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Registered number: 11128502
Steve Rolt Home Improvements Ltd
Financial Statements
For The Year Ended 31 January 2024
Resolve Corporate Ltd
11 Garden Court
Tewin Road
Welwyn Garden City
Hertfordshire
AL7 1BH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11128502
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,420 5,894
4,420 5,894
CURRENT ASSETS
Stocks 5 14,800 14,800
Debtors 6 98,389 14,433
Cash at bank and in hand 13,358 28,046
126,547 57,279
Creditors: Amounts Falling Due Within One Year 7 (83,103 ) (32,359 )
NET CURRENT ASSETS (LIABILITIES) 43,444 24,920
TOTAL ASSETS LESS CURRENT LIABILITIES 47,864 30,814
Creditors: Amounts Falling Due After More Than One Year 8 (46,824 ) (64,973 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (840 ) (1,120 )
NET ASSETS/(LIABILITIES) 200 (35,279 )
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account - (35,479 )
SHAREHOLDERS' FUNDS 200 (35,279)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Rolt
Director
10th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Steve Rolt Home Improvements Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11128502 . The registered office is Unit 3 Ecotech House, Baldock Road, Buntingford, SG9 9RH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 12,346 1,102 13,448
As at 31 January 2024 12,346 1,102 13,448
Depreciation
As at 1 February 2023 7,279 275 7,554
Provided during the period 1,267 207 1,474
As at 31 January 2024 8,546 482 9,028
Net Book Value
As at 31 January 2024 3,800 620 4,420
As at 1 February 2023 5,067 827 5,894
5. Stocks
2024 2023
£ £
Stock 14,800 14,800
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,881 4,213
PAYE (Debtors < 1 year) (542 ) -
Corporation tax recoverable assets 8,231 8,231
Net wages 1 -
Director's loan account 71,818 1,989
98,389 14,433
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,743 1,737
Bank loans and overdrafts 20,377 22,334
Corporation tax 19,527 -
Other taxes and social security 170 340
VAT 10,350 2,371
Other creditors 1,600 1,600
PAYE (Current liabilities - creditors < 1 year) 2,336 3,977
83,103 32,359
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 46,824 64,973
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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