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REGISTERED NUMBER: 12223128 (England and Wales)















ABSOLUTE WATERPROOFING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


ABSOLUTE WATERPROOFING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr V A Pepperell
Mr A McManus
Mr E Davidson
Mr S D Burge





REGISTERED OFFICE: Jubilee Works, Jubilee Estate
Gorsey Lane
Coleshill
Birmingham
West Midlands
B46 1JU





REGISTERED NUMBER: 12223128 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ABSOLUTE WATERPROOFING 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Absolute Waterproofing Limited for the year ended 30 June 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Absolute Waterproofing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Absolute Waterproofing Limited and state those matters that we have agreed to state to the Board of Directors of Absolute Waterproofing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Absolute Waterproofing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Absolute Waterproofing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Absolute Waterproofing Limited. You consider that Absolute Waterproofing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Absolute Waterproofing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


10 March 2025

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 139,569 53,287
Investments 5 24,871 -
164,440 53,287

CURRENT ASSETS
Stocks 176,517 508,310
Debtors 6 2,991,150 1,544,061
Cash at bank 152,005 82,925
3,319,672 2,135,296
CREDITORS
Amounts falling due within one year 7 2,452,338 1,484,637
NET CURRENT ASSETS 867,334 650,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,031,774

703,946

CREDITORS
Amounts falling due after more than one year 8 (165,174 ) (167,702 )

PROVISIONS FOR LIABILITIES (15,686 ) (6,160 )
NET ASSETS 850,914 530,084

CAPITAL AND RESERVES
Called up share capital 99 99
Retained earnings 850,815 529,985
SHAREHOLDERS' FUNDS 850,914 530,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





Mr E Davidson - Director


ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

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


1. STATUTORY INFORMATION

Absolute Waterproofing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for roofing services provided in the normal course of business , and is shown net of VAT .

Revenue from contracts for the provision of roofing services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account , except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 5 ) .

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 19,300 8,323 38,828 9,656 76,107
Additions 20,186 - 98,636 4,026 122,848
At 30 June 2024 39,486 8,323 137,464 13,682 198,955
DEPRECIATION
At 1 July 2023 4,297 5,171 9,694 3,658 22,820
Charge for year 5,231 1,941 26,768 2,626 36,566
At 30 June 2024 9,528 7,112 36,462 6,284 59,386
NET BOOK VALUE
At 30 June 2024 29,958 1,211 101,002 7,398 139,569
At 30 June 2023 15,003 3,152 29,134 5,998 53,287

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 38,393
Additions 98,636
At 30 June 2024 137,029
DEPRECIATION
At 1 July 2023 9,621
Charge for year 26,660
At 30 June 2024 36,281
NET BOOK VALUE
At 30 June 2024 100,748
At 30 June 2023 28,772

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 24,871
At 30 June 2024 24,871
NET BOOK VALUE
At 30 June 2024 24,871

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,440,971 1,012,775
Amounts owed by participating interests 455,776 370,046
Other debtors 1,094,403 161,240
2,991,150 1,544,061

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts and finance leases (see note 9)
31,069

8,232
Trade creditors 1,747,849 1,299,518
Amounts owed to participating interests 378 378
Taxation and social security 213,074 111,672
Other creditors 409,968 14,837
2,452,338 1,484,637

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 95,833 145,833
Hire purchase contracts and finance leases (see note 9)
69,341

21,869
165,174 167,702

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Gross obligations repayable:
Within one year 6,056 - 32,474 9,072
Between one and five years 24,621 - 56,385 24,888
30,677 - 88,859 33,960

Finance charges repayable:
Within one year 1,084 - 6,377 840
Between one and five years 2,259 - 9,406 3,019
3,343 - 15,783 3,859

Net obligations repayable:
Within one year 4,972 - 26,097 8,232
Between one and five years 22,362 - 46,979 21,869
27,334 - 73,076 30,101

Non-cancellable operating leases
2024 2023
£    £   
Within one year 32,724 -
Between one and five years 25,734 -
58,458 -

ABSOLUTE WATERPROOFING LIMITED (REGISTERED NUMBER: 12223128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 145,833 195,833
Hire purchase contracts and finance leases 100,410 30,101
246,243 225,934

The bank loan is secured on a fixed and floating charge on all of the property or undertakings of the company.

On the 24 June 2022 the company granted debentures, in favour of Lloyds Bank Commercial Finance Limited, charging all it's assets and undertakings by way of fixed and floating charges.

Hire purchase liabilities are secured on the assets acquired thereunder.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr S D Burge
Balance outstanding at start of year - -
Amounts advanced 30,000 -
Amounts repaid (8,231 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,769 -