REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
ROBERTSON ROOFING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
ROBERTSON ROOFING LIMITED |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Statement of Directors' Responsibilities | 2 |
Independent Chartered Certified Accountants' Assurance Report | 3 |
Abridged Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
ROBERTSON ROOFING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
BANKERS: |
34 Poplar Road |
Solihill |
West Midlands |
B913AF |
INCORPORATED: |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 31ST MAY 2024 |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 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. |
ON BEHALF OF THE BOARD: |
26th February 2025 |
INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' ASSURANCE REPORT TO THE DIRECTORS OF ROBERTSON ROOFING LIMITED
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
We have reviewed the financial statements of Robertson Roofing Limited for the year ended 31st May 2024, which comprise the Abridged Income Statement, Abridged Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Directors' responsibility for the financial statements |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and section 290 of the ACCA Members’ Handbook. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared in all material respects in accordance with the applicable financial reporting framework. This Standard also requires us to comply with relevant ethical requirements. |
Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements. |
Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 31st May 2024 and of its profit for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' ASSURANCE REPORT TO THE DIRECTORS OF ROBERTSON ROOFING LIMITED
Use of our report |
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 20th May 2014. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer'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 directors as a body for our work, for this report, or for the conclusions we have formed. |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
ABRIDGED BALANCE SHEET |
31ST MAY 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
ABRIDGED BALANCE SHEET - continued |
31ST MAY 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
Robertson Roofing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, which excludes discounts, rebates, value added tax and other sales taxes, represents the amounts receivable from contracts undertaken during the year. |
Contract revenue is recognised when a contract is complete or considered complete at the year end. Where a contract is not complete at the year end, the directors calculate the stage of completion and recognise revenue on that basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks and work in progress |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
The accounting policy adopted is in accordance with FRS 102 and is considered to be the most appropriate to the particular circumstances of the company as the total contract revenue, contract costs and the contract completion can all be measured reliably and are clearly identified. |
Contract revenue is recognised when a contract is complete or considered complete at the year end. Where a contract is not complete at the year end, the directors calculate the stage of completion and recognise revenue on that basis. |
The stage of completion is determined on labour and subcontractor costs. The labour and subcontractor costs incurred up to the year end as a percentage of total labour and subcontractor on a contract gives its stage of completion. |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Finance and operating leases |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. |
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining |
balance of the liability. |
Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company contributes into the director's defined contribution pension scheme. Contributions payable to the director's pension scheme are charged to the profit and loss account in the period to which they relate. |
Areas of significant judgement and estimation uncertainty |
The directors have made judgements in respect of the stage of completion for each construction contract. This is based on labour and subcontractor costs incurred up to the year end as a percentage of the total labour and subcontractor costs expected over the duration of the contract. The total expected on a contract are reliably estimated when the contract is commenced. At the date of approval of the accounts all contracts were completed and therefore the total labour cost on each of these contracts was known. As a result the stage of completion is accurately calculated for those contracts. |
The directors have also estimated the likely value to receive on certain contracts which are deemed to be complete at the year end and where a final account has not yet been agreed with the customer. At the date of approval of the accounts all contracts had a final account agreed and were therefore accurately known and reflected in the work in progress calculation. |
The directors have many years of combined experience reducing any significant risk and uncertainty to ensure contracts are not overvalued. All contracts are based on fixed price contracts where the contract costs and revenue are reliably known from the outset during the tendering process. |
The areas of estimates and judgements made by the directors directly impact the carrying value of the work in progress, the amounts recoverable on work in progress contracts, payments on account and the amounts recoverable on completed contracts. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st June 2023 |
Additions |
Disposals | ( | ) |
Fully depreciated assets | (4,734 | ) |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
Eliminated on disposal | ( | ) |
Fully depreciated assets | ( | ) |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
The depreciable amount of an asset is based on the asset's expected utility to the company and its useful economic life. The useful life of the assets are a matter of judgement by the directors, which is based on their experience of the company and with other similar assets. |
The depreciation method used reflects the pattern of the assets future economic benefits expected to be used by the company. This method is reviewed each financial year and there has been no significant changes in the pattern of consumption for this year or a difference in expectations from previous estimates. |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1st June 2023 | 9,140 |
Additions | 419 |
Revaluations | 2,096 |
At 31st May 2024 | 11,655 |
NET BOOK VALUE |
At 31st May 2024 | 11,655 |
At 31st May 2023 | 9,140 |
Cost or valuation at 31st May 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 2,095 |
Valuation in 2023 | 433 |
Valuation in 2022 | (1,325 | ) |
Valuation in 2021 | 3,382 |
Valuation in 2020 | (4,050 | ) |
Valuation in 2019 | (1,251 | ) |
Valuation in 2018 | (1,267 | ) |
Valuation in 2017 | 1,014 |
Valuation in 2016 | (2,357 | ) |
Valuation in 2015 | (13,759 | ) |
Cost | 28,740 |
11,655 |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/5/24 | 31/5/23 |
£ | £ |
Within one year |
Between one and five years |
The total lease payments recognised as an expense during the year was £28,007. |
7. | PROVISIONS FOR LIABILITIES |
31/5/24 |
£ |
Deferred tax | 10,564 |
Deferred |
tax |
£ |
Balance at 1st June 2023 | ( | ) |
Movement during the year | 45,091 |
Balance at 31st May 2024 |
Annual Leave Provision |
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence. |
ROBERTSON ROOFING LIMITED (REGISTERED NUMBER: 00653926) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/24 | 31/5/23 |
value: | £ | £ |
Ordinary A | £1 | 4,700 | 4,700 |
Ordinary B | £1 | 100 | 100 |
Ordinary D | £1 | 2,650 | 2,650 |
Ordinary E | £1 | 2,650 | 2,650 |
10,100 | 10,100 |