Registration number:
Roe Brickwork Limited
for the Year Ended 30 April 2024
Roe Brickwork Limited
Contents
Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Roe Brickwork Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Roe Brickwork Limited
(Registration number: 05570335)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
D Roe
Director
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office and principal place of business is:
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.
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.
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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets, valuing amounts recoverable on contracts and the recoverability of trade debtors. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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 and after eliminating sales within the company.
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.
The right to consideration occurs as each contract begins. Contract values are agreed by third party consultants on a periodic basis.
Tax
The tax expense for the period comprises of current and deferred 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 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Plant and machinery |
15% Reducing balance |
Office equipment |
33% Straight line |
Motor vehicles |
25% Reducing balance |
Freehold property
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
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 and other debtors
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 contract.
Amounts recoverable on contracts
Long-term and short-term contracts have been included in the company's balance sheet at the amount by which recorded turnover is in excess of payments on account and retentions, and classified as "amounts recoverable on contracts", and disclosed separately within debtors. At the balance sheet date, each individual contract was assessed and reflected in the profit and loss account by recording turnover in a manner appropriate to the stage of completion of the contract.
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Trade and other creditors
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Audit report
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Exceptional expense |
In the prior year the company received VAT Assessment notices from HM Revenue & Customs. Discussions are ongoing in this respect, however the company provided for an additional £Nil (2023: £1,947,314) of VAT and interest within cost of sales.
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
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Profit/(loss) before tax |
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( |
Corporation tax at standard rate |
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( |
Effect of expenses not deductible in determining taxable profit (tax loss) |
- |
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Deferred tax expense (credit) |
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( |
Tax increase (decrease) from effect of capital allowances and depreciation |
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( |
Tax increase (decrease) from other short-term timing differences |
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Tax increase (decrease) from effect of unrelieved tax losses carried forward |
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Tax increase (decrease) from changes in tax provisions due to legislation |
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Tax decrease from utilisation of tax losses |
(214,550) |
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Total tax charge/(credit) |
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( |
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Freehold land and buildings |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
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Eliminated on disposal |
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- |
( |
- |
( |
At 30 April 2024 |
- |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Included within the net book value of land and buildings above is £409,570 (2023 - £Nil) in respect of freehold land and buildings.
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts recoverable on contracts |
2,326,623 |
2,507,928 |
Amounts due from group undertakings |
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Prepayments |
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Other debtors |
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Less Non Current Portion |
(402,732) |
(263,128) |
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Details of non-current trade and other debtors
£402,732 (2023 -£263,128) of sales retentions included in trade debtors are classified as non current.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Other taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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- |
Hire purchase contracts |
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Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Bank borrowings include a term loan with Lloyds Bank and are denominated in Sterling with a nominal interest rate of 4.85% over Base, the final instalment is due on 9th August 2038. The loan is secured over the land and buildings at Unit 9 & 10 Watsons Yard, Manston.
Other borrowings comprise of amounts due in respect of an invoice and trade finance arrangement with Aldermore Bank and are secured on the debts concerned and a fixed and floating charge over the company's assets.
Hire purchase liabilities are secured on the assets concerned.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,100 |
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1,100 |
Contingent liabilities |
Lloyds Bank have a right of set off over the company's bank balances to secure liabilities of the parent company.
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
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Directors' loan accounts |
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( |
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2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
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Directors' loan accounts |
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( |
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Loans granted to directors are unsecured, interest free and repayable on demand.
Roe Brickwork Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Summary of transactions with other related parties
At the balance sheet date, the company was owed £89,292 (2023: £82,245) by Roe Timber Frame Holdings Limited, a company under common control.
During the year the company made purchases of £18,212 (2023: £Nil) from Roe Timber Frame Limited. At the balance sheet date, the company was owed £Nil (2023: £32,975) by Roe Timber Frame Limited, a company under common control.
During the year the company made sales of £Nil (2023: £115,698) to and made purchases of £1,450 (2023: £Nil) from Rexdon Limited, a company under common control. At the balance sheet date, the company was owed £314,899 (2023: £549,656) by Rexdon Limited.
During the year the company made purchases of £1,172 (2023: £22,604) from Roe Stairs Limited, a company under common control. At the balance sheet date, the company owed £56 (2023: £51) to Roe Stairs Limited.
Loans to and from other related parties are interest free, unsecured and repayable on demand.
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is Roe Limited, incorporated in England.
The address of Roe Limited is:
Enterprise Road
Westwood Industrial Estate
Margate
Kent
CT9 4JA