Company registration number SC160058 (Scotland)
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,571
42,292
Current assets
Stocks
12,429
31,508
Debtors
4
119,128
85,699
Cash at bank and in hand
29,297
18,346
160,854
135,553
Creditors: amounts falling due within one year
5
(164,039)
(163,207)
Net current liabilities
(3,185)
(27,654)
Total assets less current liabilities
32,386
14,638
Provisions for liabilities
(7,103)
(8,732)
Net assets
25,283
5,906
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
25,281
5,904
Total equity
25,283
5,906
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mrs A J O'Hare
Director
Company Registration No. SC160058
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
D & S Slaters and Roof Tilers Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Hill Terrace Cottages, Cowie, Stirling, Stirlingshire, United Kingdom, FK7 7DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover consists of the sales value, excluding VAT, of work in the period under contracts to supply services to third parties. It includes the relevant proportion of contract value for performance up to the period end.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks and work in progress have been valued at the lower of cost and estimated selling price, less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
10,230
35,630
1,019
53,551
100,430
Additions
1,000
1,000
At 31 August 2023
10,230
35,630
1,019
54,551
101,430
Depreciation and impairment
At 1 September 2022
2,865
20,289
923
34,061
58,138
Depreciation charged in the year
205
2,301
93
5,122
7,721
At 31 August 2023
3,070
22,590
1,016
39,183
65,859
Carrying amount
At 31 August 2023
7,160
13,040
3
15,368
35,571
At 31 August 2022
7,365
15,341
96
19,490
42,292
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,112
10,018
Other debtors
100,835
74,456
Prepayments and accrued income
1,181
1,225
119,128
85,699
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,163
Trade creditors
17,542
24,302
Corporation tax
38,237
36,365
Other taxation and social security
67,466
58,789
Other creditors
9,642
6,095
Accruals and deferred income
31,152
33,493
164,039
163,207
D & S SLATERS AND ROOF TILERS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
6
Related party transactions
During the year the company provided a loan to the directors. At the balance sheet date the directors owed the company £75,916 (2022: £56,193) The loan is unsecured and repayable on demand.
Interest is charged at 2% per annum. Interest in the sum of £1,898, was charged during the year (2022: £2,186).