Company registration number SC183679 (Scotland)
J.G.L. ROOFING LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
J.G.L. ROOFING LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
J.G.L. ROOFING LTD.
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,493
47,411
Current assets
Stocks
7,013
5,210
Debtors
4
27,273
38,481
Cash at bank and in hand
311,482
348,632
345,768
392,323
Creditors: amounts falling due within one year
5
(21,049)
(38,865)
Net current assets
324,719
353,458
Total assets less current liabilities
389,212
400,869
Provisions for liabilities
(4,102)
(1,519)
Net assets
385,110
399,350
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
385,010
399,250
Total equity
385,110
399,350

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 14 August 2024
Mr J Law Jnr.
Director
Company Registration No. SC183679
J.G.L. ROOFING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

J.G.L. Roofing Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 5 Green Street Lane, Ayr, Ayrshire, United Kingdom, KA8 8BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

J.G.L. ROOFING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
J.G.L. ROOFING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
66,145
5,461
2,711
31,040
105,357
Additions
-
0
2,955
-
0
28,995
31,950
Disposals
-
0
-
0
-
0
(16,295)
(16,295)
At 31 March 2024
66,145
8,416
2,711
43,740
121,012
Depreciation and impairment
At 1 April 2023
26,460
5,231
2,338
23,917
57,946
Depreciation charged in the year
2,646
440
93
6,533
9,712
Eliminated in respect of disposals
-
0
-
0
-
0
(11,139)
(11,139)
At 31 March 2024
29,106
5,671
2,431
19,311
56,519
Carrying amount
At 31 March 2024
37,039
2,745
280
24,429
64,493
At 31 March 2023
39,685
230
373
7,123
47,411
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,319
37,850
Other debtors
3,954
631
27,273
38,481
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,574
6,333
Corporation tax
-
0
26,320
Other taxation and social security
521
374
Other creditors
5,954
5,838
21,049
38,865
6
Directors' transactions

Dividends totalling £22,000 (2023 - £25,250) were paid in the year in respect of shares held by the company's shareholders.

 

Included in creditors at year end is a balance of £164 owed to the director. This amount was repaid by the company within 9 months of the year end.

J.G.L. ROOFING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Ultimate controlling party

The company is controlled by J.G Law Jnr , who is a director and owns 60% of the share capital.

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