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Registration number: 02777553

J R Flat Roofing U K Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

J R Flat Roofing U K Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

J R Flat Roofing U K Limited

Company Information

Directors

Mr N Rogers

Mr P Rogers

Company secretary

Miss M C Rogers

Registered office

Unit B
Bartles industrial Estate
North Street
Redruth, Cornwall
TR15 1HR

 

J R Flat Roofing U K Limited

(Registration number: 02777553)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

824,673

459,933

Investment property

5

447,602

-

 

1,272,275

459,933

Current assets

 

Stocks

6

262,946

154,320

Debtors

7

674,680

523,175

Cash at bank and in hand

 

24,048

692,380

 

961,674

1,369,875

Creditors: Amounts falling due within one year

8

(733,704)

(305,639)

Net current assets

 

227,970

1,064,236

Total assets less current liabilities

 

1,500,245

1,524,169

Creditors: Amounts falling due after more than one year

8

(54,975)

(70,436)

Provisions for liabilities

(35,867)

(39,938)

Net assets

 

1,409,403

1,413,795

Capital and reserves

 

Called up share capital

501

501

Capital redemption reserve

1,497

1,497

Retained earnings

1,407,405

1,411,797

Shareholders' funds

 

1,409,403

1,413,795

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr N Rogers
Director

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit B
Bartles industrial Estate
North Street
Redruth, Cornwall
TR15 1HR

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Long Leasehold Land

Straight line over the length of the lease

Furniture, fittings and equipment

20% straight line

Plant and equipment

20% straight line

Motor vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 17).

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 August 2023

262,738

169,710

373,241

-

805,689

Additions

228,677

87,343

107,091

64,574

487,685

Disposals

-

-

(56,645)

-

(56,645)

Transfers

(462)

-

-

462

-

At 31 July 2024

490,953

257,053

423,687

65,036

1,236,729

Depreciation

At 1 August 2023

39,900

138,203

167,652

-

345,755

Charge for the year

2,397

11,697

92,499

-

106,593

Eliminated on disposal

-

-

(40,292)

-

(40,292)

At 31 July 2024

42,297

149,900

219,859

-

412,056

Carrying amount

At 31 July 2024

448,656

107,153

203,828

65,036

824,673

At 31 July 2023

222,838

31,506

205,589

-

459,933

Included within the net book value of land and buildings above is £206,389 (2023 - £222,839) in respect of freehold land and buildings and £242,267 (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

5

Investment properties

2024
£

Additions

447,602

Fair Value At 31 July 2024

447,602

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

217,946

35,280

Other inventories

45,000

119,040

262,946

154,320

7

Debtors

2024
£

2023
£

Trade debtors

624,750

448,170

Prepayments

16,521

12,829

Other debtors

33,409

62,176

674,680

523,175

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

68,100

58,220

Trade creditors

 

448,569

152,691

Taxation and social security

 

85,714

62,081

Accruals and deferred income

 

46,362

26,120

Other creditors

 

84,959

6,527

 

733,704

305,639


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £58,100 (2023 - £48,220).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

54,975

70,436

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £45,808 (2023 - £51,269).

 

J R Flat Roofing U K Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,167

19,167

Hire purchase contracts

45,808

51,269

54,975

70,436

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

58,100

48,220

68,100

58,220

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £18,080 (2023 - £Nil).