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Registration number: 03695845

Roe Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Roe 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 Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 36

 

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

Enterprise Road
Westwood Industrial Estate
MARGATE
Kent
CT9 4JA

Auditors

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

 

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

.........................................
D Roe
Director

 

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:

L Chilcott

W P Roe

M N Roe

D Roe

T Roe

J G Roe - Company secretary and director

I M Brownlee

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

.........................................
D Roe
Director

 

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.

......................................
Andrew Warren (Senior Statutory Auditor)
For and on behalf of McBrides Accountants LLP, Statutory Auditor
 Nexus House
2 Cray Road
Sidcup
Kent
DA14 5DA

31 January 2025

 

Roe Limited

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

Note

2024
£

2023
£

Turnover

3

12,482,039

11,469,477

Cost of sales

 

(9,882,988)

(10,997,389)

Gross profit

 

2,599,051

472,088

Administrative expenses

 

(1,752,725)

(1,619,537)

Operating profit/(loss)

4

846,326

(1,147,449)

Interest payable and similar expenses

6

(53,308)

(19,723)

Profit/(loss) before tax

 

793,018

(1,167,172)

Tax on profit/(loss)

10

(210,471)

282,433

Profit/(loss) for the financial year

 

582,547

(884,739)

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

582,547

(884,739)

Total profit for the year

582,547

(884,739)

Profit for the year attributable to:

Owners of the company

477,689

(725,486)

Minority interests

104,858

(159,253)

582,547

(884,739)

 

Roe Limited

(Registration number: 03695845)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

740,352

347,094

Current assets

 

Debtors

13

7,247,825

6,949,112

Cash at bank and in hand

 

752,658

697,581

 

8,000,483

7,646,693

Creditors: Amounts falling due within one year

15

(4,763,893)

(4,950,048)

Net current assets

 

3,236,590

2,696,645

Total assets less current liabilities

 

3,976,942

3,043,739

Creditors: Amounts falling due after more than one year

15

(323,713)

(183,528)

Provisions for liabilities

17

13,218

223,689

Net assets

 

3,666,447

3,083,900

Capital and reserves

 

Called up share capital

19

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

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

D Roe
Director

 

Roe Limited

(Registration number: 03695845)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

900

900

Current assets

 

Debtors

13

3,287,385

3,145,669

Cash at bank and in hand

 

51,747

50,035

 

3,339,132

3,195,704

Creditors: Amounts falling due within one year

15

(625,012)

(459,792)

Net current assets

 

2,714,120

2,735,912

Net assets

 

2,715,020

2,736,812

Capital and reserves

 

Called up share capital

19

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

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

D Roe
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

500

15,687

2,507,083

2,523,270

560,630

Profit for the year

-

-

476,640

476,640

105,907

At 30 April 2024

500

15,687

2,983,723

2,999,910

666,537

Total equity
£

At 1 May 2023

3,083,900

Profit for the year

582,547

At 30 April 2024

3,666,447

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

At 1 May 2022

500

15,687

4,229,076

4,245,263

943,276

Loss for the year

-

-

(723,893)

(723,893)

(160,846)

Dividends

-

-

(998,100)

(998,100)

(221,800)

At 30 April 2023

500

15,687

2,507,083

2,523,270

560,630

Total equity
£

At 1 May 2022

5,188,539

Loss for the year

(884,739)

Dividends

(1,219,900)

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

300

2,736,512

2,736,812

Loss for the year

-

(21,792)

(21,792)

At 30 April 2024

300

2,714,720

2,715,020

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

300

2,781,104

2,781,404

Profit for the year

-

953,508

953,508

Dividends

-

(998,100)

(998,100)

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

 

582,547

(884,739)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

96,093

83,005

Loss on disposal of tangible assets

1,303

3,347

Finance costs

6

53,308

19,723

Corporation tax

10

210,471

(282,433)

 

943,722

(1,061,097)

Working capital adjustments

 

(Increase)/decrease in trade debtors

13

(298,713)

68,556

(Decrease)/increase in trade creditors

15

(235,331)

2,939,816

Cash generated from operations

 

409,678

1,947,275

Corporation tax paid

10

(291,841)

(356,371)

Net cash flow from operating activities

 

117,837

1,590,904

Cash flows from investing activities

 

Acquisitions of tangible assets

(492,029)

(198,231)

Proceeds from sale of tangible assets

 

1,375

-

Net cash flows from investing activities

 

(490,654)

(198,231)

Cash flows from financing activities

 

Interest paid

6

(53,308)

(19,723)

Proceeds from bank borrowing draw downs

 

171,167

-

Proceeds from other borrowings

 

335,557

-

Payments to finance lease creditors

 

(25,522)

70,995

Dividends paid

-

(1,219,900)

Net cash flows from financing activities

 

427,894

(1,168,628)

Net increase in cash and cash equivalents

 

55,077

224,045

Cash and cash equivalents at 1 May

 

697,581

473,536

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

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

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

Freehold land and buildings is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers/the directors. 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.

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 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 company 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 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
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 investment 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 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.

3

Turnover

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

2024
£

2023
£

Sale of goods

12,482,039

11,469,477

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

2024
£

2023
£

UK

12,482,039

11,469,477

4

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

96,093

83,005

Research and development cost

-

22,540

Operating lease expense - plant and machinery

107,563

131,569

Loss on disposal of property, plant and equipment

1,303

3,347

5

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

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

4,000

Interest on obligations under finance leases and hire purchase contracts

17,848

15,723

Interest expense on other finance liabilities

35,460

-

53,308

19,723

7

Staff costs

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

2024
£

2023
£

Wages and salaries

1,012,784

828,758

Social security costs

74,808

60,086

Pension costs, defined contribution scheme

9,945

8,175

Other employee expense

15,224

4,499

1,112,761

901,518

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

23

15

Administration and support

7

7

30

22

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

207,001

207,001

In respect of the highest paid director:

2024
£

2023
£

Remuneration

100,000

100,000

 

Roe Limited

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

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

7,800

7,800


 

10

Taxation

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

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

210,471

(282,433)

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 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit/(loss) before tax

793,018

(1,167,172)

Corporation tax at standard rate

198,255

(221,763)

Tax increase/(decrease) from effect of capital allowances and depreciation

3,752

(27,934)

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

10,720

6,449

Effect of tax losses

(212,727)

243,248

Deferred tax expense/(credit)

210,471

(282,433)

Total tax charge/(credit)

210,471

(282,433)

 

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

-

82,696

Timing differences on tax losses

95,914

-

95,914

82,696

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

86,774

Timing differences on tax losses

310,463

-

310,463

86,774

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

-

96,904

603,410

68,000

768,314

Additions

409,570

2,115

80,344

-

492,029

Disposals

-

-

(10,800)

-

(10,800)

At 30 April 2024

409,570

99,019

672,954

68,000

1,249,543

Depreciation

At 1 May 2023

-

95,346

299,636

26,238

421,220

Charge for the year

-

1,270

88,559

6,264

96,093

Eliminated on disposal

-

-

(8,122)

-

(8,122)

At 30 April 2024

-

96,616

380,073

32,502

509,191

Carrying amount

At 30 April 2024

409,570

2,403

292,881

35,498

740,352

At 30 April 2023

-

1,558

303,774

41,762

347,094

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

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

900

900

Subsidiaries

£

Cost or valuation

At 1 May 2023

900

At 30 April 2024

900

Carrying amount

At 30 April 2024

900

At 30 April 2023

900

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

Roe Brickwork Limited

Enterprise Road, Westwood Industrial Estate, Margate, Kent, CT9 4JA

Ordinary

82%

82%

Subsidiary undertakings

Roe Brickwork Limited

The principal activity of Roe Brickwork Limited is brickwork installations. The profit for the financial period of Roe Brickwork Limited was £604,339 and the aggregate amount of Capital and reserves at the end of the period was £952,327.

 

Roe Limited

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

13

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

940,076

900,495

173,288

266,635

Amounts due from group undertakings

23

459,165

-

-

59,990

Other debtors

 

3,346,562

3,372,080

3,009,841

2,718,766

Prepayments

 

175,399

168,609

104,256

100,278

Amounts recoverable on contracts

 

2,326,623

2,507,928

-

-

   

7,247,825

6,949,112

3,287,385

3,145,669

Less non-current portion

 

(402,732)

(263,128)

-

-

 

6,845,093

6,685,984

3,287,385

3,145,669

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.

14

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

752,658

697,581

51,747

50,035

 

Roe Limited

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

15

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

419,361

78,344

-

-

Trade creditors

 

2,248,985

2,378,030

88,993

80,580

Amounts due to group undertakings

23

459,165

-

459,165

-

Social security and other taxes

 

1,253,277

13,282

22,524

19,303

Other creditors

 

68,955

11,713

-

1

Accruals and deferred income

 

276,533

2,139,221

16,713

30,450

Corporation tax

10

37,617

329,458

37,617

329,458

 

4,763,893

4,950,048

625,012

459,792

Due after one year

 

Loans and borrowings

16

323,713

183,528

-

-

16

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

165,171

-

-

-

Hire purchase contracts

158,542

183,528

-

-

323,713

183,528

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

5,996

-

-

-

Hire purchase contracts

77,808

78,344

-

-

Other borrowings

335,557

-

-

-

419,361

78,344

-

-

 

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.

17

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 May 2023

(223,689)

(223,689)

Increase (decrease) in existing provisions

210,471

210,471

At 30 April 2024

(13,218)

(13,218)

18

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 £9,945 (2023 - £8,175).

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
The holders of 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 Ordinary shares rank equally with regard to the company's residual assets.

 

Roe Limited

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

20

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £1,109) per ordinary share

-

1,219,900

 

 

21

Contingent liabilities

Lloyds Bank have a right of set off over the subsidiary's bank balances to secure liabilities of the parent company.

22

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)

 

435,709

(426,125)

9,584

 

Roe Limited

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

23

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

(159,280)

(120,000)

3,014

(276,266)

J G Roe

(21,220)

(141,279)

25,000

(137,499)

W P Roe

(21,220)

(120,000)

-

(141,220)

I M Brownlee

(225)

(120,000)

-

(120,225)

L Chilcott

(20,995)

(106,667)

-

(127,662)

 

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

(678,335)

(16,333)

535,388

(159,280)

J G Roe

(189,891)

-

168,671

(21,220)

W P Roe

(166,304)

-

145,084

(21,220)

I M Brownlee

(165,134)

-

164,909

(225)

L Chilcott

(201,082)

(2,222)

182,309

(20,995)

 

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

(92,030)

(120,000)

-

(212,030)

J G Roe

(21,220)

(141,279)

25,000

(137,499)

W P Roe

(21,220)

(120,000)

-

(141,220)

I M Brownlee

(225)

(120,000)

-

(120,225)

 

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

(623,335)

531,305

(92,030)

J G Roe

(164,891)

143,671

(21,220)

W P Roe

(166,304)

145,084

(21,220)

I M Brownlee

(165,134)

164,909

(225)

Loans granted to directors are unsecured, interest free and repayable on demand.

24

Control

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