Registered number
07298992
AB Roofing Solutions Limited
Filleted Accounts
31 March 2024
AB Roofing Solutions Limited
Registered number: 07298992
Balance Sheet
as at 31 March 2024
Notes 2024 2023
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 562,965 473,676
562,966 473,677
Current assets
Stocks 452,500 53,272
Debtors 5 3,392,166 2,778,422
Cash at bank and in hand 216,385 394,788
4,061,051 3,226,482
Creditors: amounts falling due within one year 6 (1,875,686) (1,280,724)
Net current assets 2,185,365 1,945,758
Total assets less current liabilities 2,748,331 2,419,435
Creditors: amounts falling due after more than one year 7 (109,231) (74,790)
Provisions for liabilities (137,277) (114,955)
Net assets 2,501,823 2,229,690
Capital and reserves
Called up share capital 150 150
Profit and loss account 2,501,673 2,229,540
Shareholders' funds 2,501,823 2,229,690
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Burgess
Director
Approved by the board on 15 August 2024
AB Roofing Solutions Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and fixtures 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 37 25
3 Intangible fixed assets
Goodwill:
Cost
At 1 April 2023 10,000
At 31 March 2024 10,000
Amortisation
At 1 April 2023 9,999
At 31 March 2024 9,999
Net book value
At 31 March 2024 1
At 31 March 2023 1
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost
At 1 April 2023 215,660 673,165 888,825
Additions 53,984 367,738 421,722
Disposals - (295,392) (295,392)
At 31 March 2024 269,644 745,511 1,015,155
Depreciation
At 1 April 2023 74,706 340,443 415,149
Charge for the year 29,242 132,425 161,667
On disposals - (124,626) (124,626)
At 31 March 2024 103,948 348,242 452,190
Net book value
At 31 March 2024 165,696 397,269 562,965
At 31 March 2023 140,954 332,722 473,676
5 Debtors 2024 2023
Trade debtors 2,574,627 2,284,403
Other debtors 817,539 494,019
3,392,166 2,778,422
6 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 10,202 9,948
Obligations under finance lease and hire purchase contracts 17,854 14,130
Trade creditors 1,395,105 736,143
Taxation and social security costs 308,441 385,412
Other creditors 144,084 135,091
1,875,686 1,280,724
7 Creditors: amounts falling due after one year 2024 2023
Bank loans 12,217 22,431
Obligations under finance lease and hire purchase contracts 97,014 52,359
109,231 74,790
8 Loans 2024 2023
Creditors include:
Secured hire purchase contracts 114,868 66,489
The hire purchase contracts are secured on specific assets owned by the company.
9 Other financial commitments 2024 2023
Total future minimum payments under non-cancellable operating leases 207,219 214,018
10 Related party transactions
At the end of the financial year the company was owed £668,414 (2023 - £396,868) by companies related by common directors. During the year the company carried out activites on a commercial basis with companies related by common directors.
11 Controlling party
The directors consider that there is no individual controlling party.
12 Other information
AB Roofing Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
22d Orgreave Crescent
Dore House Industrial Estate
Sheffield
South Yorkshire
S13 9NQ
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