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Registered number: 11397817
Geo Roof Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4
Independent Auditor's Report 5—7
Statement of Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—19
Page 1
Company Information
Directors Mr Christopher Burgess
Mr Gavin Harriman
Company Number 11397817
Registered Office 16 Herons Gate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Business Unit 3 The Willow Centre
Kingsdale Business Centre, Regina Road
Chelmsford
Essex
CM1 1PE
Accountants FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Auditors LB Group Chartered Accountants
The Octagon, Suite E2, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Principal Activity
The company's principal activity continues to be that of providing Roofing and Cladding solutions. 
Review of the Business
Our key performance indicators are shown below. Turnover has increased by 37.9% and margins increased by 4.63%. This is representative of the efficiencies made by investing in Project Managers and other key operational employees.
We have continued our investment in Health and Safety, shown in the increased costs of PPE, and have invested in Training in the Financial year ended 2024. 
The Directors remain committed to delivering excellent service and to managing the company’s strategic direction to match that of the market it operates in and believe that future opportunities in the UK market remain strong.
Key Performance Indicators
Our number one indicator remains health and safety of our workers, then comes our team and delivery of a quality timely service. Our key financial targets remain profitability and balance street strength. 
The key financial highlights of the company for the last two years are as below:
2024
2023
£
£
Turnover
32,388,511
23,478,798
Profit after Tax
2,032,311
831,270
Profit Margin
13.96%
9.33%
Balance sheet strength
2,734,577
1,502,266
Principal Risks and Uncertainties
Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. The principal risks and uncertainties affecting the company are those impacting on the operations and are detailed below.
Economic downturn
The company acknowledges the importance of maintaining close relationships with its's key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.
Competitor pressure
The market in which the company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The company manages this risk by providing quality services and maintaining strong relationships with its key customers.
Financial risk management objectives and policies
All sales are to UK customers and all suppliers are UK based: the company has therefore not entered into any hedging arrangements in respect of risks relating to trade debtors or creditors. The company continues to review its cash flow and liquidity risk. 
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Page 3
Future Developments
Our current contracts are progressing to programme, there is expected to be a growth in turnover and on current performance and projections, profitability will remain in the 2025 financial year.
We will continue to invest in people and resources and the Health and Safety of our workforce.
We expect the strength of the company, its strong balance sheet, our dedicated and experienced team and our reputation in our sector, will continue to the delivery consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
On behalf of the board
Mr Gavin Harriman
Director
18/02/2025
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year were as follows: 
Mr Christopher Burgess
Mr Gavin Harriman
Mr Lewis Hett      Resigned: 29/09/2023
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, LB Group Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Gavin Harriman
Director
18/02/2025
Page 4
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Independent Auditor's Report
Opinion
We have audited the financial statements of Geo Roof Limited for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
Opinions 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 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 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 or 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.
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
  • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities  and skills to identify or recognise non-compliance with applicable laws and regulations;
  • We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector;
  • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
  • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
  • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
  • We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
  • Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
  • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.To address the risk of fraud through management bias and override of controls, we:
  • Performed analytical procedures to identify any unusual or unexpected relationships;
  • Tested journal entries to identify unusual transactions;
  • Reviewed the internal controls in place, specifically around payroll and bank transactions; and
  • Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 6
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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 that 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.
Oliver James White ACA (Senior Statutory Auditor)
for and on behalf of LB Group Chartered Accountants , Statutory Auditor
18/02/2025
LB Group Chartered Accountants
The Octagon, Suite E2, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 4 32,388,511 23,478,798
Cost of sales (27,866,598 ) (21,287,835 )
GROSS PROFIT 4,521,913 2,190,963
Administrative expenses (1,713,396 ) (1,173,265 )
Other operating income - 66,369
OPERATING PROFIT 6 2,808,517 1,084,067
Other interest receivable and similar income 11 200 160
Interest payable and similar charges 12 (21,914 ) (12,049 )
PROFIT BEFORE TAXATION 2,786,803 1,072,178
Tax on Profit 13 (754,492 ) (240,908 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,032,311 831,270
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,032,311 831,270
The notes on pages 12 to 19 form part of these financial statements.
Page 8
Page 9
Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 330,046 186,367
330,046 186,367
CURRENT ASSETS
Stocks 15 64,054 34,632
Debtors 16 9,302,445 4,014,963
Cash at bank and in hand 1,793,507 1,510,576
11,160,006 5,560,171
Creditors: Amounts Falling Due Within One Year 17 (8,523,017 ) (4,126,145 )
NET CURRENT ASSETS (LIABILITIES) 2,636,989 1,434,026
TOTAL ASSETS LESS CURRENT LIABILITIES 2,967,035 1,620,393
Creditors: Amounts Falling Due After More Than One Year 18 (217,501 ) (101,573 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,957 ) (16,554 )
NET ASSETS 2,734,577 1,502,266
CAPITAL AND RESERVES
Called up share capital 21 150 150
Income Statement 2,734,427 1,502,116
SHAREHOLDERS' FUNDS 2,734,577 1,502,266
On behalf of the board
Mr Gavin Harriman
Director
18/02/2025
The notes on pages 12 to 19 form part of these financial statements.
Page 9
Page 10
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 July 2022 150 1,518,346 1,518,496
Profit for the year and total comprehensive income - 831,270 831,270
Dividends paid - (847,500) (847,500)
As at 30 June 2023 and 1 July 2023 150 1,502,116 1,502,266
Profit for the year and total comprehensive income - 2,032,311 2,032,311
Dividends paid - (800,000) (800,000)
As at 30 June 2024 150 2,734,427 2,734,577
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,532,514 2,342,985
Interest paid (21,914 ) (12,049 )
Tax paid (313,801 ) (274,252 )
Net cash generated from operating activities 1,196,799 2,056,684
Cash flows from investing activities
Purchase of tangible assets (78,162 ) (51,902 )
Proceeds from disposal of tangible assets 68,633 21,500
Interest received 200 160
Net cash used in investing activities (9,329 ) (30,242 )
Cash flows from financing activities
Equity dividends paid (800,000 ) (847,500 )
Repayment of bank borrowings (10,000 ) (10,000 )
Repayment of finance leases (94,539 ) (46,404 )
Net cash used in financing activities (904,539 ) (903,904 )
Increase in cash and cash equivalents 282,931 1,122,538
Cash and cash equivalents at beginning of year 2 1,510,576 388,038
Cash and cash equivalents at end of year 2 1,793,507 1,510,576
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 2,032,311 831,270
Adjustments for:
Tax on profit 754,492 240,908
Interest expense 21,914 12,049
Interest income (200 ) (160 )
Depreciation of tangible assets 65,823 42,000
Loss on disposal of tangible assets 28,746 1,403
Movements in working capital:
Increase in stocks (29,422 ) (34,632 )
(Increase)/decrease in trade and other debtors (5,287,482 ) 2,635,512
Increase/(decrease) in trade and other creditors 3,946,332 (1,385,365 )
Net cash generated from operations 1,532,514 2,342,985
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,793,507 1,510,576
3. Analysis of changes in net funds
As at 1 July 2023 Cash flows New finance leases As at 30 June 2024
£ £ £ £
Cash at bank and in hand 1,510,576 282,931 - 1,793,507
Finance leases (93,455) 94,539 (228,719) (227,635)
Debts falling due within one year (10,000 ) - - (10,000 )
Debts falling due after more than one year (20,000) 10,000 - (10,000)
1,387,121 387,470 (228,719) 1,545,872
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Notes to the Financial Statements
1. General Information
Geo Roof Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11397817 . The registered office is 16 Herons Gate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is reduced for estimated customer returns, rebates and other similar allowances. The policies adopted for the recognition of turnover are as follows: 
Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date.  Stage of contract completion is measured by reference to the management team. 
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
3.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Computer Equipment 20% Reducing Balance
3.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
3.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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3.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
4. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Roofing and Cladding 32,388,511 23,478,798
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 32,388,511 23,478,798
32,388,511 23,478,798
5. Other Operating Income
2024 2023
£ £
Other operating income - 66,369
- 66,369
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6. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 65,823 42,000
Loss on disposal of tangible fixed assets 28,746 1,403
7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 11,500 10,750
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,273,891 874,265
Social security costs 150,170 106,020
Other pension costs 72,085 26,120
1,496,146 1,006,405
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 6 6
Operational 17 10
23 16
10. Directors' remuneration
2024 2023
£ £
Emoluments 218,538 310,871
Company contributions to money purchase pension schemes 41,550 14,821
260,088 325,692
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 2 2
Information regarding the highest paid director was as follows:
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2024 2023
£ £
Emoluments 101,290 105,687
Company contributions to money purchase pension schemes 41,220 770
142,510 106,457
11. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 10 23
Interest on short term deposits 190 137
200 160
12. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 637 886
Finance charges payable under finance leases and hire purchase contracts 20,474 6,886
Late payment tax charges 452 4,027
Other finance charges 351 250
21,914 12,049
13. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.5% 756,089 235,761
Deferred Tax
Deferred taxation (1,597 ) 5,147
Total tax charge for the period 754,492 240,908
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,786,803 1,072,178
Tax on profit at 25% (UK standard rate) 696,701 219,753
Goodwill/depreciation not allowed for tax 16,456 8,608
...CONTINUED
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Expenses not deductible for tax purposes 64,978 22,038
Capital allowances (22,046 ) (14,638 )
Deferred tax relating to changes in tax rates or laws (1,597 ) 5,147
Total tax charge for the period 754,492 240,908
The effective rate of corporation tax for 2024 is calculated as 25% (2023: 20.5%).
14. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 227,526 16,202 243,728
Additions 290,713 16,168 306,881
Disposals (148,425 ) - (148,425 )
As at 30 June 2024 369,814 32,370 402,184
Depreciation
As at 1 July 2023 51,323 6,038 57,361
Provided during the period 62,513 3,310 65,823
Disposals (51,046 ) - (51,046 )
As at 30 June 2024 62,790 9,348 72,138
Net Book Value
As at 30 June 2024 307,024 23,022 330,046
As at 1 July 2023 176,203 10,164 186,367
15. Stocks
2024 2023
£ £
Stock 64,054 34,632
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,726,871 3,178,570
Prepayments and accrued income 31,194 162,578
Other debtors 957,204 361,754
VAT 587,176 312,061
9,302,445 4,014,963
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17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,134 11,882
Trade creditors 5,871,484 2,961,366
Bank loans and overdrafts 10,000 10,000
Corporation tax 678,049 235,761
Other taxes and social security 131,253 82,458
Other creditors 239,568 437,370
Accruals and deferred income 1,572,529 387,308
8,523,017 4,126,145
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 207,501 81,573
Bank loans 10,000 20,000
217,501 101,573
Of the creditors falling due within and after more than one year the following amounts are secured.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets concerned.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 227,634 93,455
19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 10,000 20,000
20. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 16,554 16,554
Deferred taxation (1,597 ) (1,597 )
Balance at 30 June 2024 14,957 14,957
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21. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
150 Ordinary Shares of £1 each
22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 23,973 9,478
Later than one year and not later than five years 35,541 24,485
59,514 33,963
23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £72,085 (2023: £26,120).
At the statement of financial position date contributions of £8,694 (2023: £3,070) were due to the fund and are included in creditors.
24. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 800,000 847,500
25. Controlling Parties
The company's immediate parent undertaking is Georoof Holdings Limited .
The ultimate parent undertaking is Georoof Holdings Limited (incorporated in England & Wales). Its registered office is Unit 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex. SS14 3EU .
Copies of the group accounts may be obtained from the company's registered office.
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