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REGISTERED NUMBER: SC103301 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

WEATHERPROOFING ADVISORS LIMITED

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


WEATHERPROOFING ADVISORS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C R Henderson
A A Grieve
J S Turner
J A Hannah
A Harvey
P Pratt
D Thornton





REGISTERED OFFICE: Advisor House
West Avenue
Blantyre Industrial Estate
Blantyre
G72 0UZ





REGISTERED NUMBER: SC103301 (Scotland)





AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

The principal activity of the company during the year was that of a contractor providing weatherproofing services.

REVIEW OF BUSINESS
The directors are pleased with the results achieved by the company during the year.

Based on a year to year comparison of the results of the company:

- Turnover increased to £33,726,563 from £32,882,372 last year.
- Gross profit increased to £9,721,308 (29%) from £7,935,255 (24%), and
- Net profit increased to £3,478,369 (10%) from £2,751,258 (8%).

The company has continued to trade profitably during the year.

The directors consider the company to be in a healthy financial position at the year end.

The company's key performance indicators are turnover, gross profit and net profit.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include performance risk, credit risk, liquidity risk and price risk. The directors recognise their overall responsibility for the company's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the company is monitored through monthly management accounts which are reviewed at regular board meetings.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through the retention of a healthy level of company reserves and funds in the bank and having facilities in place to cover all expected working capital requirements.

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers and sourcing goods and services from multiple suppliers to ensure competitive pricing.

GOING CONCERN
The directors have assessed the company as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:





C R Henderson - Director


29 July 2024

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of weatherproofing services.

DIVIDENDS
Interim dividends per share were paid as follows:
£3.60 - 28 April 2023
£3.60 - 26 May 2023
£23.60 - 30 June 2023
£3.60 - 28 July 2023
£3.60 - 25 August 2023
£33.60 - 29 September 2023
£3.60 - 27 October 2023
£3.60 - 24 November 2023
£43.60 - 22 December 2023
£3.60 - 26 January 2024
£3.60 - 23 February 2024
£163.60 - 29 March 2024
£293.20

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 2,199,000 .

FUTURE DEVELOPMENTS
The directors, based on current projections, are confident that the company will continue to trade profitably in the future.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

C R Henderson
A A Grieve
J S Turner

Other changes in directors holding office are as follows:

A W Houghton - resigned 31 May 2023
J A Hannah - appointed 1 April 2023
A Harvey - appointed 1 April 2023
P Pratt - appointed 1 April 2023

D Thornton was appointed as a director after 31 March 2024 but prior to the date of this report.

POST BALANCE SHEET EVENTS
There are no matters to report as post balance sheet events.

DISCLOSURE IN THE STRATEGIC REPORT
The review of the company's business and the description of the principal risks and uncertainties facing the company are disclosed in the strategic report.


WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Report of the Directors
for the Year Ended 31 March 2024

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





C R Henderson - Director


29 July 2024

Report of the Independent Auditors to the Members of
Weatherproofing Advisors Limited

Opinion
We have audited the financial statements of Weatherproofing Advisors Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 March 2024 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
Weatherproofing Advisors 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.

Report of the Independent Auditors to the Members of
Weatherproofing Advisors Limited


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenses.

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
Weatherproofing Advisors 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.




Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

7 August 2024

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 33,726,563 32,882,372

Cost of sales 24,005,255 24,947,117
GROSS PROFIT 9,721,308 7,935,255

Administrative expenses 6,012,811 5,062,330
OPERATING PROFIT 5 3,708,497 2,872,925

Interest receivable and similar income 29,256 481
3,737,753 2,873,406

Interest payable and similar expenses 6 259,384 122,148
PROFIT BEFORE TAXATION 3,478,369 2,751,258

Tax on profit 7 613,047 565,085
PROFIT FOR THE FINANCIAL YEAR 2,865,322 2,186,173

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,743,828 622,455

CURRENT ASSETS
Stocks 10 24,199 19,333
Debtors 11 5,531,625 6,930,356
Cash at bank 3,769,588 1,412,632
9,325,412 8,362,321
CREDITORS
Amounts falling due within one year 12 6,298,982 5,658,371
NET CURRENT ASSETS 3,026,430 2,703,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,770,258

3,326,405

CREDITORS
Amounts falling due after more than one
year

13

(779,898

)

(113,467

)

PROVISIONS FOR LIABILITIES 17 (262,105 ) (151,005 )
NET ASSETS 3,728,255 3,061,933

CAPITAL AND RESERVES
Called up share capital 18 7,500 7,500
Capital redemption reserve 19 7,500 7,500
Retained earnings 19 3,713,255 3,046,933
SHAREHOLDERS' FUNDS 3,728,255 3,061,933

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:




C R Henderson - Director



J S Turner - Director


WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 7,500 2,684,760 7,500 2,699,760

Changes in equity
Dividends - (1,824,000 ) - (1,824,000 )
Total comprehensive income - 2,186,173 - 2,186,173
Balance at 31 March 2023 7,500 3,046,933 7,500 3,061,933

Changes in equity
Dividends - (2,199,000 ) - (2,199,000 )
Total comprehensive income - 2,865,322 - 2,865,322
Balance at 31 March 2024 7,500 3,713,255 7,500 3,728,255

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Weatherproofing Advisors Limited is a private company, limited by shares , registered in Scotland. 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 (£).


The principal activity of the company in the year under review was that of a contractor providing weatherproofing services.

2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors have assessed the company as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience, knowledge of each contract and other factors that are considered to be relevant. Contract revenue and expenditure is reconciled monthly based on our understanding and forecasts. However, 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover is derived from work done and services supplied by the company as a contractor providing various weatherproofing services.

Turnover therefore represents the value of work done and service supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that it is probable will be recovered.

Contract costs include direct costs incurred in securing the contract that can be separately identified and measured reliably, if it is probable that the contract will be obtained.

The company uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period usually with reference to work invoiced on a monthly basis. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. Adjustments to contract sales and costs based on the stage of completion at the period end are reflected within accruals.

Revenue in relation to maintenance contracts is recognised as costs are incurred.

Retentions are recognised in revenue following an assessment of their likely recoverability.

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.
Freehold property - Straight line over 50 years
Equipment & tools - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £2,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks
Consumable stocks that are not charged directly to individual contracts are valued at cost, after making due allowance for obsolete items. Cost includes all direct expenditure incurred in acquiring the stock.

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments:
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Classification of financial instruments:
Financial instruments are classified as liabilities and equity instruments 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.

Trade, group and other debtors:
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade creditors, group and other creditors:
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Derecognition of financial assets and liabilities:
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.


WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
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.

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
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.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit swill be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,997,037 6,557,481
Social security costs 792,079 757,831
Other pension costs 343,174 293,236
8,132,290 7,608,548

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Operatives 75 75
Directors and office staff 67 68
142 143

2024 2023
£    £   
Directors' remuneration 549,084 271,939
Directors' pension contributions to money purchase schemes 160,389 126,550

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 156,570 107,112
Pension contributions to money purchase schemes 3,728 3,150

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 2,279,455 2,285,630
Other operating leases 183,496 205,785
Depreciation - owned assets 80,900 92,770
Depreciation - assets on hire purchase contracts 157,023 50,707
Loss on disposal of fixed assets 18,358 21,389
Auditors' remuneration 8,400 8,000
Taxation compliance services 1,020 1,840

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 5,057 -
Hire purchase 29,566 4,448
Invoice discounting charges 224,761 117,700
259,384 122,148

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 800,288 507,277
Prior year overprovision (298,341 ) -
Total current tax 501,947 507,277

Deferred tax 111,100 57,808
Tax on profit 613,047 565,085

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:

2024 2023
£    £   
Profit before tax 3,478,369 2,751,258
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

869,592

522,739

Effects of:
Expenses not deductible for tax purposes 40,774 20,451
Adjustments to tax charge in respect of previous periods (298,341 ) -
Tax charged at different rates - 21,895
Depreciation on assets not qualifying for capital allowances 1,022 -
Total tax charge 613,047 565,085

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 2,199,000 1,824,000

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Freehold Equipment Motor Computer
property & tools vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 - 195,213 806,604 165,915 1,167,732
Additions 566,200 - 831,940 - 1,398,140
Disposals - - (191,638 ) - (191,638 )
At 31 March 2024 566,200 195,213 1,446,906 165,915 2,374,234
DEPRECIATION
At 1 April 2023 - 46,860 395,392 103,025 545,277
Charge for year 4,089 14,835 203,276 15,723 237,923
Eliminated on disposal - - (152,794 ) - (152,794 )
At 31 March 2024 4,089 61,695 445,874 118,748 630,406
NET BOOK VALUE
At 31 March 2024 562,111 133,518 1,001,032 47,167 1,743,828
At 31 March 2023 - 148,353 411,212 62,890 622,455

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 303,506
Additions 706,070
Transfer to ownership (15,999 )
At 31 March 2024 993,577
DEPRECIATION
At 1 April 2023 66,251
Charge for year 157,023
Transfer to ownership (10,646 )
At 31 March 2024 212,628
NET BOOK VALUE
At 31 March 2024 780,949
At 31 March 2023 237,255

10. STOCKS
2024 2023
£    £   
Raw materials 24,199 19,333

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,951,137 6,018,708
Amounts owed by group undertakings 493,976 828,976
Other debtors 16,000 37,650
Prepayments & accrued income 70,512 45,022
5,531,625 6,930,356

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 35,000 -
Hire purchase contracts (see note 15) 200,411 90,298
Trade creditors 3,441,134 2,141,737
Tax 102,489 269,777
Social security and other taxes 446,574 341,782
VAT 268,582 502,853
Other creditors 151,199 693,156
Accruals & deferred income 1,653,593 1,618,768
6,298,982 5,658,371

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 303,333 -
Hire purchase contracts (see note 15) 476,565 113,467
779,898 113,467

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 35,000 -

Amounts falling due between one and two years:
Bank loans 35,000 -

Amounts falling due between two and five years:
Bank loans 105,000 -

Amounts falling due in more than five years:

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 163,333 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 253,257 98,476
Between one and five years 548,836 124,765
802,093 223,241

Finance charges repayable:
Within one year 52,846 8,178
Between one and five years 72,271 11,298
125,117 19,476

Net obligations repayable:
Within one year 200,411 90,298
Between one and five years 476,565 113,467
676,976 203,765

Non-cancellable operating leases
2024 2023
£    £   
Within one year 189,191 263,272
Between one and five years 212,570 251,794
In more than five years 18,250 31,600
420,011 546,666

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 338,333 -
Hire purchase contracts 676,976 203,765
1,015,309 203,765

Bank of Scotland Plc hold a fixed security over a property and a floating charge over the assets of the company.

Lloyds Bank Commercial Finance Ltd hold a security against specific trade debtor balances and a floating charge over the assets of the company.

Hire purchase contracts are secured over the assets concerned.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 262,105 151,005

Deferred
tax
£   
Balance at 1 April 2023 151,005
Provided during year 111,100
Balance at 31 March 2024 262,105

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,500 Ordinary £1 7,500 7,500

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 3,046,933 7,500 3,054,433
Profit for the year 2,865,322 2,865,322
Dividends (2,199,000 ) (2,199,000 )
At 31 March 2024 3,713,255 7,500 3,720,755

WEATHERPROOFING ADVISORS LIMITED (REGISTERED NUMBER: SC103301)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

20. ULTIMATE PARENT COMPANY

The ultimate parent company is WPA Construction Group Ltd. Copies of the consolidated financial statements can be obtained from its registered office at Advisor House West Avenue, Blantyre, Glasgow, United Kingdom, G72 0UZ.

The immediate parent company is Weatherproofing Company Ltd. Copies of this company's financial statements can be obtained from its registered office at Advisor House West Avenue, Blantyre, Glasgow, United Kingdom, G72 0UZ.

21. RELATED PARTY DISCLOSURES

The company rents premises, on normal commercial terms, from the pension funds of various directors. The rent paid during the year was £17,535 (2023 - £15,800).

During the year, a total of key management personnel compensation of £ 97,009 was paid.