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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
4 Riverview |
Walnut Tree Close |
Guildford |
Surrey |
GU1 4UX |
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 |
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 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
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 |
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 |
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 |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
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 |
Registered office: Unit 73, Waterside Trading Centre, Trumpers Way, Hanwell, London W7 2QA |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 | - |
Other debtors | 1,544,235 | 254,340 |
Prepayments | 158,406 | 128,783 |
4,153,357 | 3,830,839 |
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 |
Hire purchase contracts (see note 17) | 279,364 |
270,912 |
Trade creditors | 2,346,308 | 2,638,474 |
Amounts owed to group undertakings | 3,000 | - |
Tax | 247,350 | 592,512 |
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 |
5,467,403 | 6,711,686 |
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 |
Hire purchase contracts (see note 17) | 676,344 |
402,289 |
3,633,872 | 3,683,241 |
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 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 896,219 | 369,836 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 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 |
Hire purchase contracts | 955,708 | 673,201 | - | - |
4,304,168 | 4,807,353 |
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: | £ | £ |
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 |
Profit for the year |
At 30 June 2024 |
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. |