Company Registration No. 14342219 (England and Wales)
Bracknell Roofing South Limited
Financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Bracknell Roofing South Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Bracknell Roofing South Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,273
3,410
Current assets
Stocks
211,884
201,715
Debtors
6
1,872,617
1,126,431
Cash at bank and in hand
225,934
245,221
2,310,435
1,573,367
Creditors: amounts falling due within one year
7
(1,326,426)
(1,038,699)
Net current assets
984,009
534,668
Total assets less current liabilities
986,282
538,078
Provisions for liabilities
(27,078)
(27,078)
Net assets
959,204
511,000
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
959,104
510,900
Total equity
959,204
511,000
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
C Beech
Director
Company Registration No. 14342219
Bracknell Roofing South Limited
Notes to the financial statements
For the year ended 30 September 2024
2
1
Accounting policies
Company information
Bracknell Roofing South Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 Broadway, Peterborough, Cambridgeshire, PE1 1YW.
1.1
Reporting period
These financial statements have been prepared for a normal 12 month period. The comparative financial information covers a 13 month period starting from the company's incorporation date to its accounting reference date.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Revenue is recognised when the company has satisfied its performance obligations to the customer. Revenue is measured as being the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of any discounts and plus VAT where applicable.
Revenue from contracts for the provision of services in relation to roofing installations is recognised over time by reference to the stage of completion. Projects in progress are reviewed and invoiced on a monthly basis to reflect the value of the work carried out in the period.
Payment is due throughout the duration of the project/contract based on the amounts invoiced and with reference to agreed credit terms.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over lease term
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
3
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting judgements or key sources of estimation uncertainty within these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
4
Dividends
2024
2023
£
£
Final paid
118,603
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
5
Tangible fixed assets
Leasehold land and buildings
£
Cost
At 1 October 2023 and 30 September 2024
7,010
Depreciation and impairment
At 1 October 2023
3,600
Depreciation charged in the year
1,137
At 30 September 2024
4,737
Carrying amount
At 30 September 2024
2,273
At 30 September 2023
3,410
6
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
1,104,720
687,634
Amounts owed by group undertakings
235,000
Other debtors
90,726
205,613
1,430,446
893,247
2024
2023
as restated
Amounts falling due after more than one year:
£
£
Trade debtors
442,171
233,184
Total debtors
1,872,617
1,126,431
In the prior year, trade debtors have been restated to show that retentions are materially due after more than one year.
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
727,365
594,832
Amounts owed to group undertakings
51,189
98,505
Corporation tax
195,178
152,607
Other taxation and social security
58,450
40,564
Other creditors
294,244
152,191
1,326,426
1,038,699
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
All ordinary shares carry full voting rights together with the entitlement to dividend payments or any other distribution and to participate in a distribution arising from a winding up of the company. All shares are non-redeemable.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alistair Hunt FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
29 January 2025
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
107,442
22,840
11
Events after the reporting date
Dividends totalling £53,559 were paid to shareholders post year end.
Bracknell Roofing South Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
8
12
Related party transactions
Transactions with related parties
During the year the company traded with the following entities in which A Morley and V Hughes are directors and/or shareholders:
Total sales
Total purchases
2024
2023
2024
2023
£
£
£
£
Entities over which individuals with significant influence or control over the entity have significant influence or control
-
26,975
826,793
798,982
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities over which individuals with significant influence or control over the entity have significant influence or control
51,189
99,481
2024
2023
Amounts due from related parties
£
£
Entities over which individuals with significant influence or control over the entity have significant influence or control
235,000
-
13
Parent company
The ultimate parent company is Andrew Morley Business Consultancy Limited. The registered office address is 1st Floor Chartwell House, Pinfold Road, Bourne, England, PE10 9HT, a company registered in England and Wales. Copies of the group financial statements of Andrew Morley Business Consultancy Limited are available from Companies House, Crown Way, Cardiff, CF4, 3UZ.
The ultimate controlling party is Andrew Morley, by virtue of his majority shareholding.
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