REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 December 2023 |
for |
Steadfast Roofing Merchants Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The company's principal place of business is 20-29 Doddington Road, Wollaston, NN29 7PR. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 September 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 September 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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 |
Hire purchase contracts | 34,219 | 36,560 |
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 |
Accelerated capital allowances | 4,591 |
Balance at 31 December 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |