Registration number:
Roe Limited
for the Year Ended 30 April 2024
Roe Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Roe Limited
Company Information
Directors |
L Chilcott W P Roe M N Roe D Roe T Roe J G Roe I M Brownlee |
Company secretary |
J G Roe |
Registered office |
|
Auditors |
|
Roe 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 activities of the company in the year under review were those of a parent company providing management support to its subsidiary.
The principal activity of the subsidiary, Roe Brickwork Limited, is that of brickwork installations.
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 £582,547 (2023: loss of £884,739)
Management continue to focus on core activities and the directors remain confident in the strategic direction of the group. Management continues to target training and apprenticeships to ensure that the current and future workforce have the correct qualifications and competencies.
The financial results for 2025 are expected to reflect a continued improvement in performance and the group's order book remains strong.
The directors continued to employ an established KPI system throughout the year to drive performance. Key measures include:-
Turnover
Turnover in the year increased by 9% from £11,469,477 to £12,482,039.
Gross profit
The group's gross profit as a percentage of turnover has significantly improved from 4.1% to 20.8%, this was as a result of exceptional expenses included in prior year cost of sales.
Cash generated from operations
This decreased from a cash inflow of £1,947,275 to an inflow of £409,678. Year end cash increased from £697,581 to £752,658.
Roe Limited
Strategic Report for the Year Ended 30 April 2024
Principal risks and uncertainties
Risk management is addressed through policies and procedures reviewed periodically by the board.
Forecasting is carried out to ensure cash flow and workload are controlled to mitigate any potential effects of labour and material cost increases.
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 and authorised by the
......................................... |
Roe 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:
Financial instruments
Objectives and policies
The company's principal financial instruments include bank overdrafts and loans, the main purpose of which is to raise finance for its operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
Price risk, credit risk, liquidity risk and cash flow risk
The company 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 company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans.
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.
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.
Roe 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 company'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 and authorised by the
......................................... |
Roe 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 Limited
Independent Auditor's Report to the Members of Roe Limited
Opinion
We have audited the financial statements of Roe 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 Statement of Comprehensive Income, 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).
Opinion on the financial statements
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.
Roe Limited
Independent Auditor's Report to the Members of Roe Limited
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.
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.
Roe Limited
Independent Auditor's Report to the Members of Roe Limited
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.
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 Limited
Independent Auditor's Report to the Members of Roe 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.
......................................
For and on behalf of
2 Cray Road
Sidcup
Kent
DA14 5DA
Roe Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar expenses |
( |
( |
|
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The group has no recognised gains or losses for the year other than the results above.
Roe Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Profit/(loss) for the year |
|
( |
Total profit for the year |
|
( |
Profit for the year attributable to: |
||
Owners of the company |
|
( |
Minority interests |
|
( |
|
( |
Roe Limited
(Registration number: 03695845)
Consolidated Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
500 |
500 |
|
Share premium reserve |
15,687 |
15,687 |
|
Retained earnings |
2,983,723 |
2,507,083 |
|
Equity attributable to owners of the company |
2,999,910 |
2,523,270 |
|
Minority interests |
666,537 |
560,630 |
|
Shareholders' funds |
3,666,447 |
3,083,900 |
Approved and authorised by the
.........................................
Director
Roe Limited
(Registration number: 03695845)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
300 |
300 |
|
Retained earnings |
2,714,720 |
2,736,512 |
|
Shareholders' funds |
2,715,020 |
2,736,812 |
The company made a loss after tax for the financial year of £21,792 (2023 - profit of £953,508).
Approved and authorised by the
.........................................
Director
Roe Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Share premium |
Retained earnings |
Total |
Non-controlling interests - Equity |
|
At 1 May 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 30 April 2024 |
|
|
|
|
|
Total equity |
|
At 1 May 2023 |
|
Profit for the year |
|
At 30 April 2024 |
|
Share capital |
Share premium |
Retained earnings |
Total |
Non-controlling interests - Equity |
|
At 1 May 2022 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
Dividends |
- |
- |
( |
( |
( |
At 30 April 2023 |
500 |
15,687 |
2,507,083 |
2,523,270 |
560,630 |
Total equity |
|
At 1 May 2022 |
|
Loss for the year |
( |
Dividends |
( |
At 30 April 2023 |
3,083,900 |
Roe Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2023 |
300 |
2,736,512 |
2,736,812 |
Roe Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit/(loss) for the year |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Finance costs |
|
|
|
Corporation tax |
|
( |
|
|
( |
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Proceeds from other borrowings |
|
- |
|
Payments to finance lease creditors |
( |
|
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 May |
|
|
|
Cash and cash equivalents at 30 April |
752,658 |
697,581 |
Roe 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 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:
These financial statements were authorised for issue by the
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 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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
Roe Limited
Notes to the Financial Statements for the Year Ended 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.
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.
Going concern
After reviewing the company'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 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 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 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 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.
Tax
The tax expense for the period comprises current and deferred corporation 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.
Deferred corporation 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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 |
Other equipment |
33% Straight line |
Motor vehicles |
25% Reducing balance |
Investment property
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 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 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 group will not be able to collect all amounts due according to the original terms of the contract.
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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.
Trade 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 group 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 Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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
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.
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
The analysis of the group's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Research and development cost |
- |
|
Operating lease expense - plant and machinery |
|
|
Loss on disposal of property, plant and equipment |
|
|
Exceptional expenses |
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 Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
- |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
7,800 |
7,800 |
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
The tax on profit before tax for the year is higher than 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 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
|
Deferred tax expense/(credit) |
|
( |
Total tax charge/(credit) |
|
( |
Roe 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 capital allowances |
- |
|
Timing differences on tax losses |
|
- |
|
|
2023 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
Timing differences on tax losses |
|
- |
|
|
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 May 2023 |
- |
|
|
|
|
Additions |
|
|
|
- |
|
Disposals |
- |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 May 2023 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 April 2024 |
- |
|
|
|
|
Carrying amount |
|||||
At 30 April 2024 |
|
|
|
|
|
At 30 April 2023 |
- |
|
|
|
|
Included within the net book value of land and buildings above is £409,570 (2023 - £Nil) in respect of freehold land and buildings.
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 May 2023 |
|
At 30 April 2024 |
|
Carrying amount |
|
At 30 April 2024 |
|
At 30 April 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) 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 |
||||
|
Enterprise Road, Westwood Industrial Estate, Margate, Kent, CT9 4JA |
|
|
|
Subsidiary undertakings |
Roe Brickwork Limited The principal activity of Roe Brickwork Limited is |
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Debtors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
|
Amounts due from group undertakings |
|
- |
- |
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Amounts recoverable on contracts |
|
|
- |
- |
|
|
|
|
|
||
Less non-current portion |
( |
( |
- |
- |
|
|
|
|
|
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.
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
|
|
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
|
|
|
Amounts due to group undertakings |
|
- |
|
- |
|
Social security and other taxes |
|
|
|
|
|
Other creditors |
|
|
- |
|
|
Accruals and deferred income |
|
|
|
|
|
Corporation tax |
37,617 |
329,458 |
37,617 |
329,458 |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
- |
- |
- |
Hire purchase contracts |
|
|
- |
- |
|
|
- |
- |
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
- |
- |
- |
Hire purchase contracts |
|
|
- |
- |
Other borrowings |
|
- |
- |
- |
|
|
- |
- |
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Group
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.
Deferred tax and other provisions |
Group
Deferred tax |
Total |
|
At 1 May 2023 |
( |
( |
Increase (decrease) in existing provisions |
|
|
At 30 April 2024 |
( |
( |
|
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 £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
Ordinary have the following rights, preferences and restrictions: |
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Interim dividend of £Nil (2023 - £ |
- |
1,219,900 |
||
Contingent liabilities |
Lloyds Bank have a right of set off over the subsidiary's bank balances to secure liabilities of the parent company.
Analysis of changes in net debt |
Group
At 1 May 2023 |
Financing cash flows |
At 30 April 2024 |
|
Cash and cash equivalents |
|||
Cash |
697,581 |
55,077 |
752,658 |
Borrowings |
|||
Long term borrowings |
- |
(165,171) |
(165,171) |
Short term borrowings |
- |
(341,553) |
(341,553) |
Hire purchase contracts |
(261,872) |
25,522 |
(236,350) |
(261,872) |
(481,202) |
(743,074) |
|
|
|||
|
( |
|
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Group
The company has taken advantage of the exemption in FRS 102 1A "Related Party Disclosures" from disclosing transactions with other members of the group.
At the balance sheet date, the group was owed £1,689,030 (2023: £1,737,807) by Roe Timber Frame Holdings Limited, a company under common control.
During the year the group received management charges of £430,449 (2023: £470,661) and made purchases of £18,212 (2023: £Nil) from Roe Timber Frame Limited, a company under common control.
At the balance sheet date, the group was owed £550,550 (2023: £806,760) by Roe Timber Frame Limited.
During the year the group recharged insurance of £13,322 (2023: £10,720) and made purchases of £1,172 (2023: £Nil) from Roe Stairs Limited, a company under common control. At the balance sheet date, the group was owed £63,540 (2023: £57,139) by Roe Stairs Limited.
During the year the group made purchase of £1,450 (2023: £Nil) from Rexdon Limited. At the balance sheet date, the group was owed £411,672 (2023: £646,429) by Rexdon Limited, a company under common control.
Loans to other related parties are interest free, unsecured and repayable on demand.
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
D Roe |
||||
|
( |
( |
|
( |
J G Roe |
||||
|
( |
( |
|
( |
W P Roe |
||||
|
( |
( |
- |
( |
I M Brownlee |
||||
|
( |
( |
- |
( |
L Chilcott |
||||
|
( |
( |
- |
( |
Roe 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 |
||||
|
( |
( |
|
( |
J G Roe |
||||
|
( |
- |
|
( |
W P Roe |
||||
|
( |
- |
|
( |
I M Brownlee |
||||
|
( |
- |
|
( |
L Chilcott |
||||
|
( |
( |
|
( |
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Company
The company has taken advantage of the exemption in FRS 102 1A "Related Party Disclosures" from disclosing transactions with other members of the group.
At the balance sheet date, the group was owed £1,599,738 (2023: £1,655,562) by Roe Timber Frame Holdings Limited, a company under common control.
During the year the group received management charges of £430,449 (2023: £470,661) from Roe Timber Frame Limited, a company under common control.
At the balance sheet date, the group was owed £550,550 (2023: £773,785) by Roe Timber Frame Limited.
During the year the company recharged insurance of £13,322 (2023: £10,720) from Roe Stairs Limited, a company under common control.
At the balance sheet date, the group was owed £63,596 (2023: £57,190) by Roe Stairs Limited.
At the balance sheet date, the group was owed £96,773 (2023: £96,773) by Rexdon Limited, a company under common control.
Loans to other related parties are interest free, unsecured and repayable on demand.
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
D Roe |
||||
|
( |
( |
- |
( |
J G Roe |
||||
|
( |
( |
|
( |
W P Roe |
||||
|
( |
( |
- |
( |
I M Brownlee |
||||
|
( |
( |
- |
( |
Roe Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
2023 |
At 1 May 2022 |
Repayments by director |
At 30 April 2023 |
D Roe |
|||
|
( |
|
( |
J G Roe |
|||
|
( |
|
( |
W P Roe |
|||
|
( |
|
( |
I M Brownlee |
|||
|
( |
|
( |
Loans granted to directors are unsecured, interest free and repayable on demand.
Control |
In the opinion of the directors, there was no ultimate controlling party throughout the current and previous period.