REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THURSTON ROOFING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THURSTON ROOFING LIMITED |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THURSTON ROOFING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Thurston Roofing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue comprises income derived from building services. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax, and other similar charges. |
For contracts extending over multiple accounting periods, revenue is recognised based on an appropriate measure of the stage of completion. If the stage of completion cannot be reliably determined, the entire amount of revenue is deferred to the subsequent accounting period. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Financial instruments |
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | 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. |
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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts | 179,290 | - |
Amounts owing on hire purchase are secured against the assets to which they relate. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax | 40,810 | 39,367 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Prior year adjustment |
As restated |
Provided during year |
Balance at 31 March 2024 | 40,810 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
THURSTON ROOFING LIMITED (REGISTERED NUMBER: 08447778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date £8,328 (2023: £26,594) was owed to the directors. The amount bears no interest, is repayable on demand and included within creditors due in less than one year. |
During the year £4,918 (2023: £nil) was advanced to the directors. The amount bears no interest, is repayable within nine months of the balance sheet date and included within debtors due in less than one year. |
14. | DIRECTORS PENSIONS |
During the period, the company made contributions to a defined contribution pension scheme on behalf of 4 (2023: 4) directors. |
15. | FRS102 TRANSITION |
The company transitioned to preparing its accounts under FRS 102 (Section 1A). The only adjustment required during the transition was to account for deferred tax. |
The adjustments to the 2023 accounts were as follows: |
-The opening reserves for 2023 were reduced by £29,141. |
-A deferred tax charge of £10,226 was recognised in the profit and loss account for 2023. |
-A deferred tax liability of £39,367 was recognised in the statement of financial position. |
The adjustments to the 2024 opening position was as follows: |
-The reserves were reduced by £39,367, matching the deferred tax liability of £39,367 recognised in the statement of financial position. |