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REGISTERED NUMBER: 05334548 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 June 2024

for

Skyline Roofing Group Limited

Skyline Roofing Group Limited (Registered number: 05334548)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive
Income

8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial
Statements

15


Skyline Roofing Group Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S J Revell
W R Revell
R J Revell





SECRETARY: S J Revell





REGISTERED OFFICE: Unit 73
Waterside Trading Centre
Trumpers Way
Hanwell
London
W7 2QA





REGISTERED NUMBER: 05334548 (England and Wales)





AUDITORS: Bristow Burrell
Statutory Auditors
4 Riverview
Walnut Tree Close
Guildford
Surrey
GU1 4UX

Skyline Roofing Group Limited (Registered number: 05334548)

Group Strategic Report
for the Year Ended 30 June 2024

In the year under review the Group continued to maintain its market position in the South East and London area.
As outlined in last years' report the levels of interest rates and inflation led to a slow down in the building sector during the year. The Directors are pleased to note in-spite of these issues the group maintained its turnover from year to year, although gross profit margins were adversely affected as inflationary pressures as well as the global supply chain problems exacerbated by the conflicts in both Ukraine and the Middle East led to a significant increase in product costs.
In the current year the Directors see that some of these pressures are easing in terms of product supply and inflation, although the new budgetary changes that will come into force next year concerning Employers National Insurance will have costs implication for the whole industry going forward.
The Directors consider they have a robust plan with the necessary resources and skills to allow the Group to meet its objectives for future growth including securing key supply chains and the controlling of its operating costs that will allow it to develop new markets and sales opportunities and to maintain and increase profit at both a gross and net level.

The Group is proud of its position as a longstanding family business with its traditions and values in being an important part of local communities and specifically in looking after the well being and interests of its staff. The group will continue to enhance this role and invest in all aspects of its business infrastructure especially in respect of staff, IT and transport.The group has instigated a significant investment in IT and new technology that will allow the to group to expand and consolidate its business over the next five to ten years, alongside an ongoing renewal of its vehicle fleet This is again reflected in the Group's enhancement of its Balance Sheet position and increasing the Group's net asset value at all levels.

ON BEHALF OF THE BOARD:





Director


12 December 2024

Skyline Roofing Group Limited (Registered number: 05334548)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S J Revell
W R Revell
R J Revell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bristow Burrell, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W R Revell - Director


12 December 2024

Report of the Independent Auditors to the Members of
Skyline Roofing Group Limited

Opinion
We have audited the financial statements of Skyline Roofing Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Skyline Roofing Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Skyline Roofing Group Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the roofing and roofers merchants;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the financial reporting framework FRS 102, UK taxation legislation, UK VAT rules, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal, HMRC, Companies House, Board correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We used up to date tax and legislation checklists to confirm compliance with those laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls and segregation of duties in place to mitigate risks of fraud and non-compliance with laws and regulations;

- using analytical procedures to identify any unusual or unexpected transactions and sampling tests to confirm material balances in the financial statements. We directed our audit procedures to those areas which we identified as particularly susceptible to misstatement due to fraud, including related parties and their transactions;

- considering the possibility of fraudulent or corrupt payments made through third parties and the risk of bribery and corruption occurring in the areas of the world where the entity does business; and

- considering the selection of appropriate accounting policies by management which do not attempt to manipulate earnings figures and the use by us of random sampling testing in our audit procedures.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions, including related party and group transactions; and


Report of the Independent Auditors to the Members of
Skyline Roofing Group Limited

- considered targets and remuneration that might influence management and documented and tested the entity's systems and any weaknesses in internal controls. We identified and validated any transactions that appeared to be outside the normal course of business.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- ensuring that additional audit testing and scrutiny was carried out on any transactions or areas displaying the identified risk criteria, including discussions with our own tax specialists.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




R Spicer (Senior Statutory Auditor)
for and on behalf of Bristow Burrell
Statutory Auditors
4 Riverview
Walnut Tree Close
Guildford
Surrey
GU1 4UX

12 December 2024

Skyline Roofing Group Limited (Registered number: 05334548)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   

TURNOVER
Group and share of associates 38,346,533 39,182,510
Less:
Share of associates' turnover (713,806 ) (920,481 )
GROUP TURNOVER 37,632,727 38,262,029

Cost of sales 29,577,069 28,969,976
GROSS PROFIT 8,055,658 9,292,053

Administrative expenses 6,689,934 6,357,646
1,365,724 2,934,407

Other operating income 81,246 1,650
OPERATING PROFIT 5 1,446,970 2,936,057

Income from interest in
associated undertakings

2,400

29,828
Income from fixed asset
investments

7,394

9,606
Interest receivable and similar
income

21,316

8,500
31,110 47,934
1,478,080 2,983,991

Interest payable and similar
expenses

6

311,900

280,220
PROFIT BEFORE TAXATION 1,166,180 2,703,771

Tax on profit 7 295,891 623,563
PROFIT FOR THE FINANCIAL YEAR 870,289 2,080,208

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

870,289

2,080,208

Profit attributable to:
Owners of the parent 870,289 2,080,208

Total comprehensive income attributable to:
Owners of the parent 870,289 2,080,208

Skyline Roofing Group Limited (Registered number: 05334548)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 10,457,876 10,310,025
Investments 10
Interest in associate 322,056 319,656
Other investments 1,325 1,325
Investment property 11 - -
10,781,257 10,631,006

CURRENT ASSETS
Stocks 12 4,811,440 5,477,660
Debtors 13 4,153,357 3,830,839
Cash at bank and in hand 2,564,377 2,745,748
11,529,174 12,054,247
CREDITORS
Amounts falling due within one
year

14

5,467,403

6,711,686
NET CURRENT ASSETS 6,061,771 5,342,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,843,028

15,973,567

CREDITORS
Amounts falling due after more
than one year

15

(3,633,872

)

(3,683,241

)

PROVISIONS FOR LIABILITIES 19 (348,527 ) (299,986 )
NET ASSETS 12,860,629 11,990,340

CAPITAL AND RESERVES
Called up share capital 20 410 410
Retained earnings 21 12,860,219 11,989,930
SHAREHOLDERS' FUNDS 12,860,629 11,990,340

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





S J Revell - Director


Skyline Roofing Group Limited (Registered number: 05334548)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 310 310
Investment property 11 8,891,653 8,891,653
8,891,963 8,891,963

CURRENT ASSETS
Debtors 13 23,070 22,500
Cash at bank and in hand 73,985 105,945
97,055 128,445
CREDITORS
Amounts falling due within one
year

14

5,239,963

5,168,125
NET CURRENT LIABILITIES (5,142,908 ) (5,039,680 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,749,055

3,852,283

CREDITORS
Amounts falling due after more
than one year

15

2,957,528

3,280,952
NET ASSETS 791,527 571,331

CAPITAL AND RESERVES
Called up share capital 20 410 410
Retained earnings 21 791,117 570,921
SHAREHOLDERS' FUNDS 791,527 571,331

Company's profit for the
financial year

220,196

218,851

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





S J Revell - Director


Skyline Roofing Group Limited (Registered number: 05334548)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 410 9,909,722 9,910,132

Changes in equity
Total comprehensive income - 2,080,208 2,080,208
Balance at 30 June 2023 410 11,989,930 11,990,340

Changes in equity
Total comprehensive income - 870,289 870,289
Balance at 30 June 2024 410 12,860,219 12,860,629

Skyline Roofing Group Limited (Registered number: 05334548)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 410 352,070 352,480

Changes in equity
Total comprehensive income - 218,851 218,851
Balance at 30 June 2023 410 570,921 571,331

Changes in equity
Total comprehensive income - 220,196 220,196
Balance at 30 June 2024 410 791,117 791,527

Skyline Roofing Group Limited (Registered number: 05334548)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,079,334 1,722,054
Interest paid (277,262 ) (250,428 )
Interest element of hire purchase
payments paid

(34,638

)

(29,792

)
Tax paid (592,512 ) (316,033 )
Net cash from operating activities 1,174,922 1,125,801

Cash flows from investing activities
Purchase of tangible fixed assets (381,598 ) (5,977,714 )
Sale of tangible fixed assets 10,701 1,250
Interest received 21,316 8,500
Dividends received 9,794 39,434
Net cash from investing activities (339,787 ) (5,928,530 )

Cash flows from financing activities
Loan repayments in year (785,693 ) (1,457,499 )
Loans received - 3,000,000
Capital repayments in year (230,813 ) (270,464 )
Net cash from financing activities (1,016,506 ) 1,272,037

Decrease in cash and cash equivalents (181,371 ) (3,530,692 )
Cash and cash equivalents at
beginning of year

2

2,745,748

6,276,440

Cash and cash equivalents at end
of year

2

2,564,377

2,745,748

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.24 30.6.23
£    £   
Profit before taxation 1,166,180 2,703,771
Depreciation charges 745,867 525,102
Profit on disposal of fixed assets (9,500 ) (315 )
Share of associates profit (2,400 ) (26,645 )
Finance costs 311,900 280,220
Finance income (31,110 ) (47,934 )
2,180,937 3,434,199
Decrease/(increase) in stocks 666,220 (1,248,693 )
Increase in trade and other debtors (319,518 ) (579,595 )
(Decrease)/increase in trade and other creditors (448,305 ) 116,143
Cash generated from operations 2,079,334 1,722,054

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,564,377 2,745,748
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 2,745,748 6,276,440


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.7.23 Cash flow changes At 30.6.24
£    £    £    £   
Net cash
Cash at bank
and in hand 2,745,748 (181,371 ) 2,564,377
2,745,748 (181,371 ) 2,564,377
Debt
Finance leases (673,201 ) 230,813 (513,320 ) (955,708 )
Debts falling due
within 1 year (853,200 ) 462,268 - (390,932 )
Debts falling due
after 1 year (3,280,952 ) 323,424 - (2,957,528 )
(4,807,353 ) 1,016,505 (513,320 ) (4,304,168 )
Total (2,061,605 ) 835,134 (513,320 ) (1,739,791 )

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Skyline Roofing Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Improvements to property - 25% on cost, 20% on cost and 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.


Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 4,095,248 3,863,573
Social security costs 389,388 367,487
Other pension costs 164,706 168,130
4,649,342 4,399,190

The average number of employees during the year was as follows:
30.6.24 30.6.23

Direct 79 77
Administration 38 41
117 118

30.6.24 30.6.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.24 30.6.23
£    £   
Operating lease income (81,246 ) (1,650 )
Depreciation - owned assets 195,536 244,233
Depreciation - assets on hire purchase contracts 550,330 280,868
Profit on disposal of fixed assets (9,500 ) (315 )
Auditors' remuneration 8,000 7,850

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 277,262 250,428
Hire purchase 34,638 29,792
311,900 280,220

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 247,350 592,512

Deferred tax 48,541 31,051
Tax on profit 295,891 623,563

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit before tax 1,166,180 2,703,771
Profit multiplied by the standard rate of corporation
tax in the UK of 25 % (2023 - 25 %)

291,545

675,943

Effects of:
Expenses not deductible for tax purposes 4,609 1,395
Income not taxable for tax purposes (2,449 ) (6,888 )
Capital allowances in excess of depreciation (46,466 ) -
Depreciation in excess of capital allowances - 40,995
Deferred taxation 48,541 31,051
Losses utilized - (12 )
Losses carried forward 111 60
Change in corporation tax rate - (118,981 )
Total tax charge 295,891 623,563

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

The parent company made a profit of £220,196 for the year ended 30 June 2023. (2023: £218,851)

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 July 2023 8,891,653 31,578 239,435 920,275
Additions - - - 112,750
Disposals - - - -
At 30 June 2024 8,891,653 31,578 239,435 1,033,025
DEPRECIATION
At 1 July 2023 - 31,578 239,435 711,169
Charge for year - - - 81,464
Eliminated on disposal - - - -
At 30 June 2024 - 31,578 239,435 792,633
NET BOOK VALUE
At 30 June 2024 8,891,653 - - 240,392
At 30 June 2023 8,891,653 - - 209,106

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 967,782 2,447,529 (3,224 ) 13,495,028
Additions 20,367 761,801 - 894,918
Disposals (1,201 ) (100,074 ) - (101,275 )
At 30 June 2024 986,948 3,109,256 (3,224 ) 14,288,671
DEPRECIATION
At 1 July 2023 766,273 1,438,170 (1,622 ) 3,185,003
Charge for year 93,023 571,379 - 745,866
Eliminated on disposal - (100,074 ) - (100,074 )
At 30 June 2024 859,296 1,909,475 (1,622 ) 3,830,795
NET BOOK VALUE
At 30 June 2024 127,652 1,199,781 (1,602 ) 10,457,876
At 30 June 2023 201,509 1,009,359 (1,602 ) 10,310,025

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 49,858 2,033,625 2,083,483
Additions - 525,320 525,320
Disposals - (57,834 ) (57,834 )
Transfer to ownership - (1,021,988 ) (1,021,988 )
At 30 June 2024 49,858 1,479,123 1,528,981
DEPRECIATION
At 1 July 2023 42,923 953,189 996,112
Charge for year 6,402 543,928 550,330
Eliminated on disposal - (57,834 ) (57,834 )
Transfer to ownership - (1,018,353 ) (1,018,353 )
At 30 June 2024 49,325 420,930 470,255
NET BOOK VALUE
At 30 June 2024 533 1,058,193 1,058,726
At 30 June 2023 6,935 1,080,436 1,087,371

10. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1 July 2023 319,656 1,325 320,981
Share of profit/(loss) 2,400 - 2,400
At 30 June 2024 322,056 1,325 323,381
NET BOOK VALUE
At 30 June 2024 322,056 1,325 323,381
At 30 June 2023 319,656 1,325 320,981

Interest in associate

The group's aggregate share of associates at the year end is as follows:

30.6.24 30.6.23
£    £   
Share of assets
Fixed assets 4,150 6,067
Current assets 407,080 476,854

Share of liabilities
Share of liabilities due within one year (88,817 ) (161,483 )
Share of liabilities due after one year or more (357 ) (1,782 )


Share of net assets 322,056 319,656

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 310
NET BOOK VALUE
At 30 June 2024 310
At 30 June 2023 310

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Skyline Roofing Centres Limited
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA
Nature of business: Roofing merchants
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 10,356,873 9,813,670
Profit for the year 543,403 1,690,539

Skyline Roofing Centres Management Company Limited
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA
Nature of business: Franchise management
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1,553,207 1,448,572
Profit for the year 104,735 144,492

Skyline Solar Limited
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA
Nature of business: Sale and installation of solar panels
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (164,137 ) (163,683 )
Loss for the year (444 ) (318 )

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

Associated company

Skyline Roofing Centres (Bedford) Limited
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA
Nature of business: Roofing merchants
%
Class of shares: holding
Ordinary 20.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1,610,181 1,598,280
Profit for the year 12,001 133,225


11. INVESTMENT PROPERTY

The investment property held by the parent company, Skyline Roofing Group Limited, is rented out to one of it's subsidiaries, Skyline Roofing Centres Limited. As a result, on consolidation the investment property has been reclassified an owner-occupied freehold property.

Company
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 8,891,653
NET BOOK VALUE
At 30 June 2024 8,891,653
At 30 June 2023 8,891,653

12. STOCKS

Group
30.6.24 30.6.23
£    £   
Stocks 4,811,440 5,477,660

Stocks are measured at the lower of cost and net realisable value, after making allowances for obsolete and slow moving items. The cost formula used is the first in, first out (FIFO) method.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 2,447,716 3,447,716 - -
Amounts owed by group undertakings 3,000 - 3,000 -
Other debtors 1,544,235 254,340 2,070 -
Prepayments 158,406 128,783 18,000 22,500
4,153,357 3,830,839 23,070 22,500

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans and overdrafts (see note 16)
390,932

853,200

390,932

353,200
Hire purchase contracts (see note 17)
279,364

270,912

-

-
Trade creditors 2,346,308 2,638,474 15 17
Amounts owed to group undertakings 3,000 - 4,771,732 4,740,110
Tax 247,350 592,512 73,399 56,403
Social security and other taxes 88,984 87,922 - -
VAT 579,641 610,643 2,635 17,145
Other creditors 782,436 1,415,187 - -
Accrued expenses 749,388 242,836 1,250 1,250
5,467,403 6,711,686 5,239,963 5,168,125

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans (see note 16) 2,957,528 3,280,952 2,957,528 3,280,952
Hire purchase contracts (see note 17)
676,344

402,289

-

-
3,633,872 3,683,241 2,957,528 3,280,952

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 390,932 853,200 390,932 353,200
Amounts falling due between one and two years:
Bank loans - 1-2 years 896,219 369,836 896,219 369,836
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,061,309 2,911,116 2,061,309 2,911,116

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
£    £   
Gross obligations repayable:
Within one year 332,126 293,193
Between one and five years 747,251 428,778
1,079,377 721,971

Finance charges repayable:
Within one year 52,762 22,281
Between one and five years 70,907 26,489
123,669 48,770

Net obligations repayable:
Within one year 279,364 270,912
Between one and five years 676,344 402,289
955,708 673,201

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 184,900 184,900
Between one and five years 603,100 603,100
In more than five years 347,050 531,950
1,135,050 1,319,950

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans 3,348,460 4,134,152 3,348,460 3,634,152
Hire purchase contracts 955,708 673,201 - -
4,304,168 4,807,353 3,348,460 3,634,152

The bank and invoice discount facility are secured by a fixed and floating charge over the assets of the group, dated 12 June 2000.

A first legal mortgage is held by HSBC Bank Plc over the freehold property known as Units A and B, Waterside Trade Centre, Trumpers Way, Hanwell, London W7 2QD.

A second legal charge is held by EPC Holdings Ltd over the freehold property known as Units A and B, Waterside Trade Centre, Trumpers Way, Hanwell, London W7 2QD. This second legal charge has been unconditionally guaranteed by the director, SJ Revell.

A third legal charge is held by HSBC Bank Plc over the freehold property known as 29-31 Stonecot Hill, Sutton, Surrey SM3 9HH.

A fourth legal charge is held by HSBC Bank Plc over the freehold property known as Martins Yard, 198 Drakefell Road, London, SE4 2DS.

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

19. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£    £   
Deferred tax 348,527 299,986

Group
Deferred
tax
£   
Balance at 1 July 2023 299,986
Provided during year 48,541
Balance at 30 June 2024 348,527

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
410 Ordinary £1 410 410

21. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 11,989,930
Profit for the year 870,289
At 30 June 2024 12,860,219

Company
Retained
earnings
£   

At 1 July 2023 570,921
Profit for the year 220,196
At 30 June 2024 791,117


22. OTHER FINANCIAL COMMITMENTS

There is a Composite Company Limited Multilateral Guarantee dated 08 March 2013 given by Skyline Roofing Centres Limited, Skyline Roofing Centres Management Company Limited, Skyline Solar Limited and Skyline Roofing Group Limited.

The General Letter of Pledge is dated 08 May 2012.

Skyline Roofing Group Limited (Registered number: 05334548)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

23. RELATED PARTY DISCLOSURES

Mr S J Revell is also a Director of Skyline Roofing Centres (LB) Limited, Skyline Roofing Centres (Bedford) Limited and Skyline Roofing Holdings Limited. The Directors Mr S J Revell, Mr R J Revell and Mr W R Revell are proprietors of Skyline Roofing Centre partnership.

At the end of the year, Skyline Roofing Group Limited had related debtors and creditors as follows:

Company Debtor Creditor
£ £

Skyline Roofing Centre 2,226,832 755,344
Skyline Roofing Centres (LB) Limited 56,558 9,469
Skyline Roofing Centres (Bedford) Limited 60,280 10,855
Skyline Roofing Holdings Limited 593 98,200

During the year Skyline Roofing Centres Limited made the following related party sales and purchases:

2024 2023
£ £
Sales
Skyline Roofing Centre 4,685,031 4,753,322
Skyline Roofing Centres (LB) Limited 152,422 199,672
Skyline Roofing Centres (Bedford) Limited 154,819 147,450

Purchases
Skyline Roofing Centre 339,253 357,380
Skyline Roofing Centres (LB) Limited 68,170 -
Skyline Roofing Centres (Bedford) Limited 15,092 6,860


In addition, rent of £90,000 (2023: £90,000) was paid to Skyline Roofing Holdings Limited.

24. ULTIMATE CONTROLLING PARTY

Mr S J Revell controls the group by virtue of his ownership of 100% of the voting share capital of the parent company, Skyline Roofing Group Limited.