Registration number:
Roe Timber Frame Limited
for the Year Ended 30 April 2024
Roe Timber Frame Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Roe Timber Frame Limited
Company Information
Directors |
D Roe W P Roe J G Roe S Wilmshurst B Skilton |
Company secretary |
J G Roe |
Registered office |
|
Bankers |
|
Auditors |
|
Roe Timber Frame 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 the company is that of the design, manufacture and installation of timber products for the construction industry.
Fair review of the business
The directors consider the company has performed satisfactorily, given the ongoing general challenging market conditions within the sector – reporting a profit after tax of £288k.
The business remained focused on core activities and the directors are confident in the strategic direction of the company. 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 26.2% from £21,113,808 to £15,572,527.
Gross profit
The company’s gross profit as a percentage of turnover has improved from 18.6% to 21.1%.
Cash generated from operations
This reduced during the period from a cash inflow of £862,137 to £822,809. Year end cash increased from £313,484 to £501,204.
Roe Timber Frame 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 company 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
Director
Roe Timber Frame Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company’s principal financial instruments include bank loans, invoice discounting facilities and hire purchase arrangements, the main purpose of which is to provide 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.
Investment 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 with provision made for doubtful debts when necessary.
Price risk, credit risk, liquidity risk and cash flow risk
The company operates a treasury function which is responsible for managing the liquidity, interest and currency risk associated with its activities.
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.
Future developments
The company 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 Limited
Directors' Report for the Year Ended 30 April 2024
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Director
Roe Timber Frame Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Roe Timber Frame Limited
Independent Auditor's Report to the Members of Roe Timber Frame Limited
Opinion
We have audited the financial statements of Roe Timber Frame Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 April 2024 and of its 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 Limited
Independent Auditor's Report to the Members of Roe Timber Frame 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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 Limited
Independent Auditor's Report to the Members of Roe Timber Frame 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 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 Limited
Independent Auditor's Report to the Members of Roe Timber Frame 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
Nexus House
Cray Road
Kent
DA14 5DA
Roe Timber Frame Limited
Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
386,561 |
664,577 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(173,742) |
(229,859) |
||
Profit before tax |
|
|
|
Tax on profit |
|
( |
|
Profit for the financial year |
|
|
No Statement of Comprehensive Income has been presented as there is no movement through other comprehensive income for the year
Roe Timber Frame Limited
(Registration number: 05570341)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
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 |
1,000 |
1,000 |
|
Retained earnings |
2,679,223 |
2,390,969 |
|
Total equity |
2,680,223 |
2,391,969 |
Approved and authorised by the
D Roe
Director
Roe Timber Frame Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 April 2023 |
1,000 |
2,390,969 |
2,391,969 |
Roe Timber Frame Limited
Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Corporation tax |
( |
|
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease in trade debtors |
|
|
|
Decrease in trade creditors |
( |
( |
|
Decrease in provisions |
- |
( |
|
Cash generated from operations |
|
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
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 |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
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 |
501,204 |
313,484 |
Roe Timber Frame 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 company is disclosed in the Strategic Report.
The address of its registered office and principal place of business is:
Accounting policies |
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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Roe Timber Frame 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 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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
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 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 company 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 company operates and generates taxable income.
Roe Timber Frame 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 financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance |
Office equipment |
33% Straight line |
Leasehold improvements |
30% Reducing balance |
Motor vehicles |
25% Reducing balance |
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade and other debtors
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the contract.
Roe Timber Frame 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.
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 company 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 company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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. 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.
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale and installation of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
- |
Roe Timber Frame 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 |
|
|
Hire purchase interest |
|
|
Invoice discounting interest |
|
|
|
|
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 |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production/Design |
|
|
Accounts/Administrative |
|
|
Management |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
149,066 |
147,674 |
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax adjustment to prior periods |
( |
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax (receipt)/expense in the profit and loss account |
( |
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Deferred tax (credit)/expense |
( |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax decrease from other short-term timing differences |
( |
- |
Tax increase from changes in tax provisions due to legislation |
- |
|
Total tax (credit)/charge |
( |
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
Unused tax losses |
|
- |
|
|
2023 |
Asset |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
Unused tax losses |
|
- |
|
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Leasehold improvements |
Plant & machinery |
Motor vehicles |
Office equipment |
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 |
|
|
|
|
|
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 |
492,032 |
603,026 |
676,013 |
809,150 |
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Stocks |
2024 |
2023 |
|
Raw materials and consumables |
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts due from related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Amounts recoverable on contracts |
|
|
|
Corporation tax asset |
|
- |
|
|
|
Less Non Current Portion |
- |
(638,307) |
Non-current trade debtors consists of 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.
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
- |
9,797 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings is a CBILS loan facility with Aldermore Bank Plc. The loan facility is £1,450,000 which bears interest at 5% over base rate. The repayment terms are monthly repayments of £24,167 over 60 months.
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Obligations under leases and hire purchase contracts |
Hire purchase contracts
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Deferred tax and other provisions |
Deferred tax |
Remedial costs |
Total |
|
At 1 May 2023 |
|
|
|
Additional provisions |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Contingent liabilities |
Lloyds Bank Plc has a right of set off with the parent company and other related entities. The parent company had loans with the bank of £997,095 at the year end (2023: £1,038,011).
Analysis of changes in net debt |
At 1 May 2023 |
Financing cash flows |
At 30 April 2024 |
|
Long term borrowings |
(851,610) |
369,218 |
(482,392) |
Short term borrowings |
(525,816) |
90,212 |
(435,604) |
Cash |
313,064 |
188,140 |
501,204 |
( |
|
( |
|
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 April 2024 |
B Skilton |
|||||
|
|
|
( |
- |
|
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
D Roe |
||||
|
|
|
( |
- |
J G Roe |
||||
|
|
|
( |
- |
W P Roe |
||||
|
|
|
( |
- |
B Skilton |
||||
|
|
|
( |
|
The directors loans are unsecured, interest free and repayable on demand.
Summary of transactions with other related parties
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Income and receivables from related parties
2024 |
Other related parties |
Amounts receivable from related party |
|
|
2023 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Other related parties |
Purchase of goods |
|
Rendering of services |
|
|
|
Amounts payable to related party |
|
|
2023 |
Other related parties |
Purchase of goods |
|
Rendering of services |
|
|
|
Amounts payable to related party |
|
|
Roe Timber Frame Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
( |
( |
Advanced |
( |
( |
Repaid |
|
|
At end of period |
( |
( |
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
( |
( |
Repaid |
( |
( |
At end of period |
( |
( |
|
Control |
The parent company is