Registered number
01490532
Fulwood Roofing Services (Northern) Limited
Filleted Accounts
31 December 2024
Fulwood Roofing Services (Northern) Limited
Registered number: 01490532
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 161,426 133,865
Current assets
Stocks 10,800 10,800
Debtors 5 781,711 1,354,934
Cash at bank and in hand 3,821,688 3,166,289
4,614,199 4,532,023
Creditors: amounts falling due within one year 6 (794,833) (994,148)
Net current assets 3,819,366 3,537,875
Total assets less current liabilities 3,980,792 3,671,740
Creditors: amounts falling due after more than one year 7 (37,490) -
Provisions for liabilities (28,330) (17,482)
Net assets 3,914,972 3,654,258
Capital and reserves
Called up share capital 152 152
Share premium 52 52
Profit and loss account 3,914,768 3,654,054
Shareholders' funds 3,914,972 3,654,258
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S K Bithell
Director
Approved by the board on 11 April 2025
Fulwood Roofing Services (Northern) Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery between 4 and 12.5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
Depreciation of motor vehicles has been restated in the comparative year to correct an accounting inconsistency. The impact of the prior year adjustment is shown below:
2023
£
Tangible fixed assets motor vehicles depreciation charge (16,502)
Profit and loss depreciation charge for motor vehicles 16,502
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 14
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 73,438 258,078 331,516
Additions - 83,153 83,153
Disposals - (36,370) (36,370)
At 31 December 2024 73,438 304,861 378,299
Depreciation
At 1 January 2024 61,703 135,948 197,651
Charge for the year 1,467 47,491 48,958
On disposals - (29,736) (29,736)
At 31 December 2024 63,170 153,703 216,873
Net book value
At 31 December 2024 10,268 151,158 161,426
At 31 December 2023 11,735 122,130 133,865
5 Debtors 2024 2023
£ £
Trade debtors 715,994 1,237,825
Other debtors 65,717 117,109
781,711 1,354,934
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,027 -
Trade creditors 345,352 251,529
Taxation and social security costs 316,251 555,119
Other creditors 128,203 187,500
794,833 994,148
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 37,490 -
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 23,420 23,420
9 Related party transactions
The directors and the parent company are related parties. At 31 December, the following loans were owed (by the company) or to the company by the related parties. The loans were short term, interest free, unsecured loans and are repayable upon demand:
2024 2023
£ £
Directors' Loan Account (767) (767)
Fulwood Roofing Systems Limited (7,571) 37,429
10 Controlling party
The ultimate controlling party is the company's parent company, Fulwood Roofing Systems Limited.
11 Other information
Fulwood Roofing Services (Northern) Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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