K.P. Finch Roofing Contractors Limited


FINANCIAL STATEMENTS


for the year ended 31st December 2023



K.P. Finch Roofing Contractors Limited

CONTENTS

for the year ended 31st December 2023







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

K.P. Finch Roofing Contractors Limited

Company No. 07107500

STATEMENT OF FINANCIAL POSITION

as at 31st December 2023

20232022
Note£££
FIXED ASSETS
Property, plant and equipment4185752148807
185752148807
CURRENT ASSETS
Stocks5480488
Debtors67296824012
Cash at bank and in hand1211034157
8555858657
CURRENT LIABILITIES
Creditors: amounts falling due
within one year715532987370
NET CURRENT LIABILITIES(69771)(28713)
TOTAL ASSETS LESS CURRENT LIABILITIES115981120094
 
Creditors: amounts falling due
after more than one year87174976953
 
NET ASSETS4423243141
 
CAPITAL AND RESERVES
Called up share capital11
Retained earnings4423143140
SHAREHOLDERS FUNDS4423243141

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st December 2023 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and 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.

Approved by the Board on 19 September 2024


K P Finch

Director

Company Number 07107500 (England)

K.P. Finch Roofing Contractors Limited

NOTES TO THE ACCOUNTS

for the year ended 31st December 2023


1   Statutory information

K.P. Finch Roofing Contractors Limited is a private company limited by shares and registered under company number 07107500 in England. Its registered office address is 12 Hatherley Road, Sidcup, Kent. DA14 4DT.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, 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:

Plant, machinery and vehicles15% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalised in the Statement of Financial Position and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the Statement of Financial Position as a liability.

The interest element of the rental obligations is charged to the Income Statement over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

3   Employee information

The average number of employees during the accounting period was 1 (2022 - 1).

4   Property, plant and equipment
 
Plant
and
MachineryTotal
££
Cost
At 1st January 2023 202609202609
Additions4325743257
At 31st December 2023245866245866
 
Depreciation
At 1st January 2023 5380253802
Charge for year63126312
At 31st December 20236011460114
 
Net Book Value
At 31st December 2023185752185752
At 31st December 2022148807148807
 
Net book value of assets included above held
 under finance leases and hire purchase contracts
 
At 31st December 2023-28754
At 31st December 20222875428754

5   Stocks20232022
££
 
Raw materials and consumables480488
480488

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Debtors20232022
££
 
Trade Debtors397133998
Other debtors3325520014
7296824012

7   Creditors: amounts falling due within one year20232022
££
 
Loans and Overdrafts226286297
Obligations under finance lease and hire purchase contracts162807262
Trade Creditors3458624349
Corporation tax107925410
Taxes and social security costs3450723526
Other creditors3653620526
15532987370

8   Creditors: amounts falling due after one year20232022
££
 
Loans and Overdrafts-28000
Obligations under finance lease and hire purchase contracts7174948953
7174976953

9   Loans20232022
££
Analysis of maturity of debt:
 
Within one year226286297
Between one and five years-28000
2262834297

10   Transactions with Directors

There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".

20232022
££
 
K P Finch1248810340
1248810340

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