REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 August 2024 |
for |
Nuneaton Roof Truss Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 August 2024 |
for |
Nuneaton Roof Truss Limited |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Nuneaton Roof Truss Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Strategic Report |
for the Year Ended 31 August 2024 |
The directors present their strategic report for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
The company's aim is continue to trade without the need for any further financing. The directors continue to monitor cash flows closely to ensure working capital requirements are met and cash resources are deployed commercially. |
Turnover, gross profit and net assets |
Turnover at £9.9m has decreased in comparison to £10.7m in the previous year. |
Net assets at the year end have increased to £2.8m compared to £2.5m at the end of 2023. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competitive Pressure |
The company is aware of the competitive pressure in the UK. The company responds to this pressure by continuing to provide quality products and service. |
Operational Risk |
Solid reporting systems and accurate and timely management information is reviewed by the directors monthly. |
Cyber Security Risk |
The company's IT infrastructure is an integral part of its operations. The systems and the data held within, require to be robust and private. The risks of compromised systems and data through a cyber attack or other security threat are key risks to the organisation. The company continually reviews its policies and security policies with a view to implementing appropriate levels of protection. |
Compliance Risk |
The company regularly monitors compliance with its own procedures and with legislation. This is reviewed formally in board meetings and informally, by senior management of the company. |
Liquidity Risk |
Liquidity risk is the risk the company will not be able to meet its financial obligations as they fall due. The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs. The directors are aware of the opinion that the risk management process adopted which involves the review, monitoring and where possible mitigation of risks identified is appropriate to the business. |
Financial Risk |
The company's finance department operates procedures designed to reduce or eliminate risk. The policies are approved by the Board and the use of financial instruments is strictly controlled. |
The company's principal financial instruments comprise cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The company does not use forward currency contracts to manage the currency rate risk arising from the company's operations.The company does not use interest rate swaps to manage the interest rate risks arising from the company's developments. |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Strategic Report |
for the Year Ended 31 August 2024 |
FUTURE DEVELOPMENTS |
The directors expect the general level of activity to remain consistent with the current period and continue to be profitable. |
ON BEHALF OF THE BOARD: |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Report of the Directors |
for the Year Ended 31 August 2024 |
The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacture of roof trusses and timber structures. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Nuneaton Roof Truss Limited |
Opinion |
We have audited the financial statements of Nuneaton Roof Truss Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 August 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard. |
Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Nuneaton Roof Truss Limited |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 four, 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 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. |
Report of the Independent Auditors to the Members of |
Nuneaton Roof Truss Limited |
Auditors' 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 a Report of the Auditors 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. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006, UK Corporate Governance, the Care Quality Commission (CQC) and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations; |
- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind any significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation |
- Enquiring of management as to actual and potential litigation and claims; |
- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and |
- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Nuneaton Roof Truss 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Statement of Income and Retained Earnings |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
233,034 | 702,296 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
264,890 | 709,050 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 8 | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Cash Flow Statement |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 131,016 | 2,000 |
Amount withdrawn by directors | (161,325 | ) | (3,812 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,078,950 |
Cash and cash equivalents at end of year | 2 | 621,697 | 1,449,918 |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Cash Flow Statement |
for the Year Ended 31 August 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.8.24 | 31.8.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Government grants | ( |
) |
Finance costs | 2,398 | 7,020 |
Finance income | (6,837 | ) | (5,741 | ) |
534,864 | 879,776 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 621,697 | 1,449,918 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 1,449,918 | 1,078,950 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,449,918 | (828,221 | ) | 621,697 |
1,449,918 | ( |
) | 621,697 |
Debt |
Finance leases | (11,602 | ) | (175,920 | ) | (187,522 | ) |
Debts falling due within 1 year | (64,604 | ) | 64,604 | - |
(76,206 | ) | (111,316 | ) | (187,522 | ) |
Total | 1,373,712 | (939,537 | ) | 434,175 |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Nuneaton Roof Truss Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and sources of estimation uncertainty |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The critical judgements that the directors have made in applying the company's accounting policies and the key sources of estimation uncertainty that have had the most significant affect on the amounts recognised in the financial statements are described below: |
Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of good is recognised on delivery. |
Tangible fixed assets |
Leasehold improvements | - |
Plant and machinery | - |
Biomass | - |
Motor vehicles | - |
Office equipment & fixtures | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Assets held under hire purchase contracts are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of the directors' personal pension schemes are charged to profit and loss in the period to which they relate. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and expense. |
Where material, the cost of any unused holiday entitlement's recognised in the period in which the employee's services are received. |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have prepared these financial statements on a going concern basis. |
The directors have reviewed the company balance sheet and management accounts prepared since the period end date allowing them to make a forecast on performance over the next 12 months from the date of approval of these financial statements, taking into account of reasonably possible downsides on the operations of its supply chain and financial resources, and have concluded that the company will have sufficient funds to meet its liabilities as they fall due for that period. The company manages its short to medium -term cash requirements through its substantial cash balances. |
The directors therefore believe that the company is well placed to withstand challenges presented by a market downturn. There are also a number of mitigating actions that could be taken, if required, to enhance liquid resources and reduce costs. |
The company's liquid resources and the prudence applied in forecasting means the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.8.24 | 31.8.23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31.8.24 | 31.8.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.8.24 | 31.8.23 |
Production | 37 | 46 |
Admin | 10 | 15 |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.8.24 | 31.8.23 |
£ | £ |
Directors' remuneration |
Directors' excess retirement benefits |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.8.24 | 31.8.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.8.24 | 31.8.23 |
£ | £ |
Bank interest |
Bank loan interest | ( |
) |
Hire purchase |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.8.24 | 31.8.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods |
Adjustment for corporation tax paid at 19% | - | (25,521 | ) |
Deferred tax charge | 20,805 | 7,681 |
Structural buildings allowance | (641 | ) | - |
Total tax (credit)/charge | (20,998 | ) | 163,621 |
8. | DIVIDENDS |
31.8.24 | 31.8.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
9. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and |
improvements | machinery | Biomass |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Office |
Motor | equipment |
vehicles | & fixtures | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The net book value of assets held under hire purchase agreements at 31st August 2024 is £146,018 (2023 - £34,260) |
10. | STOCKS |
31.8.24 | 31.8.23 |
£ | £ |
Raw materials |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
11. | DEBTORS |
31.8.24 | 31.8.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' loan accounts | 161,325 | 131,016 |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Tax |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 195,153 | 186,015 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Hire purchase contracts (see note 15) |
Other creditors |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.8.24 | 31.8.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.8.24 | 31.8.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 147,430 | 126,625 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Provided during year |
Balance at 31 August 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 20 | 20 |
Nuneaton Roof Truss Limited (Registered number: 03818006) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2023 |
Profit for the year |
At 31 August 2024 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
31.8.24 | 31.8.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged on overdrawn loan accounts at the official rate. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |