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Registered number: 01269689









ROOFF LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ROOFF LIMITED
 
 
COMPANY INFORMATION


Directors
A A Horn 
M P S Horn 
R Nicholls 
A Pearce 
S J Drury 
G Hirani 
T J Ekers 




Company secretary
T J Ekers



Registered number
01269689



Registered office
The Granary
80 Abbey Road

Barking

London

IG11 7BT




Independent auditors
Barnes Roffe LLP
Chartered Accountants
 Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
ROOFF LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9
Notes to the financial statements
 
10 - 21

 
ROOFF LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic review for the year ended 30 June 2024.
The principal activity of the Company continues to be that of general building contracting. The activities include traditional building, design and build, and construction management for the public and private sectors.

Business review
 
The Company has navigated a difficult inflationary market through careful selection of projects, with a focussed approach to selective tendering and risk management. Revenue levels have reduced during the period whilst activities remain profitable and this approach has put us in a strong position moving forwards as activity levels start to increase.
 
The Company continues to maintain very strong relationships with both clients, consultants and with the supply chain which has enabled a successful year of trading in very difficult conditions. 

Principal risks and uncertainties
 
The Company is dependent on consumer and business confidence in the construction market within London and the surrounding area. It also has a long standing core nucleus of staff that contribute heavily to the quality and profitability of the Company. The professional staff are provided through other companies within the Group.

Financial key performance indicators
 
The Company's key performance indicators in the year were as follows:


Year ended
30 June 2024
(£000's)
Year ended
30 June 2023
(£000's)

Change
(%)
Turnover
19,418
28,405
-31.64
Profit after tax
44
288
-84.72
Shareholders' funds
1,782
1,737
   2.59
Cash at bank
355
1,669
-78.73

This report was approved by the board on 7 January 2025 and signed on its behalf.



................................................
M P S Horn
Director
Page 1

 
ROOFF 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' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £44,187 (2023 - £288,199).

The directors do not recommend the payment of a final dividend (2023 - £Nil).

Directors

The directors who served during the year were:

A A Horn 
M P S Horn 
R Nicholls 
A Pearce 
S J Drury 
G Hirani 
T J Ekers 

Future developments

The directors do not expect there to be any material changes to the Company's business going forward.

Page 2

 
ROOFF LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 January 2025 and signed on its behalf.
 





................................................
M P S Horn
Director

Page 3

 
ROOFF LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFF LIMITED
 

Opinion


We have audited the financial statements of Rooff Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ROOFF LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFF LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters 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 the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the 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 the 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 or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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.


Page 5

 
ROOFF LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFF LIMITED (CONTINUED)


Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

Obtained an understanding of the nature of the industry and sector, including the legal and regulatory
frameworks that the Company operates in and how the Company are complying with the legal and regulatory
frameworks;
Enquired of management, and those charged with governance, about their own identification and
assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

All relevant laws and regulations identified at a Company level and areas susceptible to fraud that could have an material effect on the financial statements were considered. Any instances of non-compliance with laws and regulations identified were considered in our audit approach.

The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act;
Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue recognition;
Amounts receivable on contracts;
Retentions;
Management override.

Page 6

 
ROOFF LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFF LIMITED (CONTINUED)


Audit procedures in report to the identified areas above:
Obtaining an understanding of the processes and controls around recognition of revenue and amounts
receivable on contracts;
Performing a detailed review of sales obtaining evidence for key movements in the year;
Testing contracts ensuring turnover and costs are correctly recognised up to the respective stage of
completion for each project;
A review of contracts for evidence of losses and ensure they are correctly recorded;
Specific testing on retentions ensuring these are recoverable;
Detailed discussions with management and review of post year end management information;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal
course of business; and
Inspection of all recent reports and certification from the relevant bodies an general inspection around the
facilities.

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 noncompliance with laws and regulations throughout the audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
 Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

 
 
Date: 
13 January 2025
Page 7

 
ROOFF LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
                                                                                                                       Note
£
£

  

Turnover
 4 
19,418,223
28,405,457

Cost of sales
  
(17,210,216)
(25,746,231)

Gross profit
  
2,208,007
2,659,226

Administrative expenses
  
(3,296,875)
(3,326,070)

Other operating income
 5 
1,118,658
685,500

Operating profit
 6 
29,790
18,656

Interest receivable and similar income
 9 
-
2,703

Profit before tax
  
29,790
21,359

Tax on profit
 10 
14,397
266,840

Profit after tax
  
44,187
288,199

  

  

Retained earnings at the beginning of the year
  
1,727,382
1,439,183

Profit for the year
  
44,187
288,199

Retained earnings at the end of the year
  
1,771,569
1,727,382

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 21 form part of these financial statements.

Page 8

 
ROOFF LIMITED
REGISTERED NUMBER: 01269689

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
7,362,916
8,012,940

Cash at bank and in hand
 13 
355,438
1,669,067

  
7,718,354
9,682,007

Creditors: amounts falling due within one year
 14 
(5,613,842)
(7,628,625)

Net current assets
  
 
 
2,104,512
 
 
2,053,382

Total assets less current liabilities
  
2,104,512
2,053,382

Provisions for liabilities
  

Other provisions
 16 
(322,943)
(316,000)

  
 
 
(322,943)
 
 
(316,000)

Net assets
  
1,781,569
1,737,382


Capital and reserves
  

Called up share capital 
 17 
10,000
10,000

Profit and loss account
 18 
1,771,569
1,727,382

  
1,781,569
1,737,382


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 January 2025.




................................................
M P S Horn
Director

The notes on pages 10 to 21 form part of these financial statements.
Page 9

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rooff Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is The Granary, 80 Abbey Road, Barking, London, IG11 7BT. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Rooff Holdings Limited as at 30 June 2024 and these financial statements may be obtained from the company's registered office.

Page 10

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is also measured in line with long-term contracts in note 2.4. 

  
2.4

Long-term contracts

Profit is accounted for once the outcome of a contract can be assessed with reasonable certainty and is based on the appropriate stage of completion of the contract. Amounts recoverable on contracts which are included in debtors are valued at anticipated net sale value after provision for contingencies and anticipated future losses on contracts. Claims are included in the valuation of contracts and credited to the Statement of income and retained earnings account only when entitlement has been established. Cash received on account of contracts is deducted from amounts recoverable on contracts. Such amounts which have been received and exceed amounts recoverable are included in creditors.
Contract provisions in excess of amounts recoverable are included in provisions for liabilities and charges.
Profit provisions in excess of amounts recoverable are included in provisions for liabilities and charges and are recognised within trade creditors.
Any potential loss on a long term contract is provided in full as soon as it is foreseen. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
8 to 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 12

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
These provisions, which have been reliably estimated, relate to claims and after costs to settle obligations which are likely to occur after the completion of construction projects.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the entity's accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions
These directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some construction contracts. The amount receivable from customers on such construction contracts at the end of the reporting period over the value of work complete has been estimated at £158,392 (2023 - £896,484) and is included within trade debtors. The total amount of provisions made against such contracts is £98,552 (2023 - £153,188). The total amount of costs provisions made against such contracts is £1,170,223 (2023 - £2,792,382). Both figures are included within the trade creditors figure.


4.


Turnover

The whole of the turnover is attributable to general building activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Recharges
1,118,658
685,500



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
-
11,455

Defined contribution pension cost
9,260
7,859

Page 15

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,000
13,000


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
357,520
388,690

Social security costs
34,081
39,959

Cost of defined contribution scheme
9,260
7,859

400,861
436,508


The average monthly number of employees, including the directors, during the year was as follows:


2023
2022
No.
No.







Construction
20
17


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
2,703

Page 16

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
17,459

Adjustments in respect of previous periods
(14,509)
(282,077)


Total current tax
(14,509)
(264,618)

Deferred tax


Origination and reversal of timing differences
112
(2,222)

Total deferred tax
112
(2,222)


Taxation on profit on ordinary activities
(14,397)
(266,840)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
29,790
21,359


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
7,448
5,340

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(7,336)
27,367

Losses brought forward utilised
-
(13,633)

Adjustments to tax charge in respect of prior periods due to R&D claims
(14,509)
(282,077)

Change in tax rate
-
(3,837)

Total tax charge for the year
(14,397)
(266,840)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Plant & machinery

£



Cost


At 1 July 2023
631,533



At 30 June 2024

631,533



Depreciation


At 1 July 2023
631,533



At 30 June 2024

631,533



Net book value



At 30 June 2024
-



At 30 June 2023
-


12.


Debtors

2024
2023
£
£


Trade debtors
2,496,339
3,973,847

Amounts owed by group companies
1,837,036
2,450,418

Amounts owed by connected companies
3,026,875
1,587,446

Other debtors
2,160
611

Deferred taxation
506
618

7,362,916
8,012,940



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
355,438
1,669,067


Page 18

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,464,379
7,165,302

Corporation tax
-
17,459

Other taxation and social security
40,200
220,497

Other creditors
43,426
21,653

Accruals and deferred income
65,837
203,714

5,613,842
7,628,625



15.


Deferred taxation




2024
2023


£

£






At beginning of year
618
(1,604)


Charged to profit or loss
(112)
2,222



At end of year
506
618

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(506)
(618)

Page 19

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Provisions




Contract provisions

£





At 1 July 2023
316,000


Charged to profit or loss
104,227


Utilised in year
(97,284)



At 30 June 2024
322,943

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past and future events. These provisions, which have been reliably estimated, relate to claims and after costs to settle obligations which are likely to occur after the completion of construction projects.


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



18.


Reserves

Profit and loss account

The profit & loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,260 (2023 - £7,859). Contributions totalling £2,247 (2023 - £1,936) were payable to the fund at the balance sheet date.


20.


Related party transactions

At the year end there were net amounts owed from connected entities totalling £3,026,875 (2023 - £1,587,446). 

Page 20

 
ROOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Controlling party

The Company is a wholly owned subsidiary of Rooff Holdings Limited. The consolidated financial statements of Rooff Holdings Limited are available from The Granary, 80 Abbey Road, Barking, London, IG11 7BT. As at 30 June 2024 the ultimate controlling party of the Company is a family trust of which A A Horn and M P S Horn are Trustees.
 
Page 21