IRIS Accounts Production v24.2.0.383 02026578 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020265782022-12-31020265782023-12-31020265782023-01-012023-12-31020265782021-12-31020265782022-01-012022-12-31020265782022-12-3102026578ns15:EnglandWales2023-01-012023-12-3102026578ns14:PoundSterling2023-01-012023-12-3102026578ns10:Director12023-01-012023-12-3102026578ns10:Director22023-01-012023-12-3102026578ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102026578ns10:FRS1022023-01-012023-12-3102026578ns10:Audited2023-01-012023-12-3102026578ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102026578ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102026578ns10:FullAccounts2023-01-012023-12-3102026578ns10:OrdinaryShareClass12023-01-012023-12-3102026578ns10:CompanySecretary12023-01-012023-12-3102026578ns10:RegisteredOffice2023-01-012023-12-3102026578ns10:Director32023-01-012023-12-3102026578ns5:RetainedEarningsAccumulatedLosses2022-12-3102026578ns5:RetainedEarningsAccumulatedLosses2021-12-3102026578ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102026578ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102026578ns5:RetainedEarningsAccumulatedLosses2023-12-3102026578ns5:RetainedEarningsAccumulatedLosses2022-12-3102026578ns5:CurrentFinancialInstruments2023-12-3102026578ns5:CurrentFinancialInstruments2022-12-3102026578ns5:ShareCapital2023-12-3102026578ns5:ShareCapital2022-12-3102026578ns5:PlantMachinery2023-01-012023-12-3102026578ns5:FurnitureFittings2023-01-012023-12-3102026578ns5:ReportableOperatingSegment12023-01-012023-12-3102026578ns5:ReportableOperatingSegment12022-01-012022-12-3102026578ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102026578ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102026578ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3102026578ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3102026578ns5:OwnedAssets2023-01-012023-12-3102026578ns5:OwnedAssets2022-01-012022-12-310202657832023-01-012023-12-310202657832022-01-012022-12-3102026578ns10:OrdinaryShareClass12022-01-012022-12-3102026578ns5:PlantMachinery2022-12-3102026578ns5:FurnitureFittings2022-12-3102026578ns5:PlantMachinery2023-12-3102026578ns5:FurnitureFittings2023-12-3102026578ns5:PlantMachinery2022-12-3102026578ns5:FurnitureFittings2022-12-3102026578ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102026578ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102026578ns5:WithinOneYear2023-12-3102026578ns5:WithinOneYear2022-12-3102026578ns5:BetweenOneFiveYears2023-12-3102026578ns5:BetweenOneFiveYears2022-12-3102026578ns5:AllPeriods2023-12-3102026578ns5:AllPeriods2022-12-3102026578ns5:DeferredTaxation2022-12-3102026578ns5:DeferredTaxation2023-12-3102026578ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 02026578 (England and Wales)















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: Mr M C Flounders
Mrs R E C Flounders



SECRETARY: Mr J Caine



REGISTERED OFFICE: Portrack Grange Road
Portrack Industrial Estate
Stockton-on-Tees
TS18 2PH



REGISTERED NUMBER: 02026578 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeremy Lester BFP FCA



INDEPENDENT AUDITORS: Baines Jewitt Limited
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:





Mrs R E C Flounders - Director


2 September 2024

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.

Mr M C Flounders
Mrs R E C Flounders

Other changes in directors holding office are as follows:

Mr P Trelease - resigned 1 April 2023

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:





Mrs R E C Flounders - Director


2 September 2024

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.




Jeremy Lester BFP FCA (Senior Statutory Auditor)
for and on behalf of Baines Jewitt Limited
Statutory Auditors
Spitfire House
19 Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
TS18 3TU

3 September 2024

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 10,396,996 12,156,064

Cost of sales 7,293,956 9,584,001
GROSS PROFIT 3,103,040 2,572,063

Administrative expenses 1,764,003 1,890,277
1,339,037 681,786

Other operating income 4 21,867 36,715
OPERATING PROFIT 6 1,360,904 718,501

Interest receivable and similar income 8 22,365 3,351
PROFIT BEFORE TAXATION 1,383,269 721,852

Tax on profit 9 326,255 139,738
PROFIT FOR THE FINANCIAL YEAR 1,057,014 582,114

Retained earnings at beginning of year 3,111,151 2,649,384

Dividends 10 (188,873 ) (120,347 )

RETAINED EARNINGS AT END OF
YEAR

3,979,292

3,111,151

BARCLAY ROOFING LIMITED (REGISTERED NUMBER: 02026578)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 48,686 22,423

CURRENT ASSETS
Stocks 12 124,215 113,234
Debtors 13 3,798,330 3,586,175
Cash at bank and in hand 1,393,801 774,654
5,316,346 4,474,063
CREDITORS
Amounts falling due within one year 14 1,370,615 1,376,787
NET CURRENT ASSETS 3,945,731 3,097,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,994,417

3,119,699

PROVISIONS FOR LIABILITIES 16 12,125 5,548
NET ASSETS 3,982,292 3,114,151

CAPITAL AND RESERVES
Called up share capital 17 3,000 3,000
Retained earnings 18 3,979,292 3,111,151
SHAREHOLDERS' FUNDS 3,982,292 3,114,151

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:




Mr M C Flounders - Director



Mrs R E C Flounders - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost and 15% on cost

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)
£ £
Provision of roofing services 10,396,996 12,156,064
10,396,996 12,156,064

4. OTHER OPERATING INCOME
2023 2022
(Unaudited)
£ £
Miscellaneous receipts - 11,080
Government grants 21,867 25,635
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 2,240,593 2,321,075
Social security costs 218,888 239,514
Other pension costs 187,444 354,803
2,646,925 2,915,392

The average number of employees during the year was as follows:
2023 2022
(Unaudited)

Office and management 17 19
Production and sales 50 55
67 74

2023 2022
(Unaudited)
£ £
Directors' remuneration 34,042 47,651
Directors' pension contributions to money purchase schemes 120,000 281,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
(Unaudited)
£ £
Hire of equipment and vehicles 423,900 503,500
Other operating leases 23,500 23,500
Depreciation - owned assets 11,510 12,384
Loss on disposal of fixed assets 60 2

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 4,500 7,860

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 21,490 2,049
Other interest received 875 1,302
22,365 3,351

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 319,678 139,035

Deferred tax 6,577 703
Tax on profit 326,255 139,738

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 1,383,269 721,852
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

345,817

137,152

Effects of:
Expenses not deductible for tax purposes 548 1,832
Adjustments to tax charge in respect of previous periods - (60 )
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 188,873 120,347

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023 27,486 71,651 99,137
Additions - 37,832 37,832
Disposals (985 ) (593 ) (1,578 )
At 31 December 2023 26,501 108,890 135,391
DEPRECIATION
At 1 January 2023 20,813 55,901 76,714
Charge for year 3,723 7,787 11,510
Eliminated on disposal (984 ) (535 ) (1,519 )
At 31 December 2023 23,552 63,153 86,705
NET BOOK VALUE
At 31 December 2023 2,949 45,737 48,686
At 31 December 2022 6,673 15,750 22,423

12. STOCKS
2023 2022
(Unaudited)
£ £
Work-in-progress 124,215 113,234

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£ £
Trade debtors 1,617,488 1,629,564
Amounts owed by group undertakings 1,790,130 1,445,077
Other debtors 233,733 358,364
Prepayments and accrued income 156,979 153,170
3,798,330 3,586,175

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 789,483 1,028,841
Tax 319,678 139,095
Social security and other taxes 86,351 87,942
Other creditors 59,440 49,498
Directors' current accounts 400 -
Accruals and deferred income 115,263 71,411
1,370,615 1,376,787

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
(Unaudited)
£ £
Within one year 98,083 40,982
Between one and five years 163,528 39,331
261,611 80,313

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 5,548
Accelerated capital allowances 6,577
Balance at 31 December 2023 12,125

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
3,000 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 3,111,151
Profit for the year 1,057,014
Dividends (188,873 )
At 31 December 2023 3,979,292

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.