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REGISTERED NUMBER: 10122747 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 March 2024

for

Kwik-Fix Roofing And Building Ltd

Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Kwik-Fix Roofing And Building Ltd

Company Information
for the year ended 31 March 2024







DIRECTOR: D C Power





REGISTERED OFFICE: 22 Silverthorne Close
Stalybridge
Cheshire
SK15 2DQ





REGISTERED NUMBER: 10122747 (England and Wales)





ACCOUNTANTS: S & A Buckley Limited
22 Silverthorne Close
Stalybridge
Cheshire
SK15 2DQ

Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,509 14,288

CURRENT ASSETS
Stocks 3,130 2,325
Debtors 24,269 26,292
Cash at bank and in hand 1,934 5,608
29,333 34,225
CREDITORS
Amounts falling due within one year 23,737 25,754
NET CURRENT ASSETS 5,596 8,471
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,105

22,759

CREDITORS
Amounts falling due after more than one year (22,409 ) (17,866 )

PROVISIONS FOR LIABILITIES (4,277 ) (2,715 )
NET ASSETS 1,419 2,178

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,417 2,176
SHAREHOLDERS' FUNDS 1,419 2,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)

Abridged Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 June 2024 and were signed by:





D C Power - Director


Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Kwik-Fix Roofing And Building Ltd 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 36,022
Additions 28,620
Disposals (29,792 )
At 31 March 2024 34,850
DEPRECIATION
At 1 April 2023 21,734
Charge for year 7,543
Eliminated on disposal (16,936 )
At 31 March 2024 12,341
NET BOOK VALUE
At 31 March 2024 22,509
At 31 March 2023 14,288

Kwik-Fix Roofing And Building Ltd (Registered number: 10122747)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023 27,750
Additions 25,995
Disposals (27,750 )
At 31 March 2024 25,995
DEPRECIATION
At 1 April 2023 16,043
Charge for year 6,499
Eliminated on disposal (16,043 )
At 31 March 2024 6,499
NET BOOK VALUE
At 31 March 2024 19,496
At 31 March 2023 11,707

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,667 12,920
Hire purchase contracts 21,467 14,689
30,134 27,609

The Bank loan is fully secured by a government backed guarantee under the Bounce Back Loan Scheme.

6. RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 (2023 - £6,000) were paid to the director .

7. ULTIMATE CONTROLLING PARTY

The controlling party is D C Power.