ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: SC123604

FORSTER ROOFING SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FORSTER ROOFING SERVICES LIMITED

COMPANY INFORMATION

Directors	Mr J A G Forster
	Mrs J C Forster
	Mr N McIvor
	Mr B Raffell (resigned 1 July 2024)


Registered number	SC123604


Registered office	22 Commerce Street
	Brechin
	Angus
	DD9 7BD


Accountants	EQ Accountants Limited
	Chartered Accountants
	14 City Quay
	Dundee
	DD1 3JA

FORSTER ROOFING SERVICES LIMITED

REGISTERED NUMBER: SC123604

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
		£		£

Fixed assets
Intangible assets	4		15,393		6,940
Tangible assets	5		1,145,268		1,049,880
			1,160,661		1,056,820
Current assets
Stocks		22,162		22,000
Debtors		2,080,661		1,831,663
Cash at bank and in hand		238		56
		2,103,061		1,853,719
Creditors: amounts falling due within one year	6	(2,667,792)		(1,916,254)
Net current liabilities			(564,731)		(62,535)
Total assets less current liabilities			595,930		994,285
Creditors: amounts falling due after more than one year	7		(202,751)		(380,479)
Provisions for liabilities
Deferred tax		(38,704)		(59,538)
			(38,704)		(59,538)
Net assets			354,475		554,268

Capital and reserves
Called up share capital	626,500	626,500
Share premium account	7,383	7,383
Capital redemption reserve	20,336	20,336
Profit and loss account	(299,744)	(99,951)
	354,475	554,268

Page 1

FORSTER ROOFING SERVICES LIMITED

REGISTERED NUMBER: SC123604

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2025.

Mr J A G Forster

Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Forster Roofing Services Limited is a private company, limited by shares, domiciled in Scotlanf with registration number SC123604. The registered office and principal place of business is 22 Commerce Street, Brechin, Angus, DD9 7BD. The functional currency is Sterling (£)

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The company is reliant on the continured support of the bank, the directors and owners and at this point there is no reason to doubt that support will continue.
The company has prepared projectionsthat demonstrate that the company can continue to operate and have sufficient resources to meet liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
Consequently, the directors consider it is appropriate to perepare the financial statements on a going concern basis.

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FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	25%
Motor vehicles	-	20%
Office equipment	-	25%
Computer equipment	-	33%
Tenant's improvements	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 64 (2023 - 60).

Page 6

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Patents
		£
	Cost
	At 1 January 2024	6,940
	Additions	8,453
	At 31 December 2024	15,393

	Net book value
	At 31 December 2024	15,393
	At 31 December 2023	6,940

Page 7


		FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	5.	Tangible fixed assets

	Tenant's Improvements	Plant and machinery	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	187,228	259,210	1,231,710	2,660	153,841	1,834,649
Additions	2,739	11,453	245,689	-	153,759	413,640
Disposals	(3,332)	-	(187,196)	-	-	(190,528)
At 31 December 2024	186,635	270,663	1,290,203	2,660	307,600	2,057,761
Depreciation
At 1 January 2024	156,337	21,441	558,066	753	48,172	784,769
Charge for the year on owned assets	3,157	4,689	202,270	665	69,383	280,164
Disposals	(3,332)	-	(149,108)	-	-	(152,440)
At 31 December 2024	156,162	26,130	611,228	1,418	117,555	912,493
Net book value
At 31 December 2024	30,473	244,533	678,975	1,242	190,045	1,145,268
At 31 December 2023	30,891	237,769	673,644	1,907	105,669	1,049,880

Page 8

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	379,251	376,390
Bank loans	54,022	48,860
Trade creditors	1,194,135	749,879
Amounts owed to group undertakings	74,174	115,659
Other taxation and social security	99,881	58,299
Obligations under finance lease and hire purchase contracts	234,812	176,888
Other creditors	261,279	192,159
Accruals and deferred income	370,238	198,120
	2,667,792	1,916,254

The following liabilities were secured:

Details of security provided:

The bank overdrafts of £379,251 (2023 - £376,390), and bank loans of £54,022 (2023 - £48,860) are secured by Handelsbanksen plc with a bond and floating charge over all the assets of the company. There is also a cross-corporate guarantee covering all corporate members of the group to which Forster Roofing Services Limited belongs.
Net obligations under finance leases and hire purchase contracts are secured over the relevant assets.

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	38,428	93,183
Net obligations under finance leases and hire purchase contracts	164,323	287,296
	202,751	380,479

The following liabilities were secured:

Details of security provided:

The bank loans of £38,428 (2023 - £93,183) are secured by Handelsbanksen plc with a bond and floating charge over all the assets of the company. There is also a cross-corporate guarantee covering all corporate members of the group to which Forster Roofing Services Limited belongs.

8.	Share capital
		2024	2023
		£	£

Page 9

FORSTER ROOFING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.Share capital (continued)

Allotted, called up and fully paid

76,500 (2023 - 76,500) Ordinary shares of £1.00 each	76,500	76,500
550,000 (2023 - 550,000) Preference shares of £1.00 each	550,000	550,000

	626,500	626,500

Not later than 1 year	36,000	40,808
Later than 1 year and not later than 5 years	304	82,175
	36,304	122,983

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