REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BARCLAY ROOFING LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BARCLAY ROOFING LIMITED |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 |
BARCLAY ROOFING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
Spitfire House |
19 Falcon Court |
Preston Farm Industrial Estate |
Stockton-on-Tees |
TS18 3TU |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The directors are delighted to be able to report such a positive position for 2023. This follows a year of consolidation in which the senior leadership team reviewed the business profile, approach to risk, customer relationship management tactics and workforce capability. As a result, several key changes were made in all four areas with the goal of maximising profitability whilst further improving efficiency, quality, service delivery and customer satisfaction. |
There is no doubt that market conditions were favourable during this reporting period. The post-covid boon in construction continued unabated, flooding the specialist sub-contractor market with opportunity. Unlike in the 2022 period, during which this boon was also evident, materials prices ceased to fluctuate as substantially. This allowed for improved planning, greater efficiency, and a notable reduction in risk. |
A significant challenge in this period was continued wage inflation, along with the impact of several Government changes to personal taxation, national insurance and the national living wage. Coupled with an ongoing skills and labour shortage, we anticipate that this trend may worsen. To this end, throughout the 2023 period we invested heavily in our apprenticeship and upskilling programmes. |
The company tightly manages its cash flow and working capital and uses several key performance indicators (KPI's) to further monitor its performance. The KPI's are considered to be those that communicate the financial performance of the company as a whole, these being turnover, gross profit, operating profit and net profit before tax: |
2023 | 2022 | Change |
£ | £ |
Turnover | 10,396,996 | 12,156,064 | -14.5% |
Gross profit | 3,103,040 | 2,572,063 | +20.6% |
Operating profit | 1,334,132 | 718,501 | +85.7% |
Profit before tax | 1,356,497 | 721,852 | +87.9% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company closely monitors any potential risks and uncertainties within the roofing industry. The principal risks are detailed below: |
Economy |
The company receives a large proportion of its turnover from customers within the new build housing market and tier one contractors. Any fall in activity within the building sector may significantly impact on the turnover of the business. As such, the company is always susceptible to the economic volatility of the market, which could slow house building and new project launches, and see increases in material prices. |
Competition |
The company's customer base is primarily made up of national housebuilders and construction companies and it faces competition from a number of other roofing contractors within the industry. The company aims to mitigate this risk by regularly reviewing its margins and pricing within the market and maintaining close relationships with its principal customers. |
Credit risk |
This is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The company's policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES (continued) |
Liquidity and cash flow |
This is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation from its operations, applying cash collection targets and regularly monitoring cash flow to ensure it can continue to meet its obligations as and when they fall due. |
Labour availability |
This is the risk that the company is unable to fulfil its service obligations or actively pursue new business due to a lack of skilled labour. The company aims to mitigate this risk by continuing to grow its apprenticeship and upskilling programmes whilst making careers in the company an attractive prospect by increasing wages in line with comparable trades. |
FUTURE DEVELOPMENTS |
During 2024, we will build on the foundations laid during 2023. With a significant investment in technology, and in particular in a new purchase order processing system, we aim to further drive efficiencies and gain better access to data that helps us to make incisive business decisions. |
We will also continue to build our workforce resilience by increasing our apprenticeship programme and will conduct a review of staff remuneration and benefits to ensure we remain a great employer. |
ON BEHALF OF THE BOARD: |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of roofing contractors. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £188,873. The directors recommend that no final dividend be paid. |
FUTURE DEVELOPMENTS |
Details of future developments are covered in the strategic report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Baines Jewitt Limited, will be proposed for re-appointment. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARCLAY ROOFING LIMITED |
Qualified opinion |
We have audited the financial statements of Barclay Roofing Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects on the current and corresponding figures of the matters described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
In the previous year, the company qualified as small and was therefore able to take advantage of the exemption from having its financial statements audited. Because we were appointed as auditors of the company during 2023, we were unable to verify the value of work-in-progress at the beginning of that year and the beginning of the preceding year or satisfy ourselves concerning the value by alternative means. |
Since opening work-in-progress affects the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 2022 and 2023. Our audit opinion on the financial statements for the year ended 31 December 2023 is modified accordingly. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other matters |
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARCLAY ROOFING LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BARCLAY ROOFING LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to building regulations, Health & Safety and Employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
We evaluated management's opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included: |
- | discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- | evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; |
- | challenging assumptions and judgements made by management in their significant accounting estimates; and |
- | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Spitfire House |
19 Falcon Court |
Preston Farm Industrial Estate |
Stockton-on-Tees |
TS18 3TU |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,339,037 | 681,786 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 10 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Barclay Roofing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the amount derived from the provision of goods and services to customers after deduction of trade discounts and value added tax. Turnover is recognised at the point at which the risks and rewards of the goods are transferred to the customer and the services are rendered. |
For long-term contracts, where the outcome can be estimated reliably, turnover is recognised by reference to the stage of completion. The stage of completion is measured by the proportion of contract costs incurred to date compared to the estimated total contract costs, reflective of both the materials content and labour costs. |
Where the outcome of a long-term contract cannot be estimated reliably, contract turnover is recognised to the extent that contract costs will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is possible that the total contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Work in progress is valued on the basis of direct costs and direct labour, at the lower of cost and net realisable value. |
Taxation |
Taxation for the year 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. |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
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. |
Grants |
Capital based grants are credited to the profit and loss account in equal instalments over the estimated useful life of the related asset. Revenue based grants are credited to the profit and loss on receipt. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
(Unaudited) |
£ | £ |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
(Unaudited) |
£ | £ |
Miscellaneous receipts | - | 11,080 |
Government grants |
21,867 | 36,715 |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
(Unaudited) |
Office and management | 17 | 19 |
Production and sales | 50 | 55 |
2023 | 2022 |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Hire of equipment and vehicles |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
7. | AUDITORS' REMUNERATION |
2023 | 2022 |
(Unaudited) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
24,000 |
- |
Auditors' remuneration for non audit work |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
(Unaudited) |
£ | £ |
Deposit account interest |
Other interest received |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Change in tax rate | (20,107 | ) | 1,331 |
Superdeduction for capital allowances | - | (515 | ) |
Group relief received | (3 | ) | (2 | ) |
Total tax charge | 326,255 | 139,738 |
In the Spring Budget 2021, the Government announced that the rate of corporation tax would increase to 25% with effect from 1 April 2023. This was substantively enacted on 24 May 2021 and the effects of this have been reflected in the financial position at 31 December 2023. |
The expected net reversal of deferred tax liabilities in 2024 is £3,735. This is due to the reversal of accelerated capital allowances and short term timing differences. |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | DIVIDENDS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Work-in-progress |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 400 | - |
Accruals and deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
Lease payments recognised as an expense in the year were £82,308 (2022: £79,460). |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Deferred tax | 12,125 | 5,548 |
Deferred tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 6,577 |
Balance at 31 December 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,000 | 3,000 |
Ordinary shares have equal rights in respect of voting and dividends. |
BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
19. | ULTIMATE PARENT COMPANY |
The ultimate parent company, which draws up consolidated financial statements, is E&M Flounders Limited, a company incorporated in England and Wales. Copies of the group accounts can be obtained from its registered office address at Portrack Grange Road, Portrack Industrial Estate, Stockton-on-Tees, TS18 2PH. |
20. | ULTIMATE CONTROLLING PARTY |
The company is under the control of Mr M C Flounders and Mrs R E C Flounders by virtue of their interest in the ordinary share capital of E&M Flounders Limited, the ultimate parent company. |