Registration number:
Roe Developments (UK) Limited
for the Year Ended 30 June 2024
Roe Developments (UK) Limited
Contents
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 Developments (UK) Limited
Strategic Report for the Year Ended 30 June 2024
The directors present their strategic report for the year ended 30 June 2024.
Principal activity
The principal activity of the company is construction.
Fair review of the business
The company performed well in the year despite a slight decrease in turnover as margins increased back up to levels seen prior to 2023. This was due to a reduction in inflationary pressures on materials leading to higher margins than expected. Turnover decreased by 8%, however the margin on this work was higher seeing a rise in the gross profit margin from 8% to 15%. The company has once again performed well despite global events and reported an operating profit of in excess of £3.6M. The company remains in a strong financial position with net assets at the year end in excess of £5M.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£000 |
30,782 |
33,511 |
Gross profit |
£000 |
4,607 |
2,809 |
Gross profit margin |
% |
15 |
8 |
The company has a full order book and has secured future contracts. With the reserves available, there is the expectation that the company will continue to trade profitably in the future.
Principal risks and uncertainties
As with any business, Roe Developments (UK) Limited faces risks and uncertainties in the course of its day-to-day operations. The successful management of risk is essential to enable the company to deliver its strategic objectives.
Noted below is a summary of the company’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the business. As such, their management is primarily the responsibility of the director who is supported by the management throughout the company.
Financial risk:
The Company’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders.
Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The company remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.
Roe Developments (UK) Limited
Strategic Report for the Year Ended 30 June 2024
Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the company position in the market place.
Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to longer build times and increased costs, thereby reducing profitability and return on capital employed.
We maintain regular contact with suppliers, negotiating contract volumes, pricing and duration. We provide high level and site-specific programme information to the subcontractor base to aid with demand planning. When selecting our subcontractors, we consider competencies particularly in relation to health and safety, quality, previous performance and financial stability.
Over the years we have built good relationships with subcontractors as management believes that loyalty is gained by treating subcontractors fairly and expecting the same in return. For our own workforce, investment is continued to be made in their training and development.
Health and safety risk:
The company has detailed procedures and policies in place to minimise health and safety risks which are inherent due to the nature of the business. The director takes this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.
Approved and authorised by the
|
Roe Developments (UK) Limited
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The objectives, policies and processes for managing the risks of the company and important events since the financial period end are included in the Strategic Report.
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 Board on
Mr D R Roe
Director
Roe Developments (UK) 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; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 Developments (UK) Limited
Independent Auditor's Report to the Members of Roe Developments (UK) Limited
Opinion
We have audited the financial statements of Roe Developments (UK) Limited (the 'company') for the year ended 30 June 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 June 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Roe Developments (UK) Limited
Independent Auditor's Report to the Members of Roe Developments (UK) Limited
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 4, 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'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 overleaf:
Roe Developments (UK) Limited
Independent Auditor's Report to the Members of Roe Developments (UK) Limited
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• |
the nature of the industry and sector, control environment and business performance; |
• |
the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error; |
• |
results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
• |
the key laws and regulations under which the business operates and whether management were aware of any instances of non-compliance; |
• |
whether the management have knowledge of any actual, suspected or alleged fraud; |
• |
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
• |
the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
In addition to the above, our procedures to respond to risks identified included the following: |
|
• |
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements; |
• |
enquiring of management, concerning any actual and potential litigation and claims; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have reviewed the accounting treatments adopted by management against the specific contractual terms and arrangements associated with each individual transaction and reviewed the related disclosures in the financial statements; |
• |
in addressing the risk of fraud through the work in progress (WIP) costing, we have tested WIP additions to the inventory balance to determine whether the costs have appropriately capitalised by tracing these through to supporting invoices; |
• |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and |
• |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Roe Developments (UK) Limited
Independent Auditor's Report to the Members of Roe Developments (UK) Limited
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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
50-54 Oswald Road
North Lincolnshire
DN15 7PQ
Roe Developments (UK) Limited
Profit and Loss Account for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
3,636,700 |
1,975,857 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
8,748 |
(7,415) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Roe Developments (UK) Limited
(Registration number: 05342727)
Balance Sheet as at 30 June 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 |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
Roe Developments (UK) Limited
Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 June 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2023 |
100 |
2,323,741 |
2,323,841 |
Roe Developments (UK) Limited
Statement of Cash Flows for the Year Ended 30 June 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 on disposal of tangible assets |
- |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Corporation tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease/(increase) in trade and other debtors |
|
( |
|
(Decrease)/increase in trade and other creditors |
( |
|
|
Decrease in deferred income, including government grants |
- |
( |
|
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 |
- |
|
|
Cash receipts from repayment of loans, classified as investing activities |
- |
|
|
Advances of loans, classified as investing activities |
( |
- |
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of other borrowing |
( |
( |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 30 June |
474,777 |
1,670,698 |
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 using the historical cost convention.
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 £.
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Key sources of estimation uncertainty
The estimates and assumptions that have the most significant impact on the carrying value of assets and liabilities of the company within the next financial year are detailed as follows:
Contract judgements
Management's best estimate of the likely outcome of disputed amounts, legal cases and claims has been reflected in the recognition of revenues and costs of contract but the actual future outcome may be different.
Turnover and margin recognition - The Company's turnover recognition and margin recognition policies are central to how the company values the revenue and costs in each financial year. These policies require forecasts to be made of the outcomes of long-term contracts, which require assessments and judgements to be made on the costs to complete the project. Changes in the forecast as a result of changes in work scope, contract programmers, defects and maintenance liabilities impact the margin to be recognised.
Taxation
The Company is subject to tax and an estimate is required in determining the provision for taxes including the recognition of deferred tax assets. The Company provides for futures liabilities in respect of uncertain tax positions where additional tax may become payable in future periods and such provisions are based upon management's assessment of exposures. Assets are only recognised where it is reasonably certain additional tax will become payable in future periods and when the asset can be utilised.
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 value added tax, returns, rebates and discounts.
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.
Long term contracts are included in turnover on the basis of sales value of work performed during the year. Profit is taken on such contracts as the work is carried out but only where the contract is so far advanced that the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of work carried out at the year end by recording turnover and related third party costs as activity progress. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Contract revenue recognition
Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property.
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 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 Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
10% per annum on cost |
Furniture, fittings and equipment |
25% per annum on reducing balance |
Motor vehicles |
25% per annum on reducing balance |
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 services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured 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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend 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 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.
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
The analysis of the company's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
The amount of contract revenue recognised as turnover in the year was £
The gross amount due from customers for contract work included in debtors at 30 June 2024 was £584,376 (2023 - £4,637,280).
The gross amount due to customers for contract work included in creditors at 30 June 2024 was £nil (2023 - £nil).
Operating profit |
Arrived at after charging
2024 |
2023 |
|
Depreciation expense |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest expense on other finance liabilities |
|
|
|
|
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
243,293 |
6,113 |
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 |
|
|
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
935,090 |
387,102 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher 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 |
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Decrease from effect of different UK tax rates on some earnings |
- |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
Total tax charge |
|
|
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Difference between accumulated depreciation and capital allowances |
|
|
2023 |
Liability |
Difference between accumulated depreciation and capital allowances |
|
|
Tangible assets |
Improvements to property |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
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At 1 July 2023 |
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|
|
|
Additions |
- |
|
- |
|
At 30 June 2024 |
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|
|
|
Depreciation |
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At 1 July 2023 |
|
|
|
|
Charge for the year |
|
|
|
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At 30 June 2024 |
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|
|
|
Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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|
|
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Stocks |
2024 |
2023 |
|
Work in progress |
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Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
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|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Gross amount due from customers for contract work |
|
|
|
Social security and other taxes |
2,589 |
- |
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
622,670 |
288,809 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Reduction in provisions |
( |
( |
At 30 June 2024 |
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|
|
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 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 £
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2024 |
2023 |
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£ |
£ |
|||
Interim dividend of £Nil (2023 - £ |
- |
2,000,000 |
||
Related party transactions |
Summary of transactions with group companies
At the balance sheet date the amount due from group companies was £5,094,103 (2023 - £1,349,910) and the amount due to group companies was £nil (2023 - £582,666).
Roe Developments (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Roe Developments Holdings Ltd is:
Unit 6a
Church View
Coney Green Road
Clay Cross
Chesterfield
S45 9HA