REGISTERED NUMBER: 07476657 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31 December 2024

for

COMPLETE ROOFING SYSTEMS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

6

Report of the Independent Auditors

7

Profit and Loss Account

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mr S J Lennon

Mr J R Lennon

Mrs F Lennon

REGISTERED OFFICE:

Unit 21 Adlington Court

Birchwood

Warrington

Cheshire

WA3 6PL

REGISTERED NUMBER:

07476657 (England and Wales)

SENIOR STATUTORY AUDITOR:

Leslie Arundale Leavitt FCCA

AUDITORS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

The directors present their strategic report for the year ended 31 December 2024.

The principal activity of the company during the year was that of a roofing contractor.

REVIEW OF BUSINESS

The company continues to specialise in roofing. The challenges of inflation, materials and labour availability and volatile energy costs that our industry was faced with in 2023 continued to some extent in 2024. However, the company was better equipped and prepared to deal with these challenges and was able to improve its trading performance significantly in the year.

The year ended 31 December 2024 recorded turnover of £26.5m (2023: £21.1m). The increase in turnover was due to an increase in sales volumes; the directors are pleased with the performance of the company in 2024.The turnover increase in 2024 is modest given the inflationary environment over the last couple of years, but this was very much intentional and was as a direct result of a high degree of selectivity around projects in order to manage our risk exposure and to focus on opportunities that we are best equipped to deliver.

The company's gross profit margin was 27.5% as opposed to 24.9% in the prior year. This increase reflects strong direct cost control during a volatile period in the economy.

Raw material supply was found to be stable in 2024. The team have continued to meet customer demand and maintain our customer base whilst developing new business.

Administrative expenses were £4.6m compared to £3.4m in the previous year. This was largely attributable to an increase in payroll costs during the year.

Profit before tax saw an increase of 46% to £2.7m compared to £1.9m in the previous year.

Despite volatile conditions over the last four years, a combination of financial strength and liquidity has provided the company with the confidence to continue to invest in the future as we seek to maintain a competitive advantage in what is a challenging period for the industry. During the period, the company continued to focus and invest in the technology and infrastructure to support an increasingly mobile workforce.

PRINCIPAL RISKS AND UNCERTAINTIES

Other than general economic risks, the principal risks facing the company are those relating to highly competitive bidding, inflation in the supply chain and changes to government planning and other regulations. The company enters into long-term contracts in the normal course of business. The length of these contracts introduces further commercial, inflation, client and supply chain risks to our business which can have an impact on the revenue and profit recognised on each contract.

The continuing conflict between Russia and Ukraine has disrupted worldwide supply chains and has resulted in significant increases in both inflation and interest rates, although the latter has begun to stabilise. The future trends in both inflation and interest rates remains uncertain and has generated volatility in both our customer base and the supply chain.

The directors continue to monitor the potential impact of the above issues on our clients.

KEY PERFORMANCE INDICATORS

The directors use a number of Key Performance Indicators (KPIs) to monitor and assess the health of the business.

Turnover

£26.5m (2023: £21.1m)

Gross profit

£7.3m (2023: £5.3m)

Gross profit margin

27.5% (2023: 24.9%)

Operating profit

£2.7m (2023: £1.9m)

Net current assets

£3.4m (2023: £2.2m)

Net assets

£3.6m (2023: £2.3m)

Cash and cash equivalents

£4.2m (2023: £2.2m)

Key performance indicators (KPIs) include revenue, gross profit and operating profit. These KPIs are selected as 'key' on the basis that the company is driven by gross profit margins on sales and the directors strive to keep margins as high as possible in order to preserve profit. Operating profit is also a KPI on the grounds that it is an indicator of business performance, whereas profit before tax may include exceptional items.

Non-financial KPIs

Non-financial KPIs include customer retention and sales volumes.

FUTURE DEVELOPMENTS

The directors sanctioned several investments in property, plant and equipment in 2024 which will continue into 2025 with a view to improving flexibility and efficiency in production, whilst reducing energy use.

We remain committed to our staff and their working environment. The board is committed to our various accreditations, as well as all necessary regulatory demands and environmental awareness (in particular sustainability and regulatory challenges).

The year ending 31 December 2025 has started with similar demand as in quarter 1 of 2024.

ON BEHALF OF THE BOARD:

Mr S J Lennon - Director

24 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends were declared during the year amounting to £741,000 (2023: £662,400).

The directors have recommended that no final dividend be paid for the year ended 31 December 2024 (2023: no final dividend).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr S J Lennon

Mr J R Lennon

Mrs F Lennon

FINANCIAL INSTRUMENTS

The company uses financial instruments and these include a bank loan, cash and various items such as trade debtors and creditors that arise directly from its operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below:

Liquidity risk

The company seeks to manage financial risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with trade debtors is irrecoverable debts. The company manages this risk through thorough credit checks on customers and the creditworthiness of customers is monitored continuously.

Interest rate risk

The company finances its operations primarily through retained profits and bank accounts. The company is exposed to interest rate risk in the event of an increase in such rates by the Bank of England. The company seeks to minimise this risk through preserving sufficient cash in order to meet its obligations under the terms of the bank loan.

The table below includes trade debtors and trade creditors which do not attract interest and are therefore subject to fair value interest rate risk.

Fixed

Floating

Zero

Total

£

£

£

£

Financial assets

Cash

-

4,233

-

4,233

Trade and other debtors

-

-

3,097

3,097

Amounts recoverable on contracts

-

-

1,049

1,049

Fixed

Floating

Zero

Total

£

£

£

£

Financial liabilities

Trade and other creditors

-

-

2,096

2,096

Deferred income

-

-

672

672

Accruals

-

-

1,330

1,330

Bank loan

-

70

-

70

Hire purchase contracts

166

-

-

166

FUTURE DEVELOPMENTS

Future developments are addressed in the strategic report.

GOING CONCERN

As at 31 December 2024, the company had free cash flow of £4.2m and access to undrawn bank facilities in the form of an invoice factoring account. It also had a strong forward order book.

The uncertainty as to the future impact on the company of external factors has been considered as part of the company's adoption of the going concern basis. The Board has completed an assessment as to the potential impact to the company in the event of certain downside scenarios, including a significant deterioration in revenues and productivity. A key component of this exercise is to highlight future discretionary expenditure on projects which could be avoided or deferred in order to protect the company's cash balances.

The financial statements have been prepared on a going concern basis which the directors believe is appropriate for the following reasons. The company currently meets its day-to-day working capital requirements through its cash balances and working capital. The directors have prepared and reviewed budgets and forecasts for a period up to 31 December 2025, which they consider to be achievable given the current levels of trading. The directors are confident the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008m, sch 7 to be contained in the directors' report. It has done so in respect of future developments.

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.

ON BEHALF OF THE BOARD:

Mr S J Lennon - Director

24 September 2025

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.

Opinion

We have audited the financial statements of Complete Roofing Systems Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 December 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

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 six, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and

- discussed matters about non-compliance with laws and regulations and how fraud may occur including an assessment of how, and where, the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are:

- FRS 102;

- Companies Act 2006; and

- Tax legislation.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with tax authorities and regulators.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and environmental regulations. We performed audit procedures to inquire of management and those charged with governance as to whether the company is in compliance with these laws and regulations and reviewing any notices published by the Health and Safety Executive. We also made inquiries with those charged with governance to identify any live and material claims or disputes with customers.

The audit engagement team identified the risk of management override of controls, revenue recognition and estimates in the valuation of stock as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

- Testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. This also included an assessment of whether the judgements made in making accounting estimates are indicative of potential bias.

- Testing a sample of revenue transactions recognised either side of the balance sheet date to determine whether revenue was recognised in the correct period.

- Challenging judgements and estimates applied in the valuation of work in progress and reviewing post-year end performance to determine whether these estimates were reasonable.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters which we are required to address

Without modifying our opinion, we draw attention to note 2 'Basis of preparing the financial statements' and the fact that the company's comparative financial statements were unaudited. For the year ended 31 December 2023, the company qualified as small and the directors took advantage of the exemption in section 477 of Companies Act 2006 and did not require the company to have its financial statements for the year then ended audited.

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.

Leslie Arundale Leavitt FCCA (Senior Statutory Auditor)

for and on behalf of Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

24 September 2025

TURNOVER

3

26,523,727

21,142,562

Cost of sales

19,225,186

15,875,358

GROSS PROFIT

7,298,541

5,267,204

Administrative expenses

4,565,844

3,385,757

OPERATING PROFIT

5

2,732,697

1,881,447

Interest receivable and similar income

979

27

2,733,676

1,881,474

Interest payable and similar expenses

6

23,947

23,086

PROFIT BEFORE TAXATION

2,709,729

1,858,388

Tax on profit

7

692,863

285,030

PROFIT FOR THE FINANCIAL YEAR

2,016,866

1,573,358

PROFIT FOR THE YEAR

2,016,866

1,573,358

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,016,866

1,573,358

FIXED ASSETS

Intangible assets

9

28,750

-

Tangible assets

10

320,926

334,684

349,676

334,684

CURRENT ASSETS

Debtors

11

4,413,808

5,440,188

Cash at bank

4,233,482

2,166,339

8,647,290

7,606,527

CREDITORS

Amounts falling due within one year

12

5,230,716

5,371,838

NET CURRENT ASSETS

3,416,574

2,234,689

TOTAL ASSETS LESS CURRENT LIABILITIES

3,766,250

2,569,373

CREDITORS

Amounts falling due after more than one year

13

(131,736

)

(210,046

)

PROVISIONS FOR LIABILITIES

17

(16,770

)

(17,449

)

NET ASSETS

3,617,744

2,341,878

CAPITAL AND RESERVES

Called up share capital

18

10

10

Retained earnings

19

3,617,734

2,341,868

SHAREHOLDERS' FUNDS

3,617,744

2,341,878

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr S J Lennon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10

1,430,910

1,430,920

Changes in equity

Dividends

-

(662,400

)

(662,400

)

Total comprehensive income

-

1,573,358

1,573,358

Balance at 31 December 2023

10

2,341,868

2,341,878

Changes in equity

Dividends

-

(741,000

)

(741,000

)

Total comprehensive income

-

2,016,866

2,016,866

Balance at 31 December 2024

10

3,617,734

3,617,744

1.	STATUTORY INFORMATION

Complete Roofing Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements 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' and the Companies Act 2006.

The company's functional and presentation currency is sterling.

The 2023 comparative figures were unaudited as the directors took exemption under section 477 of the Companies Act 2006 to not have the financial statements audited as the company qualified as a small company. The company no longer qualified as small for the year ended 31 December 2024 and hence the 2024 financial statements are the first ones subject to audit.

Going concern

As at 31 December 2024, the company had cash of £4.2m and had a strong forward order book.

The uncertainty as to the future impact on the company of external factors has been considered as part of the company's adoption of the going concern basis. The directors have completed an assessment as to the potential impact to the company in the event of certain downside scenarios, including a significant deterioration in revenues and productivity.

The financial statements have been prepared on the going concern basis which the directors believe is appropriate for the following reasons:

- The company currently meets its day-to-day working capital requirements through cash balances

- Interim financial statements indicate a good level of profit so far in the year to 31 December 2025

- The directors are confident the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of property, plant and equipment and intangible assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values (of both tangible and intangible assets) are re-assessed annually and are amended, when necessary, to reflect current estimates. Changes in residual values and economic lives are accounted for as a change in accounting estimate under Section 10 of FRS 102 'Accounting Policies, Estimates and Errors'.

Construction contract revenue

The company enters into long-term contracts in the normal course of business. The nature of such contracts introduces judgement and uncertainty into the recognition of revenue and profit for the business. Certain contracts may be subject to disputes. Such contracts have been reviewed by the directors and appropriate provisions have been made.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable (i.e. more likely than not) 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, VAT and other sales taxes.

Turnover on long-term construction contracts is recognised in accordance with the stage of completion of contractual obligations to the customer. The stage of completion of the contract at the balance sheet date is assessed by reference to the value of work done.

When the outcome of a contract cannot be assessed reliably, contract revenue and associated costs are recognised as revenue and costs respectively by reference to the stage of completion of the contract activity at the balance sheet date. Full provision is made for losses on all contracts in the period in which the loss is first foreseen.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised in the period in which they are incurred.

Intangible assets

Intangible assets represent bespoke software developed for use in the company's normal course of business. The software is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are measured under the cost model in FRS 102, Section 17 'Property, Plant and Equipment'. Residual values of fixed assets are calculated on current prices which the assets would fetch in the open market if they were of the age and condition expected at the end of their useful economic lives. Profits or losses on the disposal of fixed assets are included in the calculation of profit for the period.

The company does not have a capitalisation threshold.

At each balance sheet date, the directors review the useful lives and residual values of the company's assets and these are revised as necessary. Any revisions to useful lives and residual values are applied prospectively from the date of change.

Financial instruments

The company has elected to apply (where applicable) the provisions of FRS 102, Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets 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 trade and other debtors and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each balance sheet date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and accruals are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Tax charge and current tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with insignificant risk of change in value.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

(Unaudited)

£

£

Roofing

26,523,727

21,142,562

26,523,727

21,142,562

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

(Unaudited)

£

£

Wages and salaries

2,369,554

1,558,987

Social security costs

255,968

166,150

Other pension costs

75,163

37,501

2,700,685

1,762,638

The average number of employees during the year was as follows:

31.12.24

31.12.23

(Unaudited)

Administrative

17

12

Contracts

19

15

Productive

17

8

53

35

31.12.24

31.12.23

(Unaudited)

£

£

Directors' remuneration

104,873

243,680

Directors' pension contributions to money purchase schemes

1,724

1,634

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

(Unaudited)

£

£

Depreciation - owned assets

16,818

10,316

Depreciation - assets on hire purchase contracts

88,908

58,848

Loss on disposal of fixed assets

-

40,043

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

(Unaudited)

£

£

Bank loan interest

8,975

12,774

Hire purchase

14,972

10,312

23,947

23,086