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Company registration number: NI016504
City Roofing and Asphalt Services Limited
Unaudited filleted financial statements
31 May 2024
City Roofing and Asphalt Services Limited
Contents
Directors and other information
Balance sheet
Notes to the financial statements
City Roofing and Asphalt Services Limited
Directors and other information
Directors Mr Liam Coyle
Mrs Sarah Coyle
Company number NI016504
Registered office 3A Pennyburn Business Park
Pennyburn Industrial Estate
Derry
BT48 0LU
Accountants Fergus Mc Ateer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers AIB
Meadowbank
Strand Road
Derry
BT48 7TN
Solicitors Kelly & Corr
Solicitors
65 Clarendon Street
Derry
BT48 7ER
City Roofing and Asphalt Services Limited
Balance sheet
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 103,037 103,828
_______ _______
103,037 103,828
Current assets
Stocks 6 119,015 200,091
Debtors 7 341,358 245,918
Cash at bank and in hand 189,020 298,478
_______ _______
649,393 744,487
Creditors: amounts falling due
within one year 8 ( 338,362) ( 450,729)
_______ _______
Net current assets 311,031 293,758
_______ _______
Total assets less current liabilities 414,068 397,586
Creditors: amounts falling due
after more than one year 9 ( 44,938) ( 46,335)
Provisions for liabilities ( 13,168) ( 16,658)
_______ _______
Net assets 355,962 334,593
_______ _______
Capital and reserves
Called up share capital 10 23,691 23,691
Capital redemption reserve 23,691 23,691
Profit and loss account 308,580 287,211
_______ _______
Shareholders funds 355,962 334,593
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr Liam Coyle
Director
Company registration number: NI016504
City Roofing and Asphalt Services Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is City Roofing & Asphalt Services Limited, 3A Pennyburn Business Park, Pennyburn Industrial Estate, Derry, BT48 0LU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Rendering of services
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.
Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectable amount is expensed rather than recognised as an adjustment to the amount of contract revenue.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Premises - 2 % straight line
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 12 ).
5. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 84,313 120,360 110,614 315,287
Additions - 122 20,400 20,522
Disposals - - ( 31,170) ( 31,170)
_______ _______ _______ _______
At 31 May 2024 84,313 120,482 99,844 304,639
_______ _______ _______ _______
Depreciation
At 1 June 2023 48,894 112,681 49,884 211,459
Charge for the year 1,686 1,545 12,509 15,740
Disposals - - ( 25,597) ( 25,597)
_______ _______ _______ _______
At 31 May 2024 50,580 114,226 36,796 201,602
_______ _______ _______ _______
Carrying amount
At 31 May 2024 33,733 6,256 63,048 103,037
_______ _______ _______ _______
At 31 May 2023 35,419 7,679 60,730 103,828
_______ _______ _______ _______
6. Stocks
2024 2023
£ £
Raw materials and consumables 10,771 10,560
Work in progress 108,244 189,531
_______ _______
119,015 200,091
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 264,106 177,073
Other debtors 77,252 68,845
_______ _______
341,358 245,918
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 27,710 25,762
Trade creditors 253,664 337,985
Corporation tax 7,851 21,002
Social security and other taxes 4,940 1,702
Other creditors 44,197 64,278
_______ _______
338,362 450,729
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,470 22,349
Other creditors 32,468 23,986
_______ _______
44,938 46,335
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 23,691 23,691 23,691 23,691
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Related Party 20,000 20,000 ( 25,783) ( 45,783)
_______ _______ _______ _______
The related party is a director and shareholder of the company.