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COMPANY REGISTRATION NUMBER: 13027359
R & J Roofing Ltd
Filleted Unaudited Financial Statements
30 November 2023
R & J Roofing Ltd
Financial Statements
Year ended 30 November 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
R & J Roofing Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
22,570
30,093
Current assets
Debtors
7
14,576
27,440
Cash at bank and in hand
13,514
22,564
--------
--------
28,090
50,004
Creditors: amounts falling due within one year
8
( 40,112)
( 57,494)
--------
--------
Net current liabilities
( 12,022)
( 7,490)
--------
--------
Total assets less current liabilities
10,548
22,603
Creditors: amounts falling due after more than one year
9
( 4,297)
( 10,559)
Provisions
10
( 569)
( 1,290)
--------
--------
Net assets
5,682
10,754
--------
--------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
5,680
10,752
-------
--------
Shareholders funds
5,682
10,754
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
R & J Roofing Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 13 May 2024 , and are signed on behalf of the board by:
Mrs H M Randell
Mrs S M Janes
Director
Director
Company registration number: 13027359
R & J Roofing Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Glan Teifi Industrial Park, Llanwnnen, Lampeter, Dyfed, Wales, SA48 7JY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 860)
Deferred tax:
Origination and reversal of timing differences
( 721)
( 7,047)
----
-------
Tax on loss
( 721)
( 7,907)
----
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
100
53,400
53,500
----
--------
--------
Depreciation
At 1 December 2022
44
23,363
23,407
Charge for the year
14
7,509
7,523
----
--------
--------
At 30 November 2023
58
30,872
30,930
----
--------
--------
Carrying amount
At 30 November 2023
42
22,528
22,570
----
--------
--------
At 30 November 2022
56
30,037
30,093
----
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
6,951
23,859
Other debtors
7,625
3,581
--------
--------
14,576
27,440
--------
--------
Other debtors includes an amount of £nil (2022:£nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,454
17,662
Social security and other taxes
1,872
6,489
Obligations under finance leases and hire purchase contracts
6,262
6,066
Other creditors
29,524
27,277
--------
--------
40,112
57,494
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
4,297
10,559
-------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 December 2022
1,290
Charge against provision
( 721)
-------
At 30 November 2023
569
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
569
1,290
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
4,288
5,718
Unused tax losses
( 3,719)
( 4,428)
-------
-------
569
1,290
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
The company was under the control of Mrs H M Randell and Mrs S M Janes throughout the current period. Mrs H M Randell and Mrs S M Janes are the directors and equal shareholders. During the period the company paid dividends totalling £2,000 (2022: £4,000) to Mrs H M Randell and Mrs S M Janes, the directors.