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REGISTERED NUMBER: 03631402 (England and Wales)




















Unaudited Financial Statements

for the Period 1 October 2022 to 31 December 2023

for

Steadfast Roofing Merchants Limited

Steadfast Roofing Merchants Limited (Registered number: 03631402)






Contents of the Financial Statements
for the period 1 October 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


Steadfast Roofing Merchants Limited

Company Information
for the period 1 October 2022 to 31 December 2023







DIRECTORS: J R Eaton
B J Digger





SECRETARY: J R Eaton





REGISTERED OFFICE: Pacioli House, 9 Brookfield
Duncan Close
Moulton Park
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 03631402 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 45,170 32,112
Investments 5 - 50
45,170 32,162

CURRENT ASSETS
Stocks 782,256 790,876
Debtors 6 1,187,845 971,806
Cash at bank and in hand 11,889 62,254
1,981,990 1,824,936
CREDITORS
Amounts falling due within one year 7 1,311,070 1,224,369
NET CURRENT ASSETS 670,920 600,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

716,090

632,729

CREDITORS
Amounts falling due after more than one
year

8

(38,788

)

(49,429

)

PROVISIONS FOR LIABILITIES 12 (8,490 ) (3,899 )
NET ASSETS 668,812 579,401

CAPITAL AND RESERVES
Called up share capital 13 58 50
Share premium 6,632 -
Capital redemption reserve 950 950
Retained earnings 661,172 578,401
SHAREHOLDERS' FUNDS 668,812 579,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





J R Eaton - Director


Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements
for the period 1 October 2022 to 31 December 2023

1. STATUTORY INFORMATION

Steadfast Roofing Merchants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is 20-29 Doddington Road, Wollaston, NN29 7PR.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) and cover the period to the 31st December this year. The comparatives are not entirely comparable due to this year being extended by three months.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when;

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company no longer has effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 15% - 25% per annum

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements - continued
for the period 1 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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
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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2022 - 16 ) .

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements - continued
for the period 1 October 2022 to 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 13,620 241,588 42,462 297,670
Additions - 40,381 1,625 42,006
Disposals - (53,878 ) - (53,878 )
At 31 December 2023 13,620 228,091 44,087 285,798
DEPRECIATION
At 1 October 2022 13,255 218,771 33,532 265,558
Charge for period 150 23,852 4,941 28,943
Eliminated on disposal - (53,873 ) - (53,873 )
At 31 December 2023 13,405 188,750 38,473 240,628
NET BOOK VALUE
At 31 December 2023 215 39,341 5,614 45,170
At 30 September 2022 365 22,817 8,930 32,112

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022 50
Disposals (50 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 30 September 2022 50

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 884,408 879,555
Amounts owed by group undertakings 6,810 3,154
Other debtors 296,627 89,097
1,187,845 971,806

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements - continued
for the period 1 October 2022 to 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 47,310 10,000
Hire purchase contracts (see note 9) 18,764 22,964
Trade creditors 984,182 928,872
Taxation and social security 32,267 70,855
Other creditors 228,547 191,678
1,311,070 1,224,369

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,333 35,833
Hire purchase contracts (see note 9) 15,455 13,596
38,788 49,429

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 18,764 22,964
Between one and five years 15,455 13,596
34,219 36,560

Non-cancellable operating leases
2023 2022
£    £   
Within one year 42,734 107,840
Between one and five years 47,017 164,490
89,751 272,330

The company has reached an agreement whereby the lease for the Wollaston property has been terminated and so the operating lease commitment note reflects this agreement.

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements - continued
for the period 1 October 2022 to 31 December 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 33,333 45,833
Hire purchase contracts 34,219 36,560
67,552 82,393

A fixed and floating charge is registered in favour of RBS Invoice Finance Ltd.

11. FINANCIAL INSTRUMENTS

The company does not have significant exposure to foreign currency, liquidity, cash flow and interest rate risks. Exposure to credit and market risks arise in the normal course of the company's business. These risks are limited by the company's financial management policies and practices described below.

Credit risk
The company has limited exposure to credit risk. The company's exposure and its customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Market risk
There is a market risk associated with the fluctuation in demand for the services provided, most of this it mitigated by monitoring the markets for those services and tailoring them accordingly.

The company holds no derivative financial instruments at the year end.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 8,490 3,899

Deferred
tax
£   
Balance at 1 October 2022 3,899
Accelerated capital allowances 4,591
Balance at 31 December 2023 8,490

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
58 Ordinary £1 58 50

8 Ordinary shares of £1 each were allotted as fully paid at a premium of £829 per share during the period as part of an EMI scheme.

Steadfast Roofing Merchants Limited (Registered number: 03631402)

Notes to the Financial Statements - continued
for the period 1 October 2022 to 31 December 2023

14. RELATED PARTY DISCLOSURES

Included within other creditors is a balance of £19,548 (2022 - £36,901) owing to the person with significant control. No interest has been charged on this loan and it is repayable on demand.

During the year the company traded with Trideck Roofing Contracts Ltd, a company under common control, at the 31st December 2023 the balance outstanding was £88,704 on total sales for the year of £441,331.