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Registered number: 11289428
Suffolk Felt Roofing Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11289428
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,929 6,427
5,929 6,427
CURRENT ASSETS
Stocks 5 7,250 7,250
Debtors 6 21,722 15,787
Cash at bank and in hand 19,817 34,132
48,789 57,169
Creditors: Amounts Falling Due Within One Year 7 (22,330 ) (21,663 )
NET CURRENT ASSETS (LIABILITIES) 26,459 35,506
TOTAL ASSETS LESS CURRENT LIABILITIES 32,388 41,933
NET ASSETS 32,388 41,933
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 32,386 41,931
SHAREHOLDERS' FUNDS 32,388 41,933
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Jamie Pickering
Director
24th January 2025
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
Suffolk Felt Roofing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11289428 . The registered office is 1 London Road, Ipswich, IP1 2HA.
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.
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 15% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 15% on cost
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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 23 11,129 917 12,069
Additions - - 950 950
As at 30 April 2024 23 11,129 1,867 13,019
Depreciation
As at 1 May 2023 16 5,329 297 5,642
Provided during the period 3 1,200 245 1,448
As at 30 April 2024 19 6,529 542 7,090
Net Book Value
As at 30 April 2024 4 4,600 1,325 5,929
As at 1 May 2023 7 5,800 620 6,427
5. Stocks
2024 2023
£ £
Materials 6,000 6,000
Work in progress 1,250 1,250
7,250 7,250
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,240 8,136
Other debtors 7,482 7,541
VAT - 110
21,722 15,787
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,112 10,392
Corporation tax 8,513 10,271
VAT 1,101 -
Accruals and deferred income 950 850
Director's loan account 654 150
22,330 21,663
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5