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Registered number: 10000557
EMPIRE UPVC & ROOFING SPECIALISTS LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Daniel Wolfson & Co Ltd
Dns House
382 Kenton Road
Harrow
Greater London
HA3 8DP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10000557
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 150,311 106,598
Investment Properties 5 360,000 338,477
510,311 445,075
CURRENT ASSETS
Stocks 6 5,140 6,250
Debtors 7 15,551 17,909
Cash at bank and in hand 22,559 64,322
43,250 88,481
Creditors: Amounts Falling Due Within One Year 8 (153,136 ) (142,771 )
NET CURRENT ASSETS (LIABILITIES) (109,886 ) (54,290 )
TOTAL ASSETS LESS CURRENT LIABILITIES 400,425 390,785
Creditors: Amounts Falling Due After More Than One Year 9 (277,635 ) (294,643 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (75,000 ) (75,000 )
Deferred Taxation 11 (5,381 ) -
NET ASSETS 42,409 21,142
CAPITAL AND RESERVES
Called up share capital 12 11 11
Revaluation reserve 16,142 -
Profit and Loss Account 26,256 21,131
SHAREHOLDERS' FUNDS 42,409 21,142
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr C P Mills
Director
19/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
EMPIRE UPVC & ROOFING SPECIALISTS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 10000557 . The registered office is Unit 50 , Hillgrove Business Park, Nazeing Road, Essex, EN9 2HB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment Straight line over 3 years
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7. Pensions
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.
2.8. Hire Purchase And Leasing Commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 March 2023 13,248 77,195 134,829 14,542 239,814
Additions - 76,229 13,122 5,828 95,179
Disposals - - - (11,952 ) (11,952 )
As at 29 February 2024 13,248 153,424 147,951 8,418 323,041
Depreciation
As at 1 March 2023 6,724 55,796 57,468 13,228 133,216
Provided during the period 1,631 24,407 22,621 2,807 51,466
Disposals - - - (11,952 ) (11,952 )
As at 29 February 2024 8,355 80,203 80,089 4,083 172,730
Net Book Value
As at 29 February 2024 4,893 73,221 67,862 4,335 150,311
As at 1 March 2023 6,524 21,399 77,361 1,314 106,598
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 25,013 19,599
25,013 19,599
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 338,477
Revaluations 21,523
As at 29 February 2024 360,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 338,477 338,477
The freehold property has been valued at the balance sheet date by the directors, who believe the carrying value to be the
fair value. There has been no valuation by independent valuers.
6. Stocks
2024 2023
£ £
Stock 5,140 6,250
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7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,829 12,888
Other debtors - 5,000
VAT 7,722 -
Social security and other tax - 21
15,551 17,909
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 37,667 37,297
Bank loans and overdrafts 30,351 30,101
HP - gross - less than 1 yr 22,398 7,425
Corporation tax 7,735 9,668
Social security and other tax 483 -
VAT - 18,304
Net wages 660 -
Other creditors 30,343 12,834
Accruals and deferred income 15,379 21,490
Directors' loan accounts 8,120 5,652
153,136 142,771
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 2-5 years 94,709 104,760
HP - gross - 1 - 5 years 40,374 3,340
Bank loans more than 5 years 142,552 156,543
Directors loan account - 30,000
277,635 294,643
In June 2020, the company received a bounce back loan of £50,000, with no capital repayable for the first 12 months. The Loan is repayable over 6 years with interest charged at 2.5% per annum.
During March 2019, the company borrowed £313,000 from Metro bank to acquire a Freehold Property. The loan is repayable over 15 years, with interest payable at 3.50% over bank base. The loan is secured by a fixed and floating charge over the warehouse, located at Unit 50, Hillgrove Business Park, Nazeing Road, Nazeing, EN92HB.
10. Secured Creditors
The following secured debts are included within creditors:
2024 2023
£ £
Bank loans and overdrafts 243,501 257,492
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11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 5,381 -
12. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
6 Ordinary A shares of £ 1.00 each 6 6
4 Ordinary B shares of £ 1.00 each 4 4
11 11
The Ordinary share has voting and dividend rights. The Ordinary A and B shares are non voting, dividend only.
13. Contingent Liabilities
2024 2023
£ £
At the end of the period 75,000 75,000
In February 2022, immediately before the year end, a fire occurred at a client's premises for which the company is being held responsible, as its insurers are refusing to cover the company's claim. The outcome of the client's claim is uncertain but the directors consider it prudent to make a provision against any sums that might become payable.
14. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 52,000 46,000
Final dividend paid 32,000 30,000
84,000 76,000
15. Related Party Transactions
During the year, total dividends of £84,000 (2023 - £76,000) were paid to the directors. 
16. Ultimate Controlling Party
Mr C P Mills is the ultimate controlling party by virtue of his 100% ownership of the voting share.
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