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Company No: 02406740 (England and Wales)

A.A.C. WATERPROOFING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

A.A.C. WATERPROOFING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

A.A.C. WATERPROOFING LIMITED

BALANCE SHEET

As at 31 December 2024
A.A.C. WATERPROOFING LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,341 285,919
2,341 285,919
Current assets
Stocks 41,575 28,426
Debtors 4 568,766 528,354
Cash at bank and in hand 3,588 308
613,929 557,088
Creditors: amounts falling due within one year 5 ( 498,891) ( 593,567)
Net current assets/(liabilities) 115,038 (36,479)
Total assets less current liabilities 117,379 249,440
Creditors: amounts falling due after more than one year 6 ( 26,313) ( 54,899)
Net assets 91,066 194,541
Capital and reserves
Called-up share capital 7 1,000 1,000
Revaluation reserve 0 219,850
Profit and loss account 90,066 ( 26,309 )
Total shareholders' funds 91,066 194,541

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

Directors' responsibilities:

The financial statements of A.A.C. Waterproofing Limited (registered number: 02406740) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

I W Parry
Director
A.A.C. WATERPROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
A.A.C. WATERPROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AAC Waterproofing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line
Fixtures and fittings 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2024 283,239 210,678 65,079 558,996
Additions 0 0 2,367 2,367
Disposals ( 283,239) ( 210,678) 0 ( 493,917)
At 31 December 2024 0 0 67,446 67,446
Accumulated depreciation
At 01 January 2024 0 209,169 63,908 273,077
Charge for the financial year 0 683 1,197 1,880
Disposals 0 ( 209,852) 0 ( 209,852)
At 31 December 2024 0 0 65,105 65,105
Net book value
At 31 December 2024 0 0 2,341 2,341
At 31 December 2023 283,239 1,509 1,171 285,919

4. Debtors

2024 2023
£ £
Trade debtors 546,936 504,981
Other debtors 21,830 23,373
568,766 528,354

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 167,102 343,984
Trade creditors 216,808 120,413
Taxation and social security 70,952 38,097
Other creditors 44,029 91,073
498,891 593,567

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 26,313 54,899

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Contingencies

Contingent liabilities

The company offers a 20 year guarantee on all roofing systems installed. The directors do not believe this will result in any material loss to the company in the foreseeable future.