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Registration number: 07709142

Myers Roofing (NW) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Myers Roofing (NW) Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Myers Roofing (NW) Ltd

Company Information

Directors

Mr Daniel Matthew Myers

Mrs Michelle Julie Myers

Registered office

Williamson Croft (Liverpool) Limited
1 Old Hall Street
First Floor
Liverpool
L3 9HF

Accountants

Williamson Croft (Liverpool) Ltd
Chartered Certified Accountants
1 Old Hall Street
1st Floor
Liverpool
L3 9HF

 

Myers Roofing (NW) Ltd

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

1,455,822

1,759,903

Cost of sales

 

(969,592)

(1,207,764)

Gross profit

 

486,230

552,139

Administrative expenses

 

(317,627)

(340,722)

Other operating income

 

7,600

1,500

Operating profit

 

176,203

212,917

Other interest receivable and similar income

 

3,329

1,430

Interest payable and similar expenses

 

(12,875)

(17,136)

   

(9,546)

(15,706)

Profit before tax

166,657

197,211

Tax on profit

 

(40,656)

(39,900)

Profit for the financial year

 

126,001

157,311

The above results were derived from continuing operations.

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

 

Myers Roofing (NW) Ltd

(Registration number: 07709142)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

216,516

213,033

Current assets

 

Stocks

5

19,000

53,000

Debtors

6

312,984

318,512

Cash at bank and in hand

 

100,957

101,409

 

432,941

472,921

Creditors: Amounts falling due within one year

7

(337,285)

(413,169)

Net current assets

 

95,656

59,752

Total assets less current liabilities

 

312,172

272,785

Creditors: Amounts falling due after more than one year

7

(145,648)

(167,262)

Net assets

 

166,524

105,523

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

166,522

105,521

Shareholders' funds

 

166,524

105,523

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Myers Roofing (NW) Ltd

(Registration number: 07709142)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mr Daniel Matthew Myers
Director

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Williamson Croft (Liverpool) Limited
1 Old Hall Street
First Floor
Liverpool
L3 9HF

These financial statements were authorised for issue by the Board on 24 April 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 income 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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures &Fittings

20% on a reducing balance basis

Computer equipment

20% on a straight line basis

Plant & machinery

20% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

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.

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 company will not be able to collect all amounts due according to the original terms of the receivables.

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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 company 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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 19).

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

10,363

87,352

5,668

492,244

595,627

Additions

239

4,212

4,450

66,658

75,559

Disposals

-

-

-

(48,971)

(48,971)

At 31 July 2024

10,602

91,564

10,118

509,931

622,215

Depreciation

At 1 August 2023

1,008

58,808

1,043

321,735

382,594

Charge for the year

1,891

6,257

1,505

40,644

50,297

Eliminated on disposal

-

-

-

(27,192)

(27,192)

At 31 July 2024

2,899

65,065

2,548

335,187

405,699

Carrying amount

At 31 July 2024

7,703

26,499

7,570

174,744

216,516

At 31 July 2023

9,355

28,544

4,625

170,509

213,033

5

Stocks

2024
£

2023
£

Other inventories

19,000

53,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

171,008

178,676

Other debtors

141,976

139,836

 

312,984

318,512

 

Myers Roofing (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

77,123

127,210

Trade creditors

 

100,084

52,764

Taxation and social security

 

97,787

53,960

Accruals and deferred income

 

58,733

176,720

Other creditors

 

3,558

2,515

 

337,285

413,169

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

145,648

167,262

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

       

9

Related party transactions

As at the year end there were amounts totalling £100,170 (2023:£71,547) owed by the directors. The amounts are unsecured, repayable on demand and interest is being charged.