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Registration number: 12788523

W.A.G. Roofing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Company Information

Chairman

Mr Wayne Alan Gargett

Director

Mrs Claire Elizabeth Gargett

Registered office

1 Meadow View
Torr
Brixton
PLYMOUTH
Devon
PL8 2BB

Bankers

Barclays Bank plc
Plymouth 2
140-146 Armada Way
PLYMOUTH
Devon
PL1 1LA

Accountants

Abacus Business Management Limited 21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
W.A.G. Roofing Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of W.A.G. Roofing Ltd for the year ended 31 August 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of W.A.G. Roofing Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of W.A.G. Roofing Ltd and state those matters that we have agreed to state to the Board of Directors of W.A.G. Roofing Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W.A.G. Roofing Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that W.A.G. Roofing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of W.A.G. Roofing Ltd. You consider that W.A.G. Roofing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of W.A.G. Roofing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

21 January 2025

 

(Registration number: 12788523)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

66,355

58,943

Current assets

 

Stocks

6

21,975

125,705

Debtors

7

61,097

96,250

Cash at bank and in hand

 

10,981

48,647

 

94,053

270,602

Creditors: Amounts falling due within one year

8

(82,435)

(162,530)

Net current assets

 

11,618

108,072

Total assets less current liabilities

 

77,973

167,015

Creditors: Amounts falling due after more than one year

8

(504)

-

Net assets

 

77,469

167,015

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

77,467

167,013

Shareholders' funds

 

77,469

167,015

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 January 2025
 

.........................................
Mrs Claire Elizabeth Gargett
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Meadow View
Torr
Brixton
PLYMOUTH
Devon
PL8 2BB
United Kingdom

These financial statements were authorised for issue by the director on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The Department for Education has provided a small amount of funding as part of the training of apprentices schemes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

18% on written down value

Plant and machinery

18% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

33.33% on straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Since the company's Workplace Pension automatic enrolment staging date on 3rd April 2021 the company has operated a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 8).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

105,000

105,000

At 31 August 2024

105,000

105,000

Amortisation

At 1 September 2023

105,000

105,000

At 31 August 2024

105,000

105,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

67,127

17,744

84,871

Additions

24,250

4,445

28,695

Disposals

(9,989)

-

(9,989)

At 31 August 2024

81,388

22,189

103,577

Depreciation

At 1 September 2023

19,915

6,013

25,928

Charge for the year

11,655

2,912

14,567

Eliminated on disposal

(3,273)

-

(3,273)

At 31 August 2024

28,297

8,925

37,222

Carrying amount

At 31 August 2024

53,091

13,264

66,355

At 31 August 2023

47,212

11,731

58,943

6

Stocks

2024
£

2023
£

Work in progress

21,475

125,205

Other inventories

500

500

21,975

125,705

 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

34,180

12,319

Prepayments

10,309

13,674

Other debtors

16,608

70,257

 

61,097

96,250

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

431

-

Trade creditors

 

3,662

4,931

Amounts due to related parties

 

13,156

18,609

Taxation and social security

 

59,786

110,782

Accruals and deferred income

 

852

937

Other creditors

 

4,548

27,271

 

82,435

162,530

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

504

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary GBP1 of £1 each

2

2

2

2

       
 

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

504

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

431

-

11

Dividends

2024

2023

£

£

Final dividend of £25,000.00 (2023 - £25,000.00) per ordinary share

50,000

50,000

Interim dividend of £116,000.00 (2023 - £58,000.00) per ordinary share

232,000

116,000

282,000

166,000

 

 

The director is recommending a final dividend of £25,000.00 (2023 - £25,000.00) per share totalling £25,000.00 (2023 - £50,000.00). This dividend has not been accrued in the balance sheet.

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,665

23,880

Contributions paid to money purchase schemes

396

342

26,061

24,222