MULTIROOFING SYSTEMS UK LIMITED

Company Registration Number:
08216610 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2023

Period of accounts

Start date: 01 November 2022

End date: 31 October 2023

MULTIROOFING SYSTEMS UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2023

Balance sheet
Notes

MULTIROOFING SYSTEMS UK LIMITED

Balance sheet

As at 31 October 2023


Notes

2023

2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 597,359 573,287
Investments:   0 0
Total fixed assets: 597,359 573,287
Current assets
Stocks: 1,277,817 1,130,121
Debtors:   548,872 687,594
Cash at bank and in hand: 4,969,508 3,583,300
Investments:   0 0
Total current assets: 6,796,197 5,401,015
Creditors: amounts falling due within one year:   (2,392,057) (2,005,562)
Net current assets (liabilities): 4,404,140 3,395,453
Total assets less current liabilities: 5,001,499 3,968,740
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: (23,337) (16,227)
Total net assets (liabilities): 4,978,162 3,952,513
Capital and reserves
Called up share capital: 2 2
Share premium account: 0 0
Revaluation reserve: 00
Other reserves: 0 0
Profit and loss account: 4,978,160 3,952,511
Shareholders funds: 4,978,162 3,952,513

The notes form part of these financial statements

MULTIROOFING SYSTEMS UK LIMITED

Balance sheet statements

For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 August 2024
and signed on behalf of the board by:

Name: David Sharkey
Status: Director

The notes form part of these financial statements

MULTIROOFING SYSTEMS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. The company also receives rental income from an investment property. Turnover is recognised in the period to which it relates.

Tangible fixed assets and depreciation policy

Tangible assets are stated at cost of valuation, less accumulated depreciation. Cost is the actual purchase price exclusive of VAT. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: Plant and machinery - 20% Straight line Fixtures, fittings and equipment - 20% Straight line Motor vehicles - 20% Straight Line The company's policy is to review the remaining useful economic lives and residual values of tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic lives and residual values. Fully depreciated assets are retained in the cost of the assets and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from the disposal, is charged or credited to the Profit and Loss account. The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Other accounting policies

Investment properties Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Accounts as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account. Stocks Work-in-progress represents the value of work unbilled at the end of the financial year. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest 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 cost less impairment losses for bad and doubtful debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Provisions Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as an interest expense. 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 cost. Employee Benefits The company operates a defined contribution pension scheme for directors and employees of the company. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers. Taxation and deferred taxation Current tax represents the amount expected to be paid or recorded in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account. Ordinary share capital The ordinary share capital of the company is presented as equity.

MULTIROOFING SYSTEMS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

2. Employees

2023 2022
Average number of employees during the period 11 11

MULTIROOFING SYSTEMS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

3. Tangible Assets

Total
Cost £
At 01 November 2022 704,638
Additions 83,000
Disposals (14,995)
Revaluations 0
Transfers 0
At 31 October 2023 772,643
Depreciation
At 01 November 2022 131,351
Charge for year 47,182
On disposals (3,249)
Other adjustments 0
At 31 October 2023 175,284
Net book value
At 31 October 2023 597,359
At 31 October 2022 573,287

MULTIROOFING SYSTEMS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Financial commitments

The company had no material capital commitments at the financial year-ended 31 October 2023 or up to the date of signing the financial statements.

MULTIROOFING SYSTEMS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

5. Post balance sheet events

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