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Registration number: 09829565

Roe Timber Frame Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Roe Timber Frame Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 39

 

Roe Timber Frame Holdings Limited

Company Information

Directors

D Roe

I M Brownlee

J G Roe

W P Roe

B G Skilton

Registered office

Enterprise Road
Westwood Industrial Estate
MARGATE
Kent
CT9 4JA

Bankers

Lloyds Bank Plc
1 The Centre
Cecil Square
Margate
Kent
CT9 1JG

Auditors

McBrides Accountants LLP Nexus House
Cray Road
Sidcup
Kent
DA14 5DA

 

Roe Timber Frame Holdings Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of Roe Timber Frame Holdings is that of a holding company and a landlord.

The principal activity of the subsidiary, Roe Timber Frame Limited, is that of the design, manufacture and installation of timber products for the construction industry.

Fair review of the business

The directors consider the group has performed satisfactorily, given the ongoing general challenging market conditions within the sector – reporting a profit after tax of £844,953 (2023: £495,752).

The directors changed strategy to focus on high margin projects, resulting in improved margin levels despite the lower turnover levels from FY 2023.

These changes have allowed the business to focus on core activities and the directors remain confident in the strategic direction of the group. The financial results for 2025 are expected to reflect a continued improvement in performance.

Key performance indicators

The directors continued to employ an established KPI system throughout the year to drive performance. Key measures include:-

Turnover
Turnover in the year decreased by 21.6% from £21,113,808 to £16,547,527.

Gross profit
The group’s gross profit as a percentage of turnover has improved from 20.6% to 23.8%

Cash generated from operations
This increased during the period from a cash inflow of £1,805,247 to an inflow of £1,846,452. Year end cash increased from £365,886 to £970,621.

 

Roe Timber Frame Holdings Limited

Strategic Report for the Year Ended 30 April 2024

Principal risks and uncertainties

The uninterrupted supply of raw materials remains a key business risk and this continues to be effectively managed through careful selection and building close relationships with key suppliers.

Fluctuations in the price of timber/other raw material also continues to be a key risk for the business. This again will continue to be monitored closely.

The directors remain confident that the group is well placed to address the risks and uncertainties that they face and have expectations of enhanced trading performance during 2025 and beyond.

Approved by the Board on 31 January 2025 and signed on its behalf by:


D Roe
Director

 

Roe Timber Frame Holdings Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the for the year ended 30 April 2024.

Directors of the group

The directors who held office during the year were as follows:

D Roe

I M Brownlee

J G Roe

W P Roe

B G Skilton

Financial instruments

Objectives and policies

The group's principal financial instruments include bank loans and hire purchase arrangements, the main purpose of which is to raise finance for its operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.

Investments of cash surpluses and borrowings are made through banks and institutions which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures and trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Price risk, credit risk, liquidity risk and cash flow risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business.

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans.

Future developments

The group has capacity to expand its operations and is well positioned to take advantage of ongoing competitor withdrawals and any market improvement in its associated industry sectors.

Research and development

The company is structured to meet the individual specific requirements of each of its projects - including developing creative and innovative solutions.

 

Roe Timber Frame Holdings Limited

Directors' Report for the Year Ended 30 April 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 31 January 2025 and signed on its behalf by:


D Roe
Director

 

Roe Timber Frame Holdings 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 group and the company 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 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Roe Timber Frame Holdings Limited

Independent Auditor's Report to the Members of Roe Timber Frame Holdings Limited

Opinion

We have audited the financial statements of Roe Timber Frame Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the company's affairs as at 30 April 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 Auditor’s 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 entity'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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Roe Timber Frame Holdings Limited

Independent Auditor's Report to the Members of Roe Timber Frame Holdings Limited

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 6), 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 is 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.

Auditor’s 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 an auditor’s report 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.

 

Roe Timber Frame Holdings Limited

Independent Auditor's Report to the Members of Roe Timber Frame Holdings Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed.

Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 auditor's report.

 

Roe Timber Frame Holdings Limited

Independent Auditor's Report to the Members of Roe Timber Frame Holdings Limited


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 an auditor’s report 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.



Andrew Warren (Senior Statutory Auditor)
For and on behalf of McBrides Accountants LLP, Statutory Auditor

Nexus House
Cray Road
Sidcup
Kent
DA14 5DA

31 January 2025

 

Roe Timber Frame Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

16,547,527

21,113,808

Cost of sales

 

(12,596,591)

(16,769,476)

Gross profit

 

3,950,936

4,344,332

Administrative expenses

 

(2,915,267)

(3,345,911)

Other operating income

4

317,250

168,400

Operating profit

5

1,352,919

1,166,821

Other interest receivable and similar income

12,467

-

Interest payable and similar expenses

6

(599,868)

(504,348)

   

(587,401)

(504,348)

Profit before tax

 

765,518

662,473

Tax on profit

10

79,435

(166,721)

Profit for the financial year

 

844,953

495,752

No Statement of Comprehensive Income has been presented as there is no movement through other comprehensive income for the year.

 

Roe Timber Frame Holdings Limited

(Registration number: 09829565)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

6,733,064

7,001,365

Investment property

12

1,881,404

1,881,404

 

8,614,468

8,882,769

Current assets

 

Stocks

14

400,528

1,116,566

Debtors

15

4,345,658

4,976,933

Cash at bank and in hand

 

970,621

365,886

 

5,716,807

6,459,385

Creditors: Amounts falling due within one year

17

(5,758,929)

(6,869,852)

Net current liabilities

 

(42,122)

(410,467)

Total assets less current liabilities

 

8,572,346

8,472,302

Creditors: Amounts falling due after more than one year

17

(4,811,938)

(5,494,250)

Provisions for liabilities

20

(331,523)

(394,120)

Net assets

 

3,428,885

2,583,932

Capital and reserves

 

Called up share capital

22

1,000

1,000

Share premium reserve

46,110

46,110

Profit and loss account

3,381,775

2,536,822

Total equity

 

3,428,885

2,583,932

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 



D Roe
Director

 

Roe Timber Frame Holdings Limited

(Registration number: 09829565)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

5,785,243

5,801,243

Investment property

12

1,881,404

1,881,404

Investments

13

1,000

1,000

 

7,667,647

7,683,647

Current assets

 

Stocks

14

-

679,087

Debtors

15

188,455

48,950

Cash at bank and in hand

 

469,417

52,402

 

657,872

780,439

Creditors: Amounts falling due within one year

17

(3,176,644)

(3,554,816)

Net current liabilities

 

(2,518,772)

(2,774,377)

Total assets less current liabilities

 

5,148,875

4,909,270

Creditors: Amounts falling due after more than one year

17

(4,329,546)

(4,642,640)

Provisions for liabilities

20

(69,667)

(73,667)

Net assets

 

749,662

192,963

Capital and reserves

 

Called up share capital

22

1,000

1,000

Share premium reserve

46,110

46,110

Retained earnings

702,552

145,853

Shareholders' funds

 

749,662

192,963

The company made a profit after tax for the financial year of £556,699 (2023 - profit of £231,755).

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 



D Roe
Director

 

Roe Timber Frame Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
 

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 May 2023

1,000

46,110

2,536,822

2,583,932

Profit for the year

-

-

844,953

844,953

Total comprehensive income

-

-

844,953

844,953

At 30 April 2024

1,000

46,110

3,381,775

3,428,885

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

1,000

46,110

2,374,403

2,421,513

Profit for the year

-

-

495,752

495,752

Total comprehensive income

-

-

495,752

495,752

Dividends

-

-

(333,333)

(333,333)

At 30 April 2023

1,000

46,110

2,536,822

2,583,932


 

 

Roe Timber Frame Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 May 2023

1,000

46,110

145,853

192,963

Profit for the year

-

-

556,699

556,699

Total comprehensive income

-

-

556,699

556,699

At 30 April 2024

1,000

46,110

702,552

749,662

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

1,000

46,110

247,431

294,541

Profit for the year

-

-

231,755

231,755

Total comprehensive income

-

-

231,755

231,755

Dividends

-

-

(333,333)

(333,333)

At 30 April 2023

1,000

46,110

145,853

192,963


 

 

Roe Timber Frame Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

844,953

495,752

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

274,974

378,678

(Profit)/loss on disposal of tangible assets

(10,572)

13,731

Finance income

(12,467)

-

Finance costs

6

599,868

504,348

Corporation tax

10

(79,435)

166,721

 

1,617,321

1,559,230

Working capital adjustments

 

Decrease in stocks

14

716,038

573,977

Decrease in trade debtors

15

631,275

2,178,999

Decrease in trade creditors

17

(1,118,182)

(2,483,151)

Decrease in provisions

20

-

(23,808)

Cash generated from operations

 

1,846,452

1,805,247

Corporation tax paid

10

(5,816)

(15,271)

Net cash flow from operating activities

 

1,840,636

1,789,976

Cash flows from investing activities

 

Interest received

12,467

-

Acquisitions of tangible assets

(38,000)

(81,085)

Proceeds from sale of tangible assets

 

41,899

315,268

Net cash flows from investing activities

 

16,366

234,183

Cash flows from financing activities

 

Interest paid

6

(599,868)

(504,348)

Proceeds from bank borrowing draw downs

 

(427,310)

(478,720)

Payments to finance lease creditors

 

(225,089)

(505,865)

Dividends paid

-

(333,333)

Net cash flows from financing activities

 

(1,252,267)

(1,822,266)

Net increase in cash and cash equivalents

 

604,735

201,893

Cash and cash equivalents at 1 May

 

365,886

163,993

Cash and cash equivalents at 30 April

 

970,621

365,886

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The principal activity of the individual company and group is disclosed in the Strategic Report.

The address of its registered office and principal place of business is:
Enterprise Road
Westwood Industrial Estate
MARGATE
Kent
CT9 4JA

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland', 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.

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 consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group'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, the valuation of stock and 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.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group 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 group's activities.

Amounts recoverable on contracts

Long-term and short-term contracts have been included in the group'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 recognising revenue in a manner appropriate to the stage of completion of the contract.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

Tax

The tax expense for the period comprises 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 corporation 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 group operates and generates taxable income.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. 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

Motor vehicles

25% Reducing balance

Freehold land & buildings

See below

Office equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Land is not depreciated and nor are freehold buildings on the basis that the estimated lives are so long and the estimated residual values so high that any charge for depreciation would not be considered material.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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 group 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 group determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

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 group will not be able to collect all amounts due according to the original terms of the contract.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks of raw materials are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the last invoice price, based on the fast moving of conversion of stock, essentially on a just in time basis.

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.

Work in progress

The cost of work in progress comprises the acquisition cost of properties earmarked for development and all attributable development costs to date. At each reporting date, work in progress is assessed for impairment. If work in progress is 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.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale and installation of goods

16,547,527

21,113,808

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

16,547,527

21,113,808

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Rental income

315,000

164,000

Miscellaneous other operating income

2,250

4,400

317,250

168,400

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

274,974

378,678

Operating lease expense - plant and machinery

849,583

1,180,117

(Profit)/loss on disposal of property, plant and equipment

(10,572)

13,731

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

473,182

331,733

Interest on obligations under finance leases and hire purchase contracts

32,803

46,228

Interest expense on other finance liabilities

93,883

126,387

599,868

504,348

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,349,704

4,148,203

Social security costs

331,577

414,774

Pension costs, defined contribution scheme

74,000

95,036

3,755,281

4,658,013

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

69

106

Administration and support

28

41

Management

5

5

102

152

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

135,016

143,674

Contributions paid to money purchase schemes

4,050

4,000

139,066

147,674

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

2,250

2,250


 

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

(16,838)

-

Deferred taxation

Arising from origination and reversal of timing differences

(62,597)

166,721

Tax (receipt)/expense in the profit and loss account

(79,435)

166,721

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

765,518

662,473

Corporation tax at standard rate

191,380

165,618

Decrease in UK and foreign current tax from adjustment for prior periods

(16,838)

-

Tax increase from effect of capital allowances and depreciation

67,075

83,250

Tax decrease from other short-term timing differences

(1,431)

-

Effect of expense not deductible in determining taxable profit (tax loss)

3,690

5,280

Effect of tax losses

(260,714)

(331,705)

Deferred tax (credit)/expense

(62,597)

166,721

Tax increase from changes in tax provisions due to legislation

-

77,557

Total tax (credit)/charge

(79,435)

166,721

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

306,623

Unused tax losses

157,142

-

157,142

306,623

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

373,698

Unused tax losses

161,620

-

161,620

373,698

11

Tangible assets

Group

Land and buildings
£

Plant & machinery
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

5,573,466

2,654,263

963,187

145,856

9,336,772

Additions

-

-

38,000

-

38,000

Disposals

-

-

(261,529)

-

(261,529)

At 30 April 2024

5,573,466

2,654,263

739,658

145,856

9,113,243

Depreciation

At 1 May 2023

28,012

1,457,728

747,663

102,004

2,335,407

Charge for the year

13,378

183,939

53,939

23,718

274,974

Eliminated on disposal

-

-

(230,202)

-

(230,202)

At 30 April 2024

41,390

1,641,667

571,400

125,722

2,380,179

Carrying amount

At 30 April 2024

5,532,076

1,012,596

168,258

20,134

6,733,064

At 30 April 2023

5,545,454

1,196,535

215,524

43,852

7,001,365

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

183,981

206,124

Plant and machinery

770,699

897,693

954,680

1,103,817

Company

Land and buildings
£

Plant & machinery
 £

Total
£

Cost or valuation

At 1 May 2023

5,506,576

320,000

5,826,576

At 30 April 2024

5,506,576

320,000

5,826,576

Depreciation

At 1 May 2023

-

25,333

25,333

Charge for the year

-

16,000

16,000

At 30 April 2024

-

41,333

41,333

Carrying amount

At 30 April 2024

5,506,576

278,667

5,785,243

At 30 April 2023

5,506,576

294,667

5,801,243

12

Investment properties

Group

2024
£

Investment properties

1,881,404

At 30 April

1,881,404

Company

2024
£

Investment properties

1,881,404

At 30 April

1,881,404

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,000

At 30 April 2024

1,000

Provision

Carrying amount

At 30 April 2024

1,000

At 30 April 2023

1,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Roe Timber Frame Limited

England

Ordinary

100%

100%

The principal activity of Roe Timber Frame Limited is the manufacture of timber products for the construction industry.

It shares the same registered office as the company.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

400,528

437,479

-

-

Work in progress

-

679,087

-

679,087

400,528

1,116,566

-

679,087

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

15

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

928,054

1,143,417

-

-

Other debtors

648,712

982,359

3,243

3,738

Prepayments and accrued income

298,926

274,527

185,212

45,212

Amounts recoverable on contracts

2,469,966

2,576,630

-

-

 

4,345,658

4,976,933

188,455

48,950

Trade debtors consist of non-current trade debtors balances in respect of sales retentions due after one year of £Nil (2023: £638,307).

Other debtors include £123,302 (2023: £517,132 Cr) due from Aldermore Bank Plc in respect of an invoice discounting arrangement. Security comprises a fixed and floating charge over the property and undertaking of the company.

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

1,796

420

-

-

Cash at bank

968,825

365,466

469,417

52,402

970,621

365,886

469,417

52,402

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

705,733

675,820

270,129

150,004

Trade creditors

 

1,918,402

2,066,738

4,137

38,101

Amounts due to group undertakings

26

-

-

1,209,836

1,635,936

Social security and other taxes

 

75,061

95,757

-

-

Other creditors

 

2,217,500

2,936,403

1,688,217

1,726,450

Accruals

 

855,090

1,085,337

4,325

4,325

Corporation tax

10

(12,857)

9,797

-

-

 

5,758,929

6,869,852

3,176,644

3,554,816

Due after one year

 

Loans and borrowings

18

4,811,938

5,494,250

4,329,546

4,642,640

18

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

4,498,667

5,042,146

4,232,831

4,486,312

Hire purchase contracts

313,271

452,104

96,715

156,328

4,811,938

5,494,250

4,329,546

4,642,640

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

500,552

384,383

210,552

94,383

Hire purchase contracts

205,181

291,437

59,577

55,621

705,733

675,820

270,129

150,004

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Group

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

3,183,616

4,088,831

Company

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

3,183,616

4,088,831

-

-

Bank borrowings

Bank borrowings include a term loan with Lloyds Bank plc and are denominated in Sterling with a nominal interest rate of Base + 2.35%, and the final instalment is due on 31 January 2036. The carrying amount at year end is £997,095 (2023: £1,038,001).

The loan is secured by way of a fixed and floating charge over the assets of the company including a first legal charge over the company's Welsh property included in fixed assets. Lloyds Bank plc also has a right of set off with deposits held in the subsidiary and other connected companies. Repayments are monthly and represent principal and interest.

Bank borrowings also include a CBILS term loan provided by Aldermore Bank Plc. Repayments are by monthly instalments and interest is charged at 5 percentage points above base. The loan is guaranteed by the government with personal guarantees provided by certain of the directors. The carrying amount at the year end is £555,836 (2023: £845,834).

Bank borrowings also comprise a term loan with Yorkshire Building Society and are denominated in Sterling with a nominal interest rate of Base + 3.4%, the final instalment is due in June 2031. The carrying amount at the year end is £3,446,287 (2023: £3,542,694). The loan is secured by a way of a fixed and floating charge over the assets of the company including a first legal charge over the company's Margate property included in fixed assets. Repayments are monthly and represent principal and interest.

Hire purchase liabilities are repayable by monthly instalments under normal commercial terms. The liabilities are secured on the assets concerned.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

19

Obligations under leases and hire purchase contracts

Group

Hire purchase contracts

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

205,181

291,437

Later than one year and not later than five years

313,271

452,104

518,452

743,541

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

77,438

113,072

Later than one year and not later than five years

95,582

256,301

173,020

369,373

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

262,500

175,000

Later than one year and not later than five years

1,400,000

1,312,500

Later than five years

700,000

1,575,000

2,362,500

3,062,500

20

Deferred tax and other provisions

Group

Deferred tax
£

Remedial costs
£

Total
£

At 1 May 2023

212,078

182,042

394,120

Increase (decrease) in existing provisions

(62,597)

-

(62,597)

At 30 April 2024

149,481

182,042

331,523

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Company

Deferred tax
£

Total
£

At 1 May 2023

73,667

73,667

Increase (decrease) in existing provisions

(4,000)

(4,000)

At 30 April 2024

69,667

69,667

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £74,000 (2023 - £95,036).

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £0.01 each

97,000

970

97,000

970

B Ordinary shares of £0.01 each

3,000

30

3,000

30

 

100,000

1,000

100,000

1,000

Rights, preferences and restrictions

A & B Ordinary shares have the following rights, preferences and restrictions:
The holders of A & B Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All A & B Ordinary shares rank equally with regard to the company's residual assets.

23

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £Nil (2023 - £3.33) per ordinary A & B share

 

-

 

333,333

         
 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

24

Contingent liabilities (the company)

Aldermore Bank Plc has taken a fixed and floating charge over the assets and undertaking of the company securing debts in the subsidiary of £123,302 Debit (2023: £517,132) at the year end.

25

Analysis of changes in net debt

Group

At 1 May 2023
£

Financing cash flows
£

At 30 April 2024
£

Borrowings

Long term borrowings

(5,198,474)

699,807

(4,498,667)

Short term borrowings

(440,004)

(60,548)

(500,552)

Lease liabilities

(531,592)

13,140

(518,452)

Cash

365,886

604,735

970,621

(5,804,184)

1,257,134

(4,547,050)

 

(5,804,184)

1,257,134

(4,547,050)

26

Related party transactions

Group

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

B G Skilton

31,430

46,491

(8,168)

69,753

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

D Roe

15,720

7,500

(23,220)

-

J G Roe

28,354

7,500

(35,854)

-

W P Roe

51,941

7,500

(59,441)

-

B G Skilton

1,209

65,460

(35,239)

31,430

The directors loans are unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

73,855

Leases

2,750

Amounts receivable from related party

95,142

2023

Other related parties
£

Sale of goods

8,883

Leases

3,000

11,883

Amounts receivable from related party

120,752

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

300

Rendering of services

430,451

430,751

Amounts payable to related party

48,281

2023

Other related parties
£

Purchase of goods

65,035

Rendering of services

259,031

324,066

Amounts payable to related party

128,479

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,301,731

1,301,731

Advanced

779,436

779,436

Repaid

(214,307)

(214,307)

At end of period

1,866,860

1,866,860

2023

Other related parties
£

Total
£

At start of period

1,874,768

1,874,768

Advanced

55,562

55,562

Repaid

(628,599)

(628,599)

At end of period

1,301,731

1,301,731


The loans to other related parties are unsecured, interest free and repayable on demand.

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Company

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

2,750

2023

Other related parties
£

Sale of goods

3,000

Amounts receivable from related party

1,800

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

3,814

2023

Other related parties
£

Amounts payable to related party

23,814

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

(1,716,450)

(1,716,450)

Advanced

(7,591)

(7,591)

Repaid

35,824

35,824

At end of period

(1,688,217)

(1,688,217)

2023

Other related parties
£

Total
£

At start of period

(1,654,389)

(1,654,389)

Advanced

(82,845)

(82,845)

Repaid

20,784

20,784

At end of period

(1,716,450)

(1,716,450)

 

Roe Timber Frame Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

27

Control

In the opinion of the directors, there was no ultimate controlling party throughout the current and previous period.