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Registered number: 07915629
Itech Roofworks Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07915629
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,674 47,926
78,674 47,926
CURRENT ASSETS
Stocks 5 78,470 186,673
Debtors 6 236,881 365,139
Cash at bank and in hand 639,011 111,654
954,362 663,466
Creditors: Amounts Falling Due Within One Year 7 (587,673 ) (448,675 )
NET CURRENT ASSETS (LIABILITIES) 366,689 214,791
TOTAL ASSETS LESS CURRENT LIABILITIES 445,363 262,717
Creditors: Amounts Falling Due After More Than One Year 8 (35,686 ) (57,537 )
NET ASSETS 409,677 205,180
CAPITAL AND RESERVES
Called up share capital 9 104 102
Income Statement 409,573 205,078
SHAREHOLDERS' FUNDS 409,677 205,180
Page 1
Page 2
For the year ending 31 March 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
Ms Lisa Luckham
Director
20/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Itech Roofworks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07915629 . The registered office is Unit 2 Chipperfield Business Park, Tower Hill, Chipperfield, Hertfordshire, WD4 9LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Plant & Machinery 25% RBM
Motor Vehicles 25% RBM
Computer Equipment 33% SLM
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 1,324 150,131 51,558 203,013
Additions - 51,140 4,545 55,685
As at 31 March 2024 1,324 201,271 56,103 258,698
Depreciation
As at 1 April 2023 640 108,267 46,180 155,087
Provided during the period 171 23,251 1,515 24,937
As at 31 March 2024 811 131,518 47,695 180,024
...CONTINUED
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Page 4
Net Book Value
As at 31 March 2024 513 69,753 8,408 78,674
As at 1 April 2023 684 41,864 5,378 47,926
5. Stocks
2024 2023
£ £
Work in progress 78,470 186,673
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 136,251 318,980
Prepayments and accrued income 35,178 35,178
Deferred tax current asset 3,336 -
VAT 62,116 10,981
236,881 365,139
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 468,249 228,642
Corporation tax 23,502 (3,336 )
Other taxes and social security 35,686 26,841
Net wages 4,358 3,857
Other creditors 22,782 10,641
CIS Liability (192 ) -
Pensions 2,656 2,334
Accruals and deferred income 14,149 14,149
Directors' loan accounts 16,483 165,547
587,673 448,675
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 35,686 21,120
Bank Loan - 2-5 years - 36,417
35,686 57,537
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 104 102
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Page 5
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Ms Lisa Luckham (54,391 ) - - - -
Mr Tony Reynolds (51,645 ) - - - -
Miss Hayley Reynolds (54,391 ) - - - -
Page 5