Roe Developments Holdings Limited 12511151 false 2023-07-01 2024-06-30 2024-06-30 2024-06-30 The principal activity of the company is the provision of construction services and property development. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false false false false false false false false false false false 12511151 2023-07-01 2024-06-30 12511151 2024-06-30 12511151 bus:Director2 bus:Consolidated 2024-06-30 12511151 bus:Director3 bus:Consolidated 2024-06-30 12511151 bus:OrdinaryShareClass1 bus:Consolidated 2024-06-30 12511151 bus:Consolidated 2024-06-30 12511151 bus:Consolidated 2 2024-06-30 12511151 2 2024-06-30 12511151 core:CapitalRedemptionReserve 2024-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2024-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2024-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-06-30 12511151 core:ShareCapital 2024-06-30 12511151 core:ShareCapital bus:Consolidated 2024-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-06-30 12511151 core:CurrentFinancialInstruments 2024-06-30 12511151 core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 12511151 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 12511151 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-06-30 12511151 core:CostValuation 2024-06-30 12511151 core:DisposalsDecreaseInInvestments 2024-06-30 12511151 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-06-30 12511151 core:LandBuildings bus:Consolidated 2024-06-30 12511151 core:MotorVehicles bus:Consolidated 2024-06-30 12511151 core:DeferredTaxation bus:Consolidated 2024-06-30 12511151 bus:FRS102 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Audited bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:FullAccounts bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:RegisteredOffice bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Director1 2023-07-01 2024-06-30 12511151 bus:Director1 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Director2 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Director3 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 12511151 bus:OrdinaryShareClass1 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:Consolidated 3 2023-07-01 2024-06-30 12511151 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-07-01 2024-06-30 12511151 bus:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 12511151 core:CapitalRedemptionReserve 2023-07-01 2024-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2023-07-01 2024-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-07-01 2024-06-30 12511151 core:ShareCapital 2023-07-01 2024-06-30 12511151 core:ShareCapital bus:Consolidated 2023-07-01 2024-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-07-01 2024-06-30 12511151 core:JointVenture1 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:ReportableOperatingSegment1 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:ReportableOperatingSegment2 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:ReportableOperatingSegment3 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-07-01 2024-06-30 12511151 core:LandBuildings bus:Consolidated 2023-07-01 2024-06-30 12511151 core:MotorVehicles bus:Consolidated 2023-07-01 2024-06-30 12511151 core:DeferredTaxation bus:Consolidated 2023-07-01 2024-06-30 12511151 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary1 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary1 bus:Consolidated 1 2023-07-01 2024-06-30 12511151 core:Subsidiary2 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary2 bus:Consolidated 1 2023-07-01 2024-06-30 12511151 core:Subsidiary3 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary3 bus:Consolidated 1 2023-07-01 2024-06-30 12511151 core:Subsidiary4 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary4 bus:Consolidated 1 2023-07-01 2024-06-30 12511151 core:Subsidiary5 bus:Consolidated 2023-07-01 2024-06-30 12511151 core:Subsidiary5 bus:Consolidated 1 2023-07-01 2024-06-30 12511151 core:UKTax bus:Consolidated 2023-07-01 2024-06-30 12511151 countries:England bus:Consolidated 2023-07-01 2024-06-30 12511151 2023-06-30 12511151 bus:Consolidated 2023-06-30 12511151 core:CapitalRedemptionReserve 2023-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 12511151 core:ShareCapital 2023-06-30 12511151 core:ShareCapital bus:Consolidated 2023-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 12511151 core:CostValuation 2023-06-30 12511151 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 12511151 core:LandBuildings bus:Consolidated 2023-06-30 12511151 core:MotorVehicles bus:Consolidated 2023-06-30 12511151 core:DeferredTaxation bus:Consolidated 2023-06-30 12511151 2022-07-01 2023-06-30 12511151 2023-06-30 12511151 bus:OrdinaryShareClass1 bus:Consolidated 2023-06-30 12511151 bus:Consolidated 2023-06-30 12511151 bus:Consolidated 2 2023-06-30 12511151 2 2023-06-30 12511151 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-06-30 12511151 core:CapitalRedemptionReserve 2023-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 12511151 core:ShareCapital 2023-06-30 12511151 core:ShareCapital bus:Consolidated 2023-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 12511151 core:CurrentFinancialInstruments 2023-06-30 12511151 core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 12511151 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 12511151 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-06-30 12511151 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 12511151 core:LandBuildings bus:Consolidated 2023-06-30 12511151 core:MotorVehicles bus:Consolidated 2023-06-30 12511151 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 12511151 bus:Consolidated 2022-07-01 2023-06-30 12511151 bus:Consolidated 3 2022-07-01 2023-06-30 12511151 core:CapitalRedemptionReserve 2022-07-01 2023-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2022-07-01 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-07-01 2023-06-30 12511151 core:ShareCapital 2022-07-01 2023-06-30 12511151 core:ShareCapital bus:Consolidated 2022-07-01 2023-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 12511151 core:JointVenture1 bus:Consolidated 2022-07-01 2023-06-30 12511151 core:Subsidiary1 bus:Consolidated 1 2022-07-01 2023-06-30 12511151 core:Subsidiary2 bus:Consolidated 1 2022-07-01 2023-06-30 12511151 core:Subsidiary3 bus:Consolidated 1 2022-07-01 2023-06-30 12511151 core:Subsidiary4 bus:Consolidated 1 2022-07-01 2023-06-30 12511151 core:Subsidiary5 bus:Consolidated 1 2022-07-01 2023-06-30 12511151 core:UKTax bus:Consolidated 2022-07-01 2023-06-30 12511151 2022-06-30 12511151 bus:Consolidated 2022-06-30 12511151 core:CapitalRedemptionReserve 2022-06-30 12511151 core:CapitalRedemptionReserve bus:Consolidated 2022-06-30 12511151 core:RetainedEarningsAccumulatedLosses 2022-06-30 12511151 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-06-30 12511151 core:ShareCapital 2022-06-30 12511151 core:ShareCapital bus:Consolidated 2022-06-30 12511151 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12511151

Roe Developments Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Roe Developments Holdings Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15 to 16

Notes to the Financial Statements

17 to 30

 

Roe Developments Holdings Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is that of a holding company.

The principal activity of the group is the provision of construction services and property development.

Fair review of the business

The results for the year and financial position are as shown in the financial statements.

The group delivered a good performance in the year, achieving operating margins within expectations despite inflationary pressure and supply chain issues which were experienced throughout the year. Turnover decreased by almost 10%, which is due to the disposal in May 2024 of half of the shares in Roe Developments (UK) Limited. The margin on this work was returned to levels seen in earlier years with the gross profit margin increasing from 9% to 21%. The group performed well and reported an operating profit of in excess of £5M. The group remains in a strong financial position with net assets at the year end in excess of £7M.

The Group operated through its two principal subsidiaries, Roe Developments (UK) Limited and Coney Green Developments (Clay Cross) Limited. In May 2024, the group disposed of half of the shares in Roe Developments (UK) Limited.

Roe Developments (UK) Limited provides construction services to customers who require a variety of work ranging from residential, to offices, commercial and industrial developments.

Coney Green Developments (Clay Cross) Limited develop their own properties either for resale or retain as part of their investment portfolio. This requires more working capital but also provides a greater return.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

28,341

31,417

Gross profit

£'000

5,944

2,917

Gross profit margin

%

21

9

 

Roe Developments Holdings Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

As with any business, the Group faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the Group to deliver its strategic objectives. Noted below is a summary of the Group’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the business. As such, their management is primarily the responsibility of the directors who are supported by the decision-making personnel.

Financial risk:
The Group’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders.

Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The group remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.

Market risk:
In order to minimise exposure to market risk, contracts are undertaken with a variety of clients. The risk of not focusing on completing the contractual obligations is recognised and therefore the group strives to fulfil these to a good quality, within time scale and budget. The success in this area generates repeat custom and protects the Group position in the market place.

Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to longer build times and increased costs, thereby reducing profitability and return on capital employed. Regular contact with suppliers is maintained, negotiating contract volumes, pricing and duration. High level and site-specific programme information is provided to the subcontractor base to aid with demand planning. When selecting subcontractors, competencies are considered particularly in relation to health and safety, quality, previous performance and financial stability. The management have built good relationships with subcontractors as management believes that loyalty is gained by treating subcontractors fairly and expecting the same in return. Investment is made in the training and development of the Group's own workforce.

Health and safety risk:
The Group has detailed procedures and policies in place to minimise health and safety risks which are inherent due to the nature of the business. The directors take this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

Mr D R Roe
Director

 

Roe Developments Holdings Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr D R Roe

Mrs J L Davies (appointed 28 June 2024)

Mr M Roe (appointed 28 June 2024)

Objectives and policies

The Group is exposed to financial risks that includes rapid changes in material costs and credit risks. The Group has in place a risk management monitoring process that seeks to limit the adverse effects on the financial performance of the Group by implementing appropriate credit policies to manage credit risks. Further details on the Group's financial risk management policies are included in the Strategic report.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The company remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 


Mr D R Roe
Director

 

Roe Developments Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Roe Developments Holdings Limited

Independent Auditor's Report to the Members of Roe Developments Holdings Limited

Opinion

We have audited the financial statements of Roe Developments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

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 course of 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Roe Developments Holdings Limited

Independent Auditor's Report to the Members of Roe Developments Holdings Limited

We have nothing to report in this regard.

Opinion on other matter 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

Roe Developments Holdings Limited

Independent Auditor's Report to the Members of Roe Developments Holdings Limited

the nature of the industry and sector, control environment and business performance;

the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

the key laws and regulations under which the business operates and whether management were aware of any instances of non-compliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;

enquiring of management, concerning any actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition, we have tested the calculation of contract revenue recognised based on the proportion of contract costs in incurred for the work performed to the balance sheet date relative to the estimates total forecast costs of the contract at completion, traced contract costs to the supporting invoices to ensure they are correctly recognised, performed
retrospective review of contracts to ensure estimated costs are accurate and appropriate and inquired with management regarding any unusual trends or potential loss making contracts;

in addressing the risk of fraud through the work in progress (WIP) costing, we have tested WIP additions to the stock balance to determine whether the costs have appropriately capitalised, by tracing these through to supporting invoices;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and

we also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Roe Developments Holdings Limited

Independent Auditor's Report to the Members of Roe Developments Holdings Limited

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 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.



Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

28 March 2025

 

Roe Developments Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

28,340,856

31,417,356

Cost of sales

 

(22,396,618)

(28,500,307)

Gross profit

 

5,944,238

2,917,049

Administrative expenses

 

(911,047)

(838,002)

Operating profit

4

5,033,191

2,079,047

Loss on disposal of subsidiary

 

(2,008,455)

-

Other interest receivable and similar income

5

133,901

51,378

Interest payable and similar expenses

6

(5,840)

(11,138)

Share of profit of equity accounted investees

13

14,098

-

Profit before tax

 

3,166,895

2,119,287

Tax on profit

10

(1,190,570)

(450,420)

Profit for the financial year

 

1,976,325

1,668,867

Profit/(loss) attributable to:

 

Owners of the company

 

1,976,325

1,668,867

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Roe Developments Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

1,976,325

1,668,867

Total comprehensive income for the year

1,976,325

1,668,867

Total comprehensive income attributable to:

Owners of the company

1,976,325

1,668,867

 

Roe Developments Holdings Limited

(Registration number: 12511151)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

69,120

359,155

Investment property

12

2,450,000

1,675,000

Investments

13

2,522,554

-

 

5,041,674

2,034,155

Current assets

 

Stocks

14

3,771,580

3,365,650

Debtors

15

2,163,340

7,509,163

Cash at bank and in hand

16

4,987,928

5,010,502

 

10,922,848

15,885,315

Creditors: Amounts falling due within one year

17

(8,932,576)

(7,689,605)

Net current assets

 

1,990,272

8,195,710

Total assets less current liabilities

 

7,031,946

10,229,865

Provisions for liabilities

18

-

(49,244)

Net assets

 

7,031,946

10,180,621

Capital and reserves

 

Called up share capital

20

150

150

Capital redemption reserve

150

150

Retained earnings

7,031,646

10,180,321

Equity attributable to owners of the company

 

7,031,946

10,180,621

Shareholders' funds

 

7,031,946

10,180,621

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 


Mr D R Roe
Director

 

Roe Developments Holdings Limited

(Registration number: 12511151)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

3,150

3,200

Current assets

 

Debtors

15

3,558,913

3,933,582

Cash at bank and in hand

16

4,687,340

3,134,514

 

8,246,253

7,068,096

Creditors: Amounts falling due within one year

17

(5,738,490)

(15,359)

Net current assets

 

2,507,763

7,052,737

Net assets

 

2,510,913

7,055,937

Capital and reserves

 

Called up share capital

20

150

150

Capital redemption reserve

150

150

Retained earnings

2,510,613

7,055,637

Shareholders' funds

 

2,510,913

7,055,937

The company made a profit after tax for the financial year of £579,976 (2023 - profit of £2,029,830).

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 


Mr D R Roe
Director

 

Roe Developments Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2023

150

150

10,180,321

10,180,621

10,180,621

Profit for the year

-

-

1,976,325

1,976,325

1,976,325

Total comprehensive income

-

-

1,976,325

1,976,325

1,976,325

Dividends

-

-

(5,125,000)

(5,125,000)

(5,125,000)

At 30 June 2024

150

150

7,031,646

7,031,946

7,031,946

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

300

-

10,531,454

10,531,754

10,531,754

Profit for the year

-

-

1,668,867

1,668,867

1,668,867

Total comprehensive income

-

-

1,668,867

1,668,867

1,668,867

Dividends

-

-

(1,230,000)

(1,230,000)

(1,230,000)

Purchase of own share capital

(150)

-

(790,000)

(790,150)

(790,150)

Other capital redemption reserve movements

-

150

-

150

150

At 30 June 2023

150

150

10,180,321

10,180,621

10,180,621

 

Roe Developments Holdings Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 July 2023

150

150

7,055,637

7,055,937

Profit for the year

-

-

579,976

579,976

Dividends

-

-

(5,125,000)

(5,125,000)

At 30 June 2024

150

150

2,510,613

2,510,913

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 July 2022

300

-

7,045,807

7,046,107

Profit for the year

-

-

2,029,830

2,029,830

Dividends

-

-

(1,230,000)

(1,230,000)

Purchase of own share capital

(150)

-

(790,000)

(790,150)

Other capital redemption reserve movements

-

150

-

150

At 30 June 2023

150

150

7,055,637

7,055,937

 

Roe Developments Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,976,325

1,668,867

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

70,994

52,339

Profit on disposal of tangible assets

4

-

(18,054)

Loss from disposals of investments

2,008,455

-

Finance income

5

(133,901)

(51,378)

Finance costs

6

5,840

11,138

Share of profit/loss of equity accounted investees

13

(14,098)

-

Tax expense

10

1,190,570

450,420

 

5,104,185

2,113,332

Working capital adjustments

 

Increase in stocks

 

(2,048,848)

(1,445,908)

Decrease/(increase) in trade debtors

 

1,020,191

(3,623,637)

(Decrease)/increase in trade creditors

 

(4,206,437)

2,691,349

Decrease in deferred income, including government grants

 

-

(6,704)

Cash generated from operations

 

(130,909)

(271,568)

Taxes paid

 

(491,703)

(705,768)

Net cash flow from operating activities

 

(622,612)

(977,336)

Cash flows from investing activities

 

Interest received

5

133,901

51,378

Acquisitions of tangible assets

11

(7,646)

(211,267)

Proceeds from sale of tangible assets

 

-

34,198

Advances of loans, classified as investing activities

 

1,778,799

-

Proceeds from disposal of subsidiary

 

500,000

-

Cash of subsidiary at disposal

 

(535,292)

-

Net cash flows from investing activities

 

1,869,762

(125,691)

Cash flows from financing activities

 

Interest paid

6

(5,840)

(11,138)

Payments for purchase of own shares

 

-

(790,000)

Repayment of other borrowing

 

3,861,116

912,536

Dividends paid

21

(5,125,000)

(1,230,000)

Net cash flows from financing activities

 

(1,269,724)

(1,118,602)

Net decrease in cash and cash equivalents

 

(22,574)

(2,221,629)

Cash and cash equivalents at 1 July

 

5,010,502

7,232,131

 

Roe Developments Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash and cash equivalents at 30 June

16

4,987,928

5,010,502

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registered number: 12511151

The principal place of business is:
Unit 6a
Church View
Coney Green Road
Chesterfield
Derbyshire
S45 9HA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The Company and Group's functional and presentational currency is GBP.

The Company has taken advantage of the exception allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The consolidated profit and loss account includes the results of Roe Developments (UK) Limited and Coney Green Developments (Clay Cross) Limited. 50% of the shares in Roe Developments (UK) were sold in May 2024. The consolidated accounts includes the figures for Roe Developments (UK) Limited up to the point of sale. Since the sale, the group's share of the profits have been included within the financial statements. As such, the comparative figures are not entirely comparable.

Coney Green Developments (Clay Cross) Limited is 100% owned and all subsidiaries are incorporated in England and Wales.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Key sources of estimation uncertainty

The estimates and assumptions that have the most significant impact on the carrying value of assets and liabilities of the Group within the next financial year are detailed as follows:

Contract judgements - Management's best estimate of the likely outcome of disputed amounts, legal cases and claims has been reflected in the recognition of revenues and costs of contract but the actual future outcome may be different.

Turnover and margin recognition - The Group's turnover recognition and margin recognition policies are central to how the group values the revenue and costs in each financial year. These policies require forecasts to be made of the outcomes of long-term contracts, which require assessments and judgements to be made on the costs to complete the project. Changes in the forecast as a result of changes in work scope, contract programmers, defects and maintenance liabilities impact the margin to be recognised.

Taxation - The Group is subject to tax and an estimate is required in determining the provision for taxes including the recognition of deferred tax assets. The Group provides for futures liabilities in respect of uncertain tax positions where additional tax may become payable in future periods and such provisions are based upon management's assessment of exposures. Assets are only recognised where it is reasonably certain additional tax will become payable in future periods and when the asset can be utilised.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the group's activities.

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probably that they will be recovered against the reversal of tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% and 10% per annum on cost

Furniture, fittings and equipment

25% per annum on reducing balance

Motor vehicles

25% per annum on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.


Long-term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of work done after specific provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. Excess progress payments are included in creditors as payments received on account. An appropriate proportion of the anticipated contract profit is recognised reflecting the work carried out to the balance sheet date and when the final outcome is reasonably certain.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Provision of construction services

27,279,807

31,237,591

Transfer from stock to investment property

775,000

-

Rental income from investment property

265,831

178,521

Other revenue

20,218

1,244

28,340,856

31,417,356

The amount of contract revenue recognised as turnover in the year was £28,054,807 (2023 - £31,237,591).

Contract revenue is determined based on the completion stage of the project. The gross amount due from customers for contract work, included in debtors at 30 June 2024, was £164,449 (2023 - £4,094,121). The gross amount due to customers for contract work, included in creditors at 30 June 2024, was £nil (2023 -£nil).

4

Operating profit

Arrived at after charging

2024
£

2023
£

Depreciation expense

70,994

52,339

Profit on disposal of property, plant and equipment

-

(18,054)

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

131,057

49,408

Other finance income

2,844

1,970

133,901

51,378

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

1,692

-

Interest expense on other finance liabilities

4,148

11,138

5,840

11,138

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,201,956

1,321,307

Social security costs

131,699

164,313

Pension costs, defined contribution scheme

183,102

47,209

Other employee expense

27,792

27,175

1,544,549

1,560,004

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

18

19

Administration and support

10

8

28

27

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

10,000

-

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

-

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

4,050

3,860

Audit of the financial statements of subsidiaries

8,210

14,960

12,260

18,820


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,200,421

424,929

UK corporation tax adjustment to prior periods

1,057

-

1,201,478

424,929

Deferred taxation

Arising from origination and reversal of timing differences

(10,908)

25,491

Tax expense in the income statement

1,190,570

450,420

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,166,895

2,119,287

Corporation tax at standard rate

791,724

529,822

Increase in UK tax from adjustment for prior periods

1,057

-

Tax decrease from effect of capital allowances and depreciation

(1,936)

(24,822)

Tax increase from other short-term timing differences

-

19,178

Effect of expense not deductible in determining taxable profit

410,633

2,825

Effect of tax losses

-

(8,488)

Deferred tax (credit)/expense relating to changes in tax rates or laws

(10,908)

25,491

Tax decrease from changes in tax provisions due to legislation

-

(93,586)

Total tax charge

1,190,570

450,420

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

49,244

49,244

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

193,304

85,291

358,114

636,709

Additions

-

7,646

-

7,646

Disposals

(116,504)

(92,937)

(358,114)

(567,555)

At 30 June 2024

76,800

-

-

76,800

Depreciation

At 1 July 2023

93,524

59,640

124,390

277,554

Charge for the year

11,976

6,653

52,365

70,994

Eliminated on disposal

(97,820)

(66,293)

(176,755)

(340,868)

At 30 June 2024

7,680

-

-

7,680

Carrying amount

At 30 June 2024

69,120

-

-

69,120

At 30 June 2023

99,780

25,651

233,724

359,155

Included within the net book value of land and buildings above is £69,120 (2023 - £99,780) in respect of freehold land and buildings.
 

12

Investment properties

Group

2024
£

At 1 July

1,675,000

Transferred from stock

775,000

At 30 June

2,450,000

Investment properties were constructed by one of the group companies and transferred to fixed assets at an open market value at that time. A valuation was carried out by FHP Property Consultants for the property transferred from stock in the current year and at the date of transfer from those in prior years. The directors do not believe there has been a change in the property values since the date of the relevant professional valuations.

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Roe Developments (UK) Limited*

Unit 6a Church View,
Coney Green Road,
Chesterfield,
Derbyshire,
S45 9HA

Ordinary

0%

100%

 

     

Coney Green Developments (Clay Cross) Limited*

Unit 6a Church View,
Coney Green Road,
Chesterfield,
Derbyshire,
S45 9HA

Ordinary

100%

100%

 

     

Roe Design and Build Limited*

Unit 6a Church View,
Coney Green Road,
Chesterfield,
Derbyshire,
S45 9HA

Ordinary

100%

100%

 

     

Roe Developments Limited*

Unit 6a Church View,
Coney Green Road,
Chesterfield,
Derbyshire,
S45 9HA

Ordinary

100%

100%

 

     

Roe Development Consultants Limited*

Unit 6a Church View,
Coney Green Road,
Chesterfield,
Derbyshire,
S45 9HA

Ordinary

100%

100%

 

     

Joint ventures

Roe Developments (UK) Limited*

Unit 6a
Church View
Coney Green Road
Clay Cross
Chesterfield
S45 9HA

Ordinary

50%

0%

 

     

* indicates direct investment of the company

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Subsidiary undertakings

The principal activity of Roe Developments (UK) Limited the provision of construction services.

The principal activity of Coney Green Developments (Clay Cross) Limited is property development.

The principal activity of Roe Design and Build Limited that of a dormant company.

The principal activity of Roe Developments Limited that of a dormant company.

The principal activity of Roe Development Consultants Limited is that of a dormant company.

Joint venture undertakings

Roe Developments (UK) Limited

The principal activity of the company is the provision of construction services.

Aggregate financial information of joint ventures

2024
£

2023
£

Group's share of profit or loss in joint ventures

14,098

-

Company

2024
£

2023
£

Investments in subsidiaries

3,150

3,200

Subsidiaries

£

Cost or valuation

At 1 July 2023

3,200

Disposals

(50)

At 30 June 2024

3,150

Carrying amount

At 30 June 2024

3,150

At 30 June 2023

3,200

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

3,771,580

3,365,650

-

-

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

15

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

915,476

2,421,900

-

-

Amounts owed by related parties

578,592

578,592

3,058,913

3,641,579

Other debtors

500,000

259,628

500,000

254,175

Prepayments

4,823

117,094

-

-

Accrued income

-

364

-

364

Gross amount due from customers for contract work

164,449

4,094,121

-

-

Corporation tax debtor

-

37,464

-

37,464

 

2,163,340

7,509,163

3,558,913

3,933,582

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

1,769

-

-

Cash at bank

4,987,928

5,008,733

4,687,340

3,134,514

4,987,928

5,010,502

4,687,340

3,134,514

17

Creditors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Due within one year

Trade creditors

29

2,338,149

-

-

Amounts due to related parties

8,457,498

2,279

5,701,699

5,279

Social security and other taxes

-

1,008,359

-

-

Accruals

92,159

4,002,438

10,116

10,080

Corporation tax liability

363,474

318,964

26,675

-

Deferred income

19,416

19,416

-

-

8,932,576

7,689,605

5,738,490

15,359

 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

49,244

49,244

Decrease through disposals

(49,244)

(49,244)

At 30 June 2024

-

-

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £183,102 (2023 - £47,209).

At the end of both June 2023 and June 2024, all pension contributions had been paid over and there were no amounts outstanding and included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

       

Rights, preferences and restrictions

The ordinary shares have full rights in the company regarding voting, dividends and capital distribution.

21

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £34,166.67 (2023 - £8,200.00) per each ordinary share

5,125,000

1,230,000

 

 
 

Roe Developments Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

22

Related party transactions

Group

Transactions with a director
In 2023 Mr D R Roe made payments to the company of £912,536 to repay the balance on his director's loan account. At the 2023 and 2024 year ends, no monies were owed to the company. Interest was charged on the outstanding loan in 2023 at HMRC's prescribed rate.

Summary of transactions with all entities with joint control or significant interest

Marroe Developments Limited
 A loan was made to Marroe Developments Limited, a company in which a director of Roe Developments Holdings Limited is also a director and shareholder. At 30 June 2024 £578,592 was owed to the group and is included in debtors (2023 - £578,592).
 
Roe Developments (UK) Limited
Since Roe Developments Holdings disposed of half of the shares in Roe Developments (UK) Limited, Coney Green Developments (Clay Cross) Limited, purchased goods and services to the value of £784,287 from Roe Developments (UK) Limited. At the balance sheet date, the group owed £4,594,102 to Roe Developments (UK) Limited. This is repayable on demand and is included within creditors in the financial statements.