Registration number:
Hodge Single Ply Roofing Limited
for the
Year Ended 31 December 2024
Hodge Single Ply Roofing Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Hodge Single Ply Roofing Limited
Company Information
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Directors |
Mrs BG Hodge GJ Hodge |
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Company secretary |
Mrs BG Hodge |
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Registered office |
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Accountants |
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Hodge Single Ply Roofing Limited
(Registration number: 04195350)
Balance Sheet as at 31 December 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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.
Hodge Single Ply Roofing Limited
(Registration number: 04195350)
Balance Sheet as at 31 December 2024
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
11 Warne Park
Warne Road
Weston-super-Mare
Somerset
BS23 3TP
United Kingdom
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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.
The presentation currency of the financial statements is the Pound Sterling (£). All monetary amounts are rounded to the nearest pound.
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
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 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.
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.
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Improvements to leasehold property |
Straight line over 10 years |
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Furniture, fixtures and equipment |
15% reducing balance/straight line over 3 years |
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Motor vehicles |
25% reducing balance |
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Property, plant and equipment |
15% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
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.
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company during the year, was
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Improvements to leasehold property |
Furniture, fittings and equipment |
Motor vehicles |
Property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
- |
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Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets (continued) |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
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2024 |
2023 |
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Motor vehicles |
40,856 |
54,474 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors falling due within one year include net obligations under finance lease and hire purchase contracts which are secured of £23,188 (2023 - £22,251).
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors falling due after more than one year include net obligations under finance lease and hire purchase contracts which are secured of £5,943 (2023 - £29,131).
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Hire purchase contracts |
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Current loans and borrowings
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2024 |
2023 |
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Hire purchase contracts |
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Deferred tax and other provisions |
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Deferred tax |
Total |
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At 1 January 2024 |
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Increase (decrease) in existing provisions |
( |
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At 31 December 2024 |
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On 4 November 2022 the company received an Accelerated Payment Notice (APN) relating to PAYE and NIC considered due by HM Revenue & Customs in respect of a remuneration scheme undertaken in the year ended 5 April 2015. The directors were of the opinion that the payments made to the scheme would not result in a PAYE or NIC liability and as such, no provision has previously been made in the financial statements for any amounts that may be due. It has not been proven that PAYE and NIC is due on the amounts involved but the APN has been issued and, as the company has no right to appeal an APN, it paid the amount considered to be due in January 2023. A provision for the amount paid was included in the financial statements which is being shown as a payment on account within other debtors until formal settlement of the scheme is reached.
As of the date the balance sheet was signed, no correspondence has been received regarding the finalisation of the HM Revenue and Customs decision.
Hodge Single Ply Roofing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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GJ and Mrs BG Hodge |
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Directors loan account |
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( |
( |
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2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
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GJ and Mrs BG Hodge |
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Directors loan account |
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( |
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Beneficial loan interest has been charged on the overdrawn loan balance at HMRC's official rate of interest.
Following repayment of the loan, the directors consider the credit loan balance as being interest free and repayable on demand.