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Registered number: 15127018
Georoof Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For the Period 10 September 2023 to 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
Consolidated Income Statement 8
Consolidated Statement of Comprehensive Income 9
Consolidated Statement of Financial Position 10
Company Statement of Financial Position 11
Consolidated Statement of Changes in Equity 12
Company Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—23
Page 1
Company Information
Directors Mr Christopher Burgess
Mr Gavin Harriman
Company Number 15127018
Registered Office Unit 16, Heronsgate 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 period ended 30 June 2024.
Principal Activity
The group's principal activity continues to be that of providing Roofing and Cladding solutions.  
Review of the Business
The groups key performance indicators are shown below. The group was formed this financial year on acquisition of Geo Roof Limited. The trading subsidiary, Geo Roof Limited, have made efficiencies during the year by investing in key operational employees, in line with the groups strategic objectives. 
The Directors remain committed to delivering excellent service and to managing the groups 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 key financial targets remain profitability and balance street strength. The key financial highlights of the group for the last year are as below:
2024
£
Turnover
26,017,001
Profit after Tax
1,628,012
Profit Margin
13.96%
Balance Sheet Strength
1,952,125
Strategic Objectives and Priorities: 
Our strategic objectives for the group period, are as follows:
  • To consolidate our position as one of the leading contractors in the industrial & logistics sector of the market.
  • To implement new standards and procedures aligned with our status as a proactive, forward thinking, youthful business.
  • To recruit young talent on our new apprenticeship schemes for school / college leavers, focussing on the Operations and Commercial sides of the business.
  • To promote from within and identify future leaders.
Our key strategic priorities, are as follows: 
Market expansion
The groups strategic priority is to maintain the current level of turnover, with a shared split across new and existing clients / main contractors.
Operational efficiency
The group strategic priority is to focus on employing new young operational staff, via our new apprenticeship scheme, to be trained as assistant site managers. This will ensure all new recruits are aligned with our strategy, vision and ethos.
Digital transformation
The groups strategic priority is to continue to invest in digital technology to improve business efficiencies. We have procured Software such as Procore, in the current financial year, which enables us to digitally manage the operational and commercial side of the business. 
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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. 
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 period ended 30 June 2024.
Directors
The directors who held office during the period were as follows:
Mr Christopher Burgess Appointed 10/09/2023
Mr Gavin Harriman Appointed 10/09/2023
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 Georoof Holdings Limited for the period ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated 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 period 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 period 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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
Consolidated Income Statement
30 June 2024
Notes £
TURNOVER 3 26,017,001
Cost of sales (22,384,643 )
GROSS PROFIT 3,632,358
Administrative expenses (1,380,838 )
OPERATING PROFIT 4 2,251,520
Other interest receivable and similar income 9 161
Interest payable and similar charges 10 (17,602 )
PROFIT BEFORE TAXATION 2,234,079
Tax on Profit 11 (606,067 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,628,012
The notes on pages 15 to 23 form part of these financial statements.
Page 8
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Consolidated Statement of Comprehensive Income
30 June 2024
£
PROFIT FOR THE FINANCIAL PERIOD 1,628,012
OTHER COMPREHENSIVE INCOME FOR THE PERIOD -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,628,012
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Consolidated Statement of Financial Position
30 June 2024
Notes £ £
FIXED ASSETS
Tangible Assets 12 330,046
330,046
CURRENT ASSETS
Stocks 14 64,054
Debtors 15 9,274,493
Cash at bank and in hand 1,793,507
11,132,054
Creditors: Amounts Falling Due Within One Year 16 (9,277,517 )
NET CURRENT ASSETS (LIABILITIES) 1,854,537
TOTAL ASSETS LESS CURRENT LIABILITIES 2,184,583
Creditors: Amounts Falling Due After More Than One Year 17 (217,501 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (14,957 )
NET ASSETS 1,952,125
CAPITAL AND RESERVES
Called up share capital 21 100
Income Statement 1,952,025
SHAREHOLDERS' FUNDS 1,952,125
On behalf of the board
Mr Gavin Harriman
Director
18/02/2025
The notes on pages 15 to 23 form part of these financial statements.
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Company Statement of Financial Position
30 June 2024
Notes £ £
FIXED ASSETS
Investments 13 1,128,052
1,128,052
Creditors: Amounts Falling Due Within One Year 16 (782,452 )
NET CURRENT ASSETS (LIABILITIES) (782,452 )
TOTAL ASSETS LESS CURRENT LIABILITIES 345,600
NET ASSETS 345,600
CAPITAL AND RESERVES
Called up share capital 21 100
Income Statement 345,500
SHAREHOLDERS' FUNDS 345,600
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the period was £ 795,500 .
On behalf of the board
Mr Gavin Harriman
Director
18/02/2025
The notes on pages 15 to 23 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 10 September 2023 - 1,901,915 1,901,915
Profit for the period and total comprehensive income - 1,628,012 1,628,012
Dividends paid - (450,000) (450,000)
Arising on shares issued during the period 100 - 100
Transfer to/from Other Reserves - (1,127,902) (1,127,902)
As at 30 June 2024 100 1,952,025 1,952,125
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Company Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 10 September 2023 - - -
Profit for the period and total comprehensive income - 795,500 795,500
Dividends paid - (450,000) (450,000)
Arising on shares issued during the period 100 - 100
As at 30 June 2024 100 345,500 345,600
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Consolidated Statement of Cash Flows
30 June 2024
Notes £
Cash flows from operating activities
Net cash generated from operations 1 3,642,446
Interest paid (17,602 )
Tax paid (165,376 )
Net cash generated from operating activities 3,459,468
Cash flows from investing activities
Purchase of tangible assets (78,162 )
Proceeds from disposal of tangible assets 68,633
Purchase of investment in subsidiary undertaking (1,128,052 )
Interest received 161
Net cash used in investing activities (1,137,420 )
Cash flows from financing activities
Proceeds from issue of share capital 100
Equity dividends paid (450,000 )
Repayment of bank borrowings (10,000 )
Repayment of finance leases (94,539 )
Net cash used in financing activities (554,439 )
Increase in cash and cash equivalents 1,767,609
Cash and cash equivalents at beginning of period 2 -
Cash and cash equivalents at end of period 2 1,767,609
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial period to cash generated from operations
30 June 2024
£
Profit for the financial period 1,628,012
Adjustments for:
Tax on profit 606,067
Interest expense 17,602
Interest income (161 )
Depreciation of tangible assets 52,874
Loss on disposal of tangible assets 28,746
Movements in working capital:
Increase in stocks (29,422 )
Increase in trade and other debtors (5,259,530 )
Increase in trade and other creditors 4,700,832
Changes in Working Capital in relation to Investment 1,910,375
Increase to B/fwd accumulated depreciation (12,949)
Net cash generated from operations 3,642,446
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:
30 June 2024
£
Cash at bank and in hand 1,793,507
3. Analysis of changes in net funds
As at 10 September 2023 Cash flows New finance leases As at 30 June 2024
£ £ £ £
Cash at bank and in hand - 1,793,507 - 1,793,507
Finance leases - 1,084 (228,719) (227,635)
Debts falling due within one year - (10,000) - (10,000 )
Debts falling due after more than one year - (10,000) - (10,000)
- 1,774,591 (228,719) 1,545,872
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Notes to the Financial Statements
1. General Information
Georoof Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15127018 . The registered office is Unit 16, Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 June 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. 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.
2.5. 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
2.6. Investments
Investments in subsidaries are recognised at cost, which is normally the consideration paid including transaction costs. 
2.7. 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.
2.8. 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.
2.9. 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.
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2.10. 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 group'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 and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:
30 June 2024
£
Roofing and Cladding 26,017,001
4. Operating Profit
The operating profit is stated after charging:
30 June 2024
£
Depreciation of tangible fixed assets 52,874
Loss on disposal of tangible fixed assets 23,091
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:
30 June 2024
£
Audit Services
Audit of the group and company's financial statements 4,500
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
30 June 2024
£
Wages and salaries 1,023,290
Social security costs 120,627
Other pension costs 57,905
1,201,822
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7. Average Number of Employees
Average number of employees, including directors, during the period was as follows:
Group Company
30 June 2024 30 June 2024
Office and administration 6 2
Operational 17 -
23 2
8. Directors' remuneration
30 June 2024
£
Emoluments 175,547
Company contributions to money purchase pension schemes 33,377
208,924
Information regarding the highest paid director was as follows:
30 June 2024
£
Emoluments 101,290
Company contributions to money purchase pension schemes 41,220
142,510
9. Interest Receivable and Similar Income
30 June 2024
£
Bank interest receivable 8
Interest on short term deposits 153
161
10. Interest Payable and Similar Charges
30 June 2024
£
Bank loans and overdrafts 511
Finance charges payable under finance leases and hire purchase contracts 16,446
Late payment tax charges 363
Other finance charges 282
17,602
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11. Tax on Profit
The tax charge on the profit for the period was as follows:
Tax Rate 30 June 2024
30 June 2024 £
Current tax
UK Corporation Tax 25.0% 607,350
Deferred Tax
Deferred taxation (1,283 )
Total tax charge for the period 606,067
The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
30 June 2024
£
Profit before tax 2,234,079
Tax on profit at 25% (UK standard rate) 558,520
Goodwill/depreciation not allowed for tax 13,219
Expenses not deductible for tax purposes 52,196
Capital allowances (16,585 )
Deferred tax relating to changes in tax rates or laws (1,283 )
Total tax charge for the period 606,067
12. Tangible Assets
Group
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 10 September 2023 227,526 16,202 243,728
Additions 290,714 16,168 306,882
Disposals (148,425 ) - (148,425 )
As at 30 June 2024 369,815 32,370 402,185
Depreciation
As at 10 September 2023 63,621 6,690 70,311
Provided during the period 50,216 2,658 52,874
Disposals (51,046 ) - (51,046 )
As at 30 June 2024 62,791 9,348 72,139
Net Book Value
As at 30 June 2024 307,024 23,022 330,046
As at 10 September 2023 163,905 9,512 173,417
Company
The company had no tangible fixed assets as at 30 June 2024.
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13. Investments
Company
Subsidiaries
£
Cost
As at 10 September 2023 -
Additions 1,128,052
As at 30 June 2024 1,128,052
Provision
As at 10 September 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 1,128,052
As at 10 September 2023 -
Subsidiaries
Details of the company's subsidiaries as at 30 June 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Geo Roof Limited 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex. SS14 3EU Ordinary 100.00% -
The aggregate capital and reserves and the result for the period of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Geo Roof Limited 2,734,577 2,032,311
14. Stocks
30 June 2024
£
Stock 64,054
15. Debtors
Group Company
30 June 2024 30 June 2024
£ £
Due within one year
Trade debtors 7,726,871 -
Other debtors 1,547,622 -
9,274,493 -
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16. Creditors: Amounts Falling Due Within One Year
Group Company
30 June 2024 30 June 2024
£ £
Net obligations under finance lease and hire purchase contracts 20,134 -
Trade creditors 5,871,484 -
Bank loans and overdrafts 10,000 -
Amounts owed to group undertakings 27,952 27,952
Other creditors 961,616 750,000
Corporation tax 678,049 -
Taxation and social security 131,253 -
Accruals and deferred income 1,577,029 4,500
9,277,517 782,452
17. Creditors: Amounts Falling Due After More Than One Year
Group
30 June 2024
£
Net obligations under finance lease and hire purchase contracts 207,501
Bank loans 10,000
217,501
18. Loans
An analysis of the maturity of loans is given below:
Group
30 June 2024
£
Amounts falling due within one year or on demand:
Bank loans 10,000
Group
30 June 2024
£
Amounts falling due between one and five years:
Bank loans 10,000
19. Obligations Under Finance Leases and Hire Purchase
Group
30 June 2024
£
The future minimum finance lease payments are as follows:
Not later than one year 20,134
Later than one year and not later than five years 207,501
227,635
227,635
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20. Deferred Taxation
The provision for deferred tax is made up as follows:
30 June 2024
£
Other timing differences 14,957
21. Share Capital
30 June 2024
Allotted, called up and fully paid £
100 Ordinary Shares of £ 1.00 each 100
Shares issued during the period: £
100 Ordinary Shares of £ 1.00 each 100
22. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the period the charge to profit or loss in respect of defined contribution schemes was £57,905.
At the statement of financial position date contributions of £8,694 were due to the fund and are included in creditors.
23. Dividends
30 June 2024
£
On equity shares:
Interim dividend paid 450,000
24. Controlling Parties
The company's ultimate controlling party is Gavin Harriman and Chris Burgess by virtue of their interest in the share capital of the company.
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