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JT Roofing Systems Ltd

Registered Number
11076212
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

JT Roofing Systems Ltd
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

Rosie Garside
Jeff Trotter

Registered Address

Northwood Drift Cottage
Widdrington
Morpeth
NE61 5PN

Registered Number

11076212 (England and Wales)
JT Roofing Systems Ltd
Balance Sheet as at
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3180,95093,459
180,95093,459
Current assets
Stocks439,31817,068
Debtors158,61033,849
Cash at bank and on hand103,18885,358
301,116136,275
Creditors amounts falling due within one year5(146,307)(61,436)
Net current assets (liabilities)154,80974,839
Total assets less current liabilities335,759168,298
Creditors amounts falling due after one year6(33,870)(30,567)
Provisions for liabilities8(45,237)-
Net assets256,652137,731
Capital and reserves
Called up share capital22
Profit and loss account256,650137,729
Shareholders' funds256,652137,731
The financial statements were approved and authorised for issue by the Board of Directors on 30 April 2025, and are signed on its behalf by:
Jeff Trotter
Director
Registered Company No. 11076212
JT Roofing Systems Ltd
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Vehicles20-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 December 2329,37881,028-110,406
Additions53,79565,562677120,034
At 30 November 2483,173146,590677230,440
Depreciation and impairment
At 01 December 232,45214,495-16,947
Charge for year15,17617,2927532,543
At 30 November 2417,62831,7877549,490
Net book value
At 30 November 2465,545114,803602180,950
At 30 November 2326,92666,533-93,459
4.Stocks

2024

2023

££
Work in progress39,31817,068
Total39,31817,068
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables13,1592,742
Bank borrowings and overdrafts7,7506,895
Taxation and social security96,12739,447
Finance lease and HP contracts15,2668,039
Other creditors3,8312,633
Accrued liabilities and deferred income10,1741,680
Total146,30761,436
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,94515,103
Other creditors26,92515,464
Total33,87030,567
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts26,92515,464
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)45,237-
Total45,237-