Registered number
11703950
S M DRIVER ROOFING LTD
Filleted Accounts
29 February 2024
S M DRIVER ROOFING LTD
Registered number: 11703950
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,190 8,896
Current assets
Stocks 3,000 3,000
Debtors 4 594 11,658
Cash at bank and in hand 34,869 54,722
38,463 69,380
Creditors: amounts falling due within one year 5 (32,831) (47,839)
Net current assets 5,632 21,541
Total assets less current liabilities 12,822 30,437
Creditors: amounts falling due after more than one year 6 (6,250) (11,250)
Provisions for liabilities (1,366) (1,690)
Net assets 5,206 17,497
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,106 17,397
Shareholders' funds 5,206 17,497
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.
Mr S Driver
Director
Approved by the board on 19 August 2024
S M DRIVER ROOFING LTD
Notes to the Accounts
for the year ended 29 February 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.
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:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
(This includes the directors).
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 2,532 19,000 21,532
Additions 690 - 690
At 29 February 2024 3,222 19,000 22,222
Depreciation
At 1 March 2023 1,651 10,985 12,636
Charge for the year 392 2,004 2,396
At 29 February 2024 2,043 12,989 15,032
Net book value
At 29 February 2024 1,179 6,011 7,190
At 28 February 2023 881 8,015 8,896
4 Debtors 2024 2023
£ £
Trade debtors 594 11,658
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Trade creditors 5,307 10,651
Taxation and social security costs 17,412 27,053
Other creditors 5,112 5,135
32,831 47,839
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,250 11,250
7 Related party transactions
There is an amount owed to the company to the directors at the year end of £750 (2022 £1359).
8 Controlling party
The company is controlled by the directors Mr and Mrs Driver.
9 Other information
S M DRIVER ROOFING LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Brockley Crescent
Ipswich
IP1 5HT
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