strategic Report
for the Year Ended 31 October 2023


The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
Helix Roofing Contractors Ltd has been operating since 1995 from a suite of offices on the Wirral servicing the Merseyside & North West regions of the UK. It specialises in roof refurbishment & replacement of predominantly commercial properties and is an approved installer for a number of leading roofing material manufacturers. It also operates a joinery division that provides a bespoke product. It employs 30 staff with additional support from specialist subcontractors to provide a quality service to its clients, in general local government and health authorities, educational trusts, facilities management and construction companies.

Helix Roofing Contractors Ltd is committed to the pursuance of providing a quality service to its clients and a safe working environment for all its employees and interested parties. It is committed to reducing its environmental impact and a programme of measured continual improvement of operational, engineering and support activities.

Current trading conditions have remained buoyant and the directors are optimistic that its reputation will help maintain and increase its client base. They continue to tender for opportunities through a variety of mediums including local government portals. The directors are confident that it has the operational and financial resources to improve its performance in 2024.

2023 saw a reduction in operations following a conscious decision to steer away from new build projects. One long term project at Leighton Hospital, Crewe is continuing into 2024 and we hope will lead on to other major projects for the same contractor.

Whilst turnover has reduced the company has also seen its operating costs reduce accordingly, partly due to the nature of works being undertaken together with increased efficiency in purchasing and logistics. Operatives wages have fallen by 8% in 2023 in response to the reduction in activity, and tax and pension costs have decreased proportionally. Net profit margin has reduced by approximately 7% compared to 2022.

The company expects 2024 to be another good trading year despite external forces such as inflation and the cost-of-living crisis, and uncertainty in the construction industry and wider markets. As its turnover is generated predominantly by local government spending in education that has been pre-planned and costed into budgets, the company considers that it is well placed to deliver another profitable year. It also continues to provide a reactive maintenance service to local hospitals and global manufacturers based on the Wirral. The directors recognise the additional opportunities being presented by the joinery division that gives it access to new contacts with a reputation for providing a bespoke quality service.

Liquidity has proven resilient during this year with funds from long term retentions being realised and the overall debt from retentions reducing due to the differing nature of contracts being undertaken. A strong cash balance will be maintained in the short term to provide a buffer against an anticipated slowdown in Quarter 1 2024 with close monitoring of debtors and creditors.


Helix Roofing Contractors Limited (Registered number: 03093855)

Strategic Report
for the Year Ended 31 October 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company maintains a risk and opportunities register that is reviewed annually. Potential risks include continuing rising costs and the availability of additional skilled labour to take the company to a higher level of trading and future growth. The potential for existing senior operatives to retire is an issue that may have a negative impact on the workforce with a lack of younger skilled workers coming into the industry. The company will need to keep wages at a high level to attract and retain new recruits. Whilst fuel costs have stabilised the impact of clean air zones in nearby cities requiring a switch to electric vehicles may restrict the company's ability to take on works further afield and in the more remote areas of the region such as Wales and Cumbria without the adequate infrastructure in place. This will continue to be reviewed by management. Climate change is also a risk to the company in terms of the impact on materials and operatives - high temperatures and heavy rain are not conducive to successful roofing operations. This will also be kept under review.

The directors consider that 2024 will again be a good year for Helix Roofing Contractors Ltd delivering a quality service to all our customers and providing a safe working environment for all our staff.

ON BEHALF OF THE BOARD:



D W O'Dowd - Director


30 July 2024

Helix Roofing Contractors Limited (Registered number: 03093855)

Report of the Directors
for the Year Ended 31 October 2023


The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of roofing activities.

DIVIDENDS
An interim dividend of £22,000 per share was paid on 3 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2023 will be £ 2,200,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

C E Hart
N J M Millward
D W O'Dowd

Other changes in directors holding office are as follows:

G D Randles was appointed as a director after 31 October 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D W O'Dowd - Director


30 July 2024

Report of the Independent Auditors to the Members of
Helix Roofing Contractors Limited


Opinion
We have audited the financial statements of Helix Roofing Contractors Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Helix Roofing Contractors Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK health and safety regulations, HSW Act 1974, Building Act 1984, Working at Height Regulations 2005 and other roofing trade specific legislation.
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.
- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:
- identifying the controls that management has in place to prevent and detect fraud;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Helix Roofing Contractors Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wendy McNulty BA FCA (Senior Statutory Auditor)
for and on behalf of SB&P
Chartered Accountants & Statutory Auditors
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

30 July 2024

Helix Roofing Contractors Limited (Registered number: 03093855)

Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 9,874,114 11,644,026

Cost of sales 6,141,270 7,757,932
GROSS PROFIT 3,732,844 3,886,094

Administrative expenses 1,279,407 1,367,561
2,453,437 2,518,533

Other operating income - 500
OPERATING PROFIT 4 2,453,437 2,519,033


Interest payable and similar expenses 5 21,606 7,283
PROFIT BEFORE TAXATION 2,431,831 2,511,750

Tax on profit 6 545,661 483,629
PROFIT FOR THE FINANCIAL YEAR 1,886,170 2,028,121

Helix Roofing Contractors Limited (Registered number: 03093855)

Other Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

PROFIT FOR THE YEAR 1,886,170 2,028,121


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,886,170

2,028,121

Helix Roofing Contractors Limited (Registered number: 03093855)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 25,972 32,465
Tangible assets 9 127,266 247,112
Investments 10 431,300 431,300
584,538 710,877

CURRENT ASSETS
Stocks 11 10,000 15,000
Debtors 12 4,926,266 6,007,735
Cash at bank 2,090,572 1,304,886
7,026,838 7,327,621
CREDITORS
Amounts falling due within one year 13 2,087,624 2,122,270
NET CURRENT ASSETS 4,939,214 5,205,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,523,752

5,916,228

CREDITORS
Amounts falling due after more than one
year

14

(100,044

)

(150,013

)

PROVISIONS FOR LIABILITIES 18 (29,596 ) (58,273 )
NET ASSETS 5,394,112 5,707,942

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 5,394,012 5,707,842
SHAREHOLDERS' FUNDS 5,394,112 5,707,942

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





D W O'Dowd - Director


Helix Roofing Contractors Limited (Registered number: 03093855)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 100 5,279,721 5,279,821

Changes in equity
Dividends - (1,600,000 ) (1,600,000 )
Total comprehensive income - 2,028,121 2,028,121
Balance at 31 October 2022 100 5,707,842 5,707,942

Changes in equity
Dividends - (2,200,000 ) (2,200,000 )
Total comprehensive income - 1,886,170 1,886,170
Balance at 31 October 2023 100 5,394,012 5,394,112

Helix Roofing Contractors Limited (Registered number: 03093855)

Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,610,964 2,169,072
Interest paid (21,606 ) (7,283 )
Tax paid (510,809 ) (830,626 )
Net cash from operating activities 2,078,549 1,331,163

Cash flows from investing activities
Purchase of tangible fixed assets (207,232 ) (220,811 )
Sale of tangible fixed assets 284,841 -
Net cash from investing activities 77,609 (220,811 )

Cash flows from financing activities
New loans in year - 250,000
Loan repayments in year (49,970 ) (49,987 )
New loans from group in year 879,498 -
Loan repayments in year to group - (282,575 )
Equity dividends paid (2,200,000 ) (1,600,000 )
Net cash from financing activities (1,370,472 ) (1,682,562 )

Increase/(decrease) in cash and cash equivalents 785,686 (572,210 )
Cash and cash equivalents at beginning
of year

2

1,304,886

1,877,096

Cash and cash equivalents at end of year 2 2,090,572 1,304,886

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 2,431,831 2,511,750
Depreciation charges 63,730 18,475
Profit on disposal of fixed assets (15,000 ) -
Finance costs 21,606 7,283
2,502,167 2,537,508
Decrease in stocks 5,000 -
Decrease/(increase) in trade and other debtors 201,971 (1,138,214 )
(Decrease)/increase in trade and other creditors (98,174 ) 769,778
Cash generated from operations 2,610,964 2,169,072

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 2,090,572 1,304,886
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 1,304,886 1,877,096


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 1,304,886 785,686 2,090,572
1,304,886 785,686 2,090,572
Debt
Debts falling due within 1 year (50,000 ) 1 (49,999 )
Debts falling due after 1 year (150,013 ) 49,969 (100,044 )
(200,013 ) 49,970 (150,043 )
Total 1,104,873 835,656 1,940,529

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Helix Roofing Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial estimates require management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made included:

The useful economic lives and residual values of assets are assessed by management on a timely basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and others debtors and creditors, loans to third parties and investments in non-puttable ordinary shares.

Debtors and creditors are measured at the undiscounted amount of cash or other consideration expected to be paid.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 end 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
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.

Construction contracts
When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliability, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recovered. Contract costs are recognised as expenses in the period in which they are incurred.

The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of the contract work completed or certified to date compared to the estimated total contract value. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs.

Investments
Investments are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 1,070,107 1,083,029
Social security costs 108,678 121,878
Other pension costs 212,641 307,312
1,391,426 1,512,219

The average number of employees during the year was as follows:
31.10.23 31.10.22

Admin 6 6
Labour 19 21
25 27

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. EMPLOYEES AND DIRECTORS - continued

31.10.23 31.10.22
£    £   
Directors' remuneration 196,863 209,640
Directors' pension contributions to money purchase schemes 196,954 285,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Hire of plant and machinery 517,971 747,188
Depreciation - owned assets 57,237 11,983
Profit on disposal of fixed assets (15,000 ) -
Goodwill amortisation 6,493 6,493
Auditors' remuneration 19,000 18,750

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank loan interest 11,415 7,125
Interest payable 10,191 158
21,606 7,283

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 574,338 430,034
PY Under/Overprovision - (374 )
Total current tax 574,338 429,660

Deferred tax (28,677 ) 53,969
Tax on profit 545,661 483,629

UK corporation tax has been charged at 22.52% (2022 - 19%).

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
£    £   
Profit before tax 2,431,831 2,511,750
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

607,958

477,233

Effects of:
Expenses not deductible for tax purposes (80 ) 447
Depreciation in excess of capital allowances 1,624 6,005
Adjustments to tax charge in respect of previous periods - (374 )
Change in tax rate (63,311 ) 1,359
Group relief (530 ) (1,041 )
Total tax charge 545,661 483,629

7. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary shares of £1 each
Interim 2,200,000 1,600,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 64,930
AMORTISATION
At 1 November 2022 32,465
Amortisation for year 6,493
At 31 October 2023 38,958
NET BOOK VALUE
At 31 October 2023 25,972
At 31 October 2022 32,465

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 44,610 67,626 209,009 46,397 367,642
Additions - 903 204,841 1,488 207,232
Disposals - - (284,841 ) - (284,841 )
At 31 October 2023 44,610 68,529 129,009 47,885 290,033
DEPRECIATION
At 1 November 2022 29,881 51,810 2,688 36,151 120,530
Charge for year 2,209 2,410 47,252 5,366 57,237
Eliminated on disposal - - (15,000 ) - (15,000 )
At 31 October 2023 32,090 54,220 34,940 41,517 162,767
NET BOOK VALUE
At 31 October 2023 12,520 14,309 94,069 6,368 127,266
At 31 October 2022 14,729 15,816 206,321 10,246 247,112

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 431,300
NET BOOK VALUE
At 31 October 2023 431,300
At 31 October 2022 431,300

11. STOCKS
31.10.23 31.10.22
£    £   
Stocks 10,000 15,000

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 2,681,549 2,800,867
Amounts owed by group undertakings 1,781,900 2,661,398
Amounts recoverable on contract 446,454 513,504
Other debtors 16,363 31,966
4,926,266 6,007,735

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts (see note 15) 49,999 50,000
Trade creditors 547,747 868,298
Gross amounts owed to contract
customers 384,711 -
Tax 333,172 269,643
VAT 369,117 518,625
PAYE & NIC 58,305 81,333
Other creditors 10,971 11,544
Accrued expenses 333,602 322,827
2,087,624 2,122,270

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans (see note 15) 100,044 150,013

15. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 49,999 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 49,999

Amounts falling due between two and five years:
Bank loans - 2-5 years 50,044 100,014

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.23 31.10.22
£    £   
Within one year 20,488 20,488
Between one and five years 32,744 53,232
53,232 73,720

17. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 150,043 200,013

Bank loans are secured by way of a fixed and floating charge dated 4 September 2020.

Helix Roofing Contractors Limited (Registered number: 03093855)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


18. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 29,596 58,273

Deferred
tax
£   
Balance at 1 November 2022 58,273
Provided during year (28,677 )
Balance at 31 October 2023 29,596

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary £1 100 100

20. RESERVES
Retained
earnings
£   

At 1 November 2022 5,707,842
Profit for the year 1,886,170
Dividends (2,200,000 )
At 31 October 2023 5,394,012

21. ULTIMATE PARENT COMPANY

The ultimate parent company is Helix Roofing Contractors Holdings Limited.

22. RELATED PARTY DISCLOSURES

Included in fixed asset investments is the sum of £431,000 (2022 - £431,300) which represents share capital in Mersey View Investments Limited. G Randles and R Houghton, the company directors and shareholders in Helix Roofing Contractors Holdings Ltd, are both shareholders and directors of Mersey view Investments Limited.

The directors of the company are currently all directors and shareholders of Helix Roofing Contractors Holdings Limited, a company that owns 100% of the share capital in Helix Roofing Contractors Limited.

During the year £144,000 (2022 - £149,760) of expenses were paid to HRC (Wirral) Limited. G Randles a company director and shareholder in Helix Roofing Contractors Holdings Limited, is a shareholder and director of HRC (Wirral) Limited.

During the year £79,385 (2022 - £130,487) of expenses and £204,841 (2022 - £209,009) of asset purchases were paid to Birkenhead Car and Van Hire Limited. £3,020 of sales and £284,841 of asset sales were received from Birkenhead Car and Van Hire Limited The amount outstanding at the year end is £nil (2022 - £282,883 liability). R Houghton a company director and shareholder in Helix Roofing Contractors Holdings Limited, is a shareholder and director of Birkenhead Car and Van Hire Limited.

There is a cross guarantee between Helix Roofing Contractors Limited and Helix Roofing Contractors Holdings Limited dated 17 April 2019.