Caseware UK (AP4) 2023.0.135 2023.0.135 In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.false2023-01-01119truefalse 13270355 2023-01-01 2023-12-31 13270355 2022-01-01 2022-12-31 13270355 2023-12-31 13270355 2022-12-31 13270355 2022-01-01 13270355 1 2023-01-01 2023-12-31 13270355 d:CompanySecretary1 2023-01-01 2023-12-31 13270355 d:Director1 2023-01-01 2023-12-31 13270355 d:Director2 2023-01-01 2023-12-31 13270355 d:RegisteredOffice 2023-01-01 2023-12-31 13270355 d:Agent1 2023-01-01 2023-12-31 13270355 c:MotorVehicles 2023-01-01 2023-12-31 13270355 c:MotorVehicles 2023-12-31 13270355 c:MotorVehicles 2022-12-31 13270355 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13270355 c:ComputerEquipment 2023-01-01 2023-12-31 13270355 c:ComputerEquipment 2023-12-31 13270355 c:ComputerEquipment 2022-12-31 13270355 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13270355 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13270355 c:CurrentFinancialInstruments 2023-12-31 13270355 c:CurrentFinancialInstruments 2022-12-31 13270355 c:ShareCapital 2023-12-31 13270355 c:ShareCapital 2022-12-31 13270355 c:ShareCapital 2022-01-01 13270355 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13270355 c:RetainedEarningsAccumulatedLosses 2023-12-31 13270355 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13270355 c:RetainedEarningsAccumulatedLosses 2022-12-31 13270355 c:RetainedEarningsAccumulatedLosses 2022-01-01 13270355 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 13270355 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 13270355 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 13270355 d:OrdinaryShareClass1 2023-01-01 2023-12-31 13270355 d:OrdinaryShareClass1 2022-01-01 2022-12-31 13270355 d:OrdinaryShareClass1 2023-12-31 13270355 d:OrdinaryShareClass1 2022-12-31 13270355 d:FRS102 2023-01-01 2023-12-31 13270355 d:Audited 2023-01-01 2023-12-31 13270355 d:FullAccounts 2023-01-01 2023-12-31 13270355 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

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Financial Statements
Crown Roofing and Cladding UK Limited
For the year ended 31 December 2023





































Registered number: 13270355

 
Crown Roofing and Cladding UK Limited
 

Company Information


Directors
Owen O'Gorman 
Emma O'Gorman Wall 




Company secretary
Emma O'Gorman Wall



Registered number
13270355



Registered office
Foundry Building
2 Smiths Square

London

W68AF




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Bank of Ireland
Bray,

Co. Wicklow





 
Crown Roofing and Cladding UK Limited
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19

 
Crown Roofing and Cladding UK Limited
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is roofing activities.

Results and dividends

The profit for the year, after taxation, amounted to £168,786 (2022: loss of £640,388).

Directors

The directors who served during the year were:

Owen O'Gorman 
Emma O'Gorman Wall 

Future developments

The Company plans to continue with its present activities for the foreseeable future.

Events since the end of the year

There have been no significant events affecting the Company since the year end.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 




Owen O'Gorman
Director
Emma O'Gorman Wall
Director


Date: 30 July 2024
Page 1

 
Crown Roofing and Cladding UK Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and


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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.


Owen O'Gorman      Emma O'Gorman Wall
Director       Director

Date: 30 July 2024

Page 2

 
 
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Independent auditor's report to the members of Crown Roofing and Cladding UK Limited
 
Opinion


We have audited the financial statements of Crown Roofing and Cladding UK Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the 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, Crown Roofing and Cladding UK Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.

Page 3

 
 
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Independent auditor's report to the members of Crown Roofing and Cladding UK Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which 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; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 4

 
 
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Independent auditor's report to the members of Crown Roofing and Cladding UK Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 5

 
 
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Independent auditor's report to the members of Crown Roofing and Cladding UK Limited (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls

The purpose of our audit work and to whom we owe our responsibilities
 

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 an auditor’s report 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.



 
 
Tracey Sullivan (Senior Statutory Auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Dublin 2
Republic of Ireland 
 
Date:

30 July 2024
Page 6

 
Crown Roofing and Cladding UK Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
3,544,506
3,270,000

Cost of sales
  
(2,548,501)
(3,154,552)

Gross profit
  
996,005
115,448

Administrative expenses
  
(827,219)
(755,836)

Operating profit/(loss)
  
168,786
(640,388)

Tax on profit/(loss)
 6 
-
-

Profit/(loss) for the year
  
168,786
(640,388)

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 10 to 19 form part of these financial statements.
Page 7

 
Crown Roofing and Cladding UK Limited
Registered number:13270355

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
59,759
81,959

  
59,759
81,959

Current assets
  

Stocks
 8 
282,269
107,221

Debtors: amounts falling due within one year
 9 
437,884
277,312

Cash at bank and in hand
 10 
302,849
47,220

  
1,023,002
431,753

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(1,562,756)
(1,197,938)

Net current liabilities
  
 
 
(539,754)
 
 
(766,185)

Other provisions
  
(67,823)
(32,378)

  
 
 
(67,823)
 
 
(32,378)

Net liabilities
  
(547,818)
(716,604)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(547,918)
(716,704)

Shareholders' deficit
  
(547,818)
(716,604)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Owen O'Gorman
Emma O'Gorman Wall
Director
Director


Date: 30 July 2024

The notes on pages 10 to 19 form part of these financial statements.
Page 8

 
Crown Roofing and Cladding UK Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
(716,704)
(716,604)


Comprehensive income for the financial year

Profit for the financial year
-
168,786
168,786


At 31 December 2023
100
(547,918)
(547,818)



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(76,316)
(76,216)


Comprehensive loss for the financial period

Loss for the financial period
-
(640,388)
(640,388)


At 31 December 2022
100
(716,704)
(716,604)


The notes on pages 10 to 19 form part of these financial statements.
Page 9

 
Crown Roofing and Cladding UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Crown Roofing and Cladding UK Limited is a private company limited by shares and incorporated on 16 March 2021 in England. The company’s registered office is at Foundry Building, 2 Smiths Square, 77 Fulham Palace Road, London, England. The principal activity of the company during the year is roofing activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for at least one year from the date of approval of financial statements.
During the year, the Company made a profit of £168,786 (2022: loss of £640,388). At 31 December 2023 the Company had accumulated losses of £547,918 (2022: £716,704) and at that date net liabilities amounted to £547,818 (2022: £716,604). The directors have obtained confirmation from a fellow group company that amounts due to them amounting to £1,045,353 shall not be called for repayment until the Company has sufficient cash reserves available to do so. Additionally, the company will be provided with financial support from its parent company in meeting its liabilities as and when they fall due for at least one year from the date of approval of the financial statements.
On the basis of the aforementioned the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis. However the financial statements do not include any adjustments that would result from a situation where financial support was no longer forthcoming or where the Company failed to achieve the projected financial profits.

Page 10

 
Crown Roofing and Cladding UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.

Page 11

 
Crown Roofing and Cladding UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

 
Crown Roofing and Cladding UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.8

Work in progress

A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. The gross amount due to customers for contract work is presented within other liabilities for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

 Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
Crown Roofing and Cladding UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 14

 
Crown Roofing and Cladding UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.13
 Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Construction contract revenue
Recognised amounts of construction contract revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty.

Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. The useful lives of depreciable assets are disclosed in Note 2.7 and the resulting depreciation charge for each type of asset is disclosed in Note 7.

Provisions
The directors include a provision to accommodate the contractual obligations of the various activities of the group. The directors have a systematic method for calculating the provision. The amount recognised as a provision is the best estimate of the amount required to settle the present obligation at the reporting date, after taking account of the risks and uncertainties surrounding the obligation. The outcome depends on future events which are by their nature uncertain. In assessing the likely outcome, management bases its assessment on historical experience and other factors that are believed to be reasonable in the circumstances disclosed in Note 12.

Page 15

 
Crown Roofing and Cladding UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
471
5,002

Auditor's remuneration
11,851
8,800

Depreciation of tangible fixed assets
13,182
14,544

Defined pension contribution cost
29,165
29,511


5.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022: 9).
The directors did not receive or accrue any remuneration for the current or previous financial periods.


6.


Taxation


2023
2022
£
£




Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
168,786
(640,388)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
32,069
(121,674)

Effects of:


Unutilised tax losses carried forward/(utilised)
(27,056)
140,454

Capital allowances in excess of depreciation
(5,013)
(18,780)

Total tax charge for the year
-
-

Page 16

 
Crown Roofing and Cladding UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
6.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax, from 1 April 2023, increased to 25% for companies generating taxable profits of more than £250,000. Unutilised tax losses amounting to £553,032 (2022: £814,869) have been carried forward for use in future periods, with no deferred tax having been recognised thereon due to uncertain timing of future taxable profits.


7.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
95,043
138
95,181


Additions
41,301
-
41,301


Disposals
(58,544)
(138)
(58,682)



At 31 December 2023

77,800
-
77,800



Depreciation


At 1 January 2023
13,207
15
13,222


Charge for the year on owned assets
13,174
8
13,182


Disposals
(8,340)
(23)
(8,363)



At 31 December 2023

18,041
-
18,041



Net book value



At 31 December 2023
59,759
-
59,759



At 31 December 2022
81,836
123
81,959


8.


Stocks

2023
2022
£
£

Work in progress
282,269
107,221


Work in progress represents the value of amounts recoverable on contracts in progress for work completed but not certified at the financial year end.

Page 17

 
Crown Roofing and Cladding UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

9.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
422,291
81,074

Other debtors
-
6,238

VAT repayable
14,217
188,919

Prepayments and accrued income
1,376
1,081

437,884
277,312



10.


Cash at bank and in hand

2023
2022
£
£

Cash at bank and in hand
302,849
47,220



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
233,080
53,607

Amounts owed to group undertakings
1,045,353
1,009,844

Other taxation and social security
47,709
55,257

Other creditors
8,242
25,335

Accruals
228,372
53,895

1,562,756
1,197,938


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 18

 
Crown Roofing and Cladding UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Provisions





Warranty provision

£





At 1 January 2023
32,378


Charged to profit or loss
35,445



At 31 December 2023
67,823

The provision accomodates the contractual obligations of the various activities the company has undertaken. The directors have a systematic method for calculating the provision which is based on 1% of turnover, resulting in a charge of £35,445 to the profit and loss.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



14.


Events after the end of the financial year

There have been no significant events affecting the company since the year end, which require adjustments
to or disclosure in these financial statements. 


15.


Controlling party

The Company is a wholly owned subsidiary of Crown Roofing and Cladding Limited. The smallest and largest group to consolidate the results of the Company is that headed by the ultimate parent undertaking Crown Roofing and Cladding Limited. The Company is incorporated in the Republic of Ireland. The consolidated financial statements of Crown Roofing and Cladding Limited are filed with the Companies Registration Office, Dublin 1, Republic of Ireland.


Page 19