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REGISTERED NUMBER: 02043577 (England and Wales)











Lane Roofing Contractors Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Lane Roofing Contractors Limited (Registered number: 02043577)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lane Roofing Contractors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G S Lane
K J Lane





SECRETARY: K J Lane





REGISTERED OFFICE: Walsall House
167 Walsall Road
Perry Barr
Birmingham
West Midlands
B42 1TX





REGISTERED NUMBER: 02043577 (England and Wales)





ACCOUNTANTS: Haines Watts
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Lane Roofing Contractors Limited (Registered number: 02043577)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 583,515 637,948
583,515 637,948

CURRENT ASSETS
Stocks 651,452 406,892
Debtors 6 1,019,974 286,628
Cash at bank 15,171 186,352
1,686,597 879,872
CREDITORS
Amounts falling due within one year 7 1,670,078 1,015,712
NET CURRENT ASSETS/(LIABILITIES) 16,519 (135,840 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

600,034

502,108

CREDITORS
Amounts falling due after more than one year 8 (7,670 ) (22,825 )

PROVISIONS FOR LIABILITIES (113,861 ) (122,654 )
NET ASSETS 478,503 356,629

CAPITAL AND RESERVES
Called up share capital 11 100,004 100,004
Retained earnings 378,499 256,625
SHAREHOLDERS' FUNDS 478,503 356,629

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Lane Roofing Contractors Limited (Registered number: 02043577)

Balance Sheet - continued
31 December 2023


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 25 March 2025 and were signed on its behalf by:





G S Lane - Director


Lane Roofing Contractors Limited (Registered number: 02043577)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Lane Roofing Contractors 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.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to
exercise judgment in the process of applying the company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a
past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. For small, short time jobs turnover is invoiced on completion of job and for larger, longer contracts turnover is invoiced on application at intervals determined in the contract.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. The Directors do not consider that there is any value to the goodwill at the balance sheet date and, as such, it has been fully amortised in the financial statements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Lane Roofing Contractors Limited (Registered number: 02043577)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

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 elements 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.

Lane Roofing Contractors Limited (Registered number: 02043577)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 148,773
AMORTISATION
At 1 January 2023
and 31 December 2023 148,773
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,552,035
Additions 62,089
Disposals (72,812 )
At 31 December 2023 1,541,312
DEPRECIATION
At 1 January 2023 914,087
Charge for year 109,729
Eliminated on disposal (66,019 )
At 31 December 2023 957,797
NET BOOK VALUE
At 31 December 2023 583,515
At 31 December 2022 637,948

Lane Roofing Contractors Limited (Registered number: 02043577)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 452,985 51,807
Other debtors 566,989 234,821
1,019,974 286,628

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 79,803 -
Hire purchase contracts (see note 9) 15,155 59,125
Trade creditors 372,878 121,796
Taxation and social security 550,205 164,919
Other creditors 652,037 669,872
1,670,078 1,015,712

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 7,670 22,825

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,155 59,125
Between one and five years 7,670 22,825
22,825 81,950

Non-cancellable operating leases
2023 2022
£    £   
Within one year 65,500 75,500
Between one and five years 50,000 120,000
115,500 195,500

Lane Roofing Contractors Limited (Registered number: 02043577)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 79,803 -
Hire purchase contracts 22,825 81,950
102,628 81,950

The bank loan and overdraft are secured by a fixed and floating charge over the property and assets of the company.
Hire purchase balances are secured on the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000
2 Ordinary A-B shares - 1 of
each £1 2 2
2 Ordinary C-D shares - 1 of
each £1 2 2
100,004 100,004

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
G S Lane
Balance outstanding at start of year - -
Amounts advanced 361,621 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 361,621 -

Advances to Directors are made interest-free and with no formal terms for repayment.