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Registration number: 05342727

Roe Developments (UK) Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Roe Developments (UK) Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

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 Board on 18 February 2025 and signed on its behalf by:
 


Mr D R Roe
Director

 

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:

Mr D R Roe

Mrs S Woodward (appointed 11 October 2023)

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 18 February 2025 and signed on its behalf by:


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.




Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

18 February 2025

 

Roe Developments (UK) Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

30,782,028

33,510,563

Cost of sales

 

(26,174,579)

(30,701,634)

Gross profit

 

4,607,449

2,808,929

Administrative expenses

 

(970,749)

(833,072)

Operating profit

4

3,636,700

1,975,857

Other interest receivable and similar income

5

15,233

3,723

Interest payable and similar expenses

6

(6,485)

(11,138)

   

8,748

(7,415)

Profit before tax

 

3,645,448

1,968,442

Tax on profit

10

(924,182)

(412,593)

Profit for the financial year

 

2,721,266

1,555,849

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

11

218,639

288,499

Current assets

 

Stocks

12

161,609

5,141

Debtors

13

7,538,185

8,524,042

Cash at bank and in hand

14

474,777

1,670,698

 

8,174,571

10,199,881

Creditors: Amounts falling due within one year

15

(3,309,767)

(8,115,295)

Net current assets

 

4,864,804

2,084,586

Total assets less current liabilities

 

5,083,443

2,373,085

Provisions for liabilities

16

(38,336)

(49,244)

Net assets

 

5,045,107

2,323,841

Capital and reserves

 

Called up share capital

18

100

100

Retained earnings

5,045,007

2,323,741

Shareholders' funds

 

5,045,107

2,323,841

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 


Mr D R Roe
Director

   
 

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

100

2,323,741

2,323,841

Profit for the year

-

2,721,266

2,721,266

Total comprehensive income

-

2,721,266

2,721,266

At 30 June 2024

100

5,045,007

5,045,107

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

2,767,892

2,767,992

Profit for the year

-

1,555,849

1,555,849

Total comprehensive income

-

1,555,849

1,555,849

Dividends

-

(2,000,000)

(2,000,000)

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

 

2,721,266

1,555,849

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

77,506

50,803

Profit on disposal of tangible assets

4

-

(18,054)

Finance income

5

(15,233)

(3,723)

Finance costs

6

6,485

11,138

Corporation tax expense

10

924,182

412,593

 

3,714,206

2,008,606

Working capital adjustments

 

(Increase)/decrease in stocks

12

(156,468)

70,816

Decrease/(increase) in trade and other debtors

13

4,730,363

(3,440,645)

(Decrease)/increase in trade and other creditors

15

(4,556,723)

2,638,185

Decrease in deferred income, including government grants

15

-

(6,704)

Cash generated from operations

 

3,731,378

1,270,258

Corporation tax paid

 

(601,229)

(575,460)

Net cash flow from operating activities

 

3,130,149

694,798

Cash flows from investing activities

 

Interest received

5

15,233

3,723

Acquisitions of tangible assets

11

(7,646)

(211,267)

Proceeds from sale of tangible assets

 

-

34,198

Cash receipts from repayment of loans, classified as investing activities

 

-

784,604

Advances of loans, classified as investing activities

 

(3,744,506)

-

Net cash flows from investing activities

 

(3,736,919)

611,258

Cash flows from financing activities

 

Interest paid

6

(6,485)

(11,138)

Repayment of other borrowing

 

(582,666)

(65,054)

Dividends paid

19

-

(2,000,000)

Net cash flows from financing activities

 

(589,151)

(2,076,192)

Net decrease in cash and cash equivalents

 

(1,195,921)

(770,136)

Cash and cash equivalents at 1 July

 

1,670,698

2,440,834

Cash and cash equivalents at 30 June

14

474,777

1,670,698

 

Roe Developments (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 6a
Church View
Coney Green Road
Chesterfield
Derbyshire
S45 9HA

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 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

3

Turnover

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

2024
£

2023
£

Rendering of services

30,782,028

33,510,563

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

30,782,028

33,510,563

The amount of contract revenue recognised as turnover in the year was £30,782,028 (2023 - £33,510,563).

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).

4

Operating profit

Arrived at after charging

2024
£

2023
£

Depreciation expense

77,506

50,803

Profit on disposal of property, plant and equipment

-

(18,054)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

15,233

3,723

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

1,888

-

Interest expense on other finance liabilities

4,597

11,138

6,485

11,138

 

Roe Developments (UK) Limited

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

7

Staff costs

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

2024
£

2023
£

Wages and salaries

1,341,206

1,321,307

Social security costs

145,905

164,313

Pension costs, defined contribution scheme

205,367

47,209

Other employee expense

31,012

27,175

1,723,490

1,560,004

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

10

8

Other departments

18

19

28

27

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

86,642

6,113

Contributions paid to money purchase schemes

156,651

-

243,293

6,113

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

-

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

13,680

13,130


 

 

Roe Developments (UK) Limited

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

10

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

933,910

387,102

UK corporation tax adjustment to prior periods

1,180

-

935,090

387,102

Deferred taxation

Arising from origination and reversal of timing differences

(10,908)

25,491

Tax expense in the income statement

924,182

412,593

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 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,645,448

1,968,442

Corporation tax at standard rate

911,362

492,111

Increase in UK and foreign current tax from adjustment for prior periods

1,180

-

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

13,820

(22,578)

Decrease from effect of different UK tax rates on some earnings

-

(85,068)

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

8,728

2,637

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(10,908)

25,491

Total tax charge

924,182

412,593

 

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

38,336

38,336

2023

Liability
£

Difference between accumulated depreciation and capital allowances

49,244

49,244

11

Tangible assets

Improvements to property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 July 2023

116,504

85,291

358,114

559,909

Additions

-

7,646

-

7,646

At 30 June 2024

116,504

92,937

358,114

567,555

Depreciation

At 1 July 2023

87,380

59,640

124,390

271,410

Charge for the year

11,650

7,424

58,432

77,506

At 30 June 2024

99,030

67,064

182,822

348,916

Carrying amount

At 30 June 2024

17,474

25,873

175,292

218,639

At 30 June 2023

29,124

25,651

233,724

288,499

12

Stocks

2024
£

2023
£

Work in progress

161,609

5,141

 

Roe Developments (UK) Limited

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

13

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,750,940

2,417,700

Amounts owed by related parties

20

5,094,103

1,349,910

Other debtors

 

764

5,451

Prepayments

 

105,413

113,701

Gross amount due from customers for contract work

 

584,376

4,637,280

Social security and other taxes

 

2,589

-

   

7,538,185

8,524,042

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

1,515

1,769

Cash at bank

473,262

1,668,929

474,777

1,670,698

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,974,721

2,337,700

Amounts due to related parties

20

-

582,666

Social security and other taxes

 

44,138

957,887

Accrued expenses

 

668,238

3,948,233

Corporation tax liability

 

622,670

288,809

 

3,309,767

8,115,295

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

49,244

49,244

Reduction in provisions

(10,908)

(10,908)

At 30 June 2024

38,336

38,336

 

Roe Developments (UK) Limited

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

17

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 £205,367 (2023 - £47,209).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

19

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £20,000.00) per ordinary share

-

2,000,000

 

 

20

Related party transactions

Summary of transactions with group companies

During the year the company made sales of £3,223,089 (2023 - £2,200,207) to and purchases of £47,189 (2023 - £22,979) from other 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

21

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Roe Developments Holdings Limited, a company incorporated in the UK.

 The ultimate controlling party is Mr D R Roe.

The parent of the largest group in which these financial statements are consolidated is Roe Developments Holdings Ltd, incorporated in the UK.

The address of Roe Developments Holdings Ltd is:
Roe Developments Holdings Limited
Unit 6a
Church View
Coney Green Road
Clay Cross
Chesterfield
S45 9HA