Company registration number SC141254 (Scotland)
ONE STOP ROOFING SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ONE STOP ROOFING SUPPLIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ONE STOP ROOFING SUPPLIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr W A Brown
Mr R H Jenkins
Mr P J Martin
Mrs N Paterson
Secretary
Mr P J Martin
Company number
SC141254
Registered office
25 Birkmyre Road
Glasgow
Scotland
G51 3JH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ONE STOP ROOFING SUPPLIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,401
73,874
Investments
4
201
201
55,602
74,075
Current assets
Stocks
958,424
924,370
Debtors
5
587,313
617,165
Cash at bank and in hand
516,631
502,370
2,062,368
2,043,905
Creditors: amounts falling due within one year
6
(1,232,471)
(1,254,285)
Net current assets
829,897
789,620
Total assets less current liabilities
885,499
863,695
Provisions for liabilities
7
(1,902)
Net assets
885,499
861,793
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
875,499
851,793
Total equity
885,499
861,793
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ONE STOP ROOFING SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr R H Jenkins
Mr P J Martin
Director
Director
Company Registration No. SC141254
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
One Stop Roofing Supplies Limited is a private company limited by shares incorporated in Scotland. The registered office is 25 Birkmyre Road, Glasgow, Scotland, G51 3JH. The company's registration number is SC141254.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Preparation of consolidated financial statements
The financial statements contain information about One Stop Roofing Supplies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The directors have taken the decision not to prepare group financial statements in accordance with S398 of the Companies Act 2006.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received and services delivered at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risk and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.4
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Cost consists of material costs. Net realisable value is the anticipated sales proceeds less any costs of disposal.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
14
16
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
156,563
106,932
263,495
Depreciation and impairment
At 1 January 2023
133,439
56,182
189,621
Depreciation charged in the year
5,782
12,691
18,473
At 31 December 2023
139,221
68,873
208,094
Carrying amount
At 31 December 2023
17,342
38,059
55,401
At 31 December 2022
23,124
50,750
73,874
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
201
201
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
508,981
579,743
Other debtors
78,332
37,422
587,313
617,165
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
941,016
959,344
Taxation and social security
155,692
168,352
Other creditors
135,763
126,589
1,232,471
1,254,285
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
1,902
8
Deferred taxation
2023
2022
Balances:
£
£
Accelerated capital allowances
-
1,902
2023
Movements in the year:
£
Liability at 1 January 2023
1,902
Credit to profit or loss
(1,902)
Liability at 31 December 2023
-
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2,500 Ordinary A of £1 each
2,500
2,500
2,500 Ordinary B of £1 each
2,500
2,500
2,500 Ordinary C of £1 each
2,500
2,500
2,500 Ordinary D of £1 each
2,500
2,500
10,000
10,000
Ordinary A, B, C and D are non-redeemable voting shares which entitle the holder to a dividend and rank equally on any distribution made on a winding up. When declaring dividends the directors may differentiate between the classes of shares to which payments are being made in respect of the amount or percentage of dividend payable.
ONE STOP ROOFING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
148,118
189,561
11
Related party transactions
Included within other debtors is an amount totalling £18,188 (2022 - £18,188) due from connected companies.
No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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