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Registered number: 07541812
Roofing Trade Services Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 07541812
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 278,481 349,821
278,481 349,821
CURRENT ASSETS
Stocks 5 691,366 563,217
Debtors 6 522,537 557,059
Cash at bank and in hand 29,363 177,776
1,243,266 1,298,052
Creditors: Amounts Falling Due Within One Year 7 (596,444 ) (728,017 )
NET CURRENT ASSETS (LIABILITIES) 646,822 570,035
TOTAL ASSETS LESS CURRENT LIABILITIES 925,303 919,856
Creditors: Amounts Falling Due After More Than One Year 8 (82,316 ) (106,514 )
NET ASSETS 842,987 813,342
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 842,887 813,242
SHAREHOLDERS' FUNDS 842,987 813,342
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs K P Furlong
Director
Mr P J Furlong
Director
29/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Roofing Trade Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07541812 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation that the company will continue to meet its obligations as they fall due. The directors have also pledged his financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the remaining period of the lease
Plant & Machinery 50% Straight Line
Motor Vehicles 33.33% Straight Line
Fixtures & Fittings 50% Straight Line
Computer Equipment 50% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it related 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 statement of financial position 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.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
2.10. 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.
2.11. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 17)
17 17
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 86,358 51,985 612,390 50,508
Additions - - 113,470 10,108
Disposals - - (38,782 ) (12,445 )
As at 29 February 2024 86,358 51,985 687,078 48,171
Depreciation
As at 1 March 2023 68,054 51,985 284,281 48,249
Provided during the period 9,151 - 181,559 6,983
Disposals - - (38,782 ) (12,445 )
As at 29 February 2024 77,205 51,985 427,058 42,787
Net Book Value
As at 29 February 2024 9,153 - 260,020 5,384
As at 1 March 2023 18,304 - 328,109 2,259
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Computer Equipment Total
£ £
Cost
As at 1 March 2023 9,788 811,029
Additions 7,187 130,765
Disposals (6,397 ) (57,624 )
As at 29 February 2024 10,578 884,170
Depreciation
As at 1 March 2023 8,639 461,208
Provided during the period 4,412 202,105
Disposals (6,397 ) (57,624 )
As at 29 February 2024 6,654 605,689
Net Book Value
As at 29 February 2024 3,924 278,481
As at 1 March 2023 1,149 349,821
5. Stocks
2024 2023
£ £
Finished goods 691,366 563,217
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 403,522 490,974
Prepayments and accrued income 56,718 22,821
Other debtors 29,141 31,122
Deferred tax current asset 33,156 12,142
522,537 557,059
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 71,170 54,340
Trade creditors 395,316 562,439
Corporation tax 27,498 5,168
Other taxes and social security 52,071 37,193
VAT 42,375 58,291
Other creditors 1,421 1,997
Accruals and deferred income 6,593 8,589
596,444 728,017
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 82,316 106,514
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 71,170 54,340
Later than one year and not later than five years 82,316 106,514
153,486 160,854
153,486 160,854
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
The nominal value per share is £1 and as at the year-end there are 100 Ordinary shares in issue.
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