Company registration number 07019823 (England and Wales)
LCS ROOFING & CLADDING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LCS ROOFING & CLADDING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LCS ROOFING & CLADDING LTD (REGISTERED NUMBER: 07019823)
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
353,016
182,749
Current assets
Stocks
329,748
248,510
Debtors
4
2,280,358
1,071,363
Cash at bank and in hand
171,794
55,204
2,781,900
1,375,077
Creditors: amounts falling due within one year
5
(1,922,153)
(1,459,755)
Net current assets/(liabilities)
859,747
(84,678)
Total assets less current liabilities
1,212,763
98,071
Creditors: amounts falling due after more than one year
6
(238,950)
-
0
Net assets
973,813
98,071
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
973,803
98,061
Total equity
973,813
98,071

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 January 2024 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.

LCS ROOFING & CLADDING LTD (REGISTERED NUMBER: 07019823)
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr L C Shand
Mr P C Heraty
Director
Director
LCS ROOFING & CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

LCS Roofing & Cladding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, The Watchoak Business Centre, Chain Lane, Battle, East Sussex, TN33 0GB.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for roofing and cladding services provided, and is shown net of VAT.

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

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% straight line
Motor vehicles
25% straight line

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 profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LCS ROOFING & CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.6
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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
LCS ROOFING & CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
18,813
209,093
227,906
Additions
18,437
304,626
323,063
Disposals
-
0
(79,980)
(79,980)
At 31 January 2024
37,250
433,739
470,989
Depreciation and impairment
At 1 February 2023
3,397
41,760
45,157
Depreciation charged in the year
7,741
73,116
80,857
Eliminated in respect of disposals
-
0
(8,041)
(8,041)
At 31 January 2024
11,138
106,835
117,973
Carrying amount
At 31 January 2024
26,112
326,904
353,016
At 31 January 2023
15,416
167,333
182,749
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,290,198
419,088
Other debtors
990,160
652,275
2,280,358
1,071,363
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
586,833
795,856
Taxation and social security
1,247,538
488,496
Other creditors
87,782
175,403
1,922,153
1,459,755

Included within other creditors due within one year and due in more than one year are hire purchase liabilities totalling £284,370 (2023 : £133,113) which are secured on the assets purchased under hire purchase agreements.

LCS ROOFING & CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
238,950
-
0

Creditors due over one year includes amounts owed under hire purchase contracts of £238,950.

7
Directors' transactions

At 31 January 2024 the directors owed the company £888,296 (2023 : £543,021) . Interest is charged at the rate of 2.25% and the loan is repayable on demand.

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