ADL_ROOFING_DISTRIBUTORS_ - Accounts


Company Registration No. 07265546 (England and Wales)
ADL ROOFING DISTRIBUTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
ADL ROOFING DISTRIBUTORS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADL ROOFING DISTRIBUTORS LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
56,024
74,699
Current assets
Stocks
36,000
34,000
Debtors
4
285,946
240,007
Cash at bank and in hand
79,349
121,257
401,295
395,264
Creditors: amounts falling due within one year
5
(223,512)
(230,259)
Net current assets
177,783
165,005
Total assets less current liabilities
233,807
239,704
Creditors: amounts falling due after more than one year
6
(37,946)
(53,305)
Provisions for liabilities
(10,645)
(14,193)
Net assets
185,216
172,206
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
185,116
172,106
Total equity
185,216
172,206

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ADL ROOFING DISTRIBUTORS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 January 2019 and are signed on its behalf by:
D Lowe
A J M Lowe
Director
Director
Company Registration No. 07265546
ADL ROOFING DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information

ADL Roofing Distributors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o Lonsdale & Marsh, 7th Floor, Cotton House, Old Hall Street, Liverpool, L3 9TX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Impairment of fixed 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.

1.5
Stocks

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

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ADL ROOFING DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
1.7
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.

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 of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and accruals that are classified as debt, 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

ADL ROOFING DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017 and 30 June 2018
110,748
Depreciation and impairment
At 1 July 2017
36,049
Depreciation charged in the year
18,675
At 30 June 2018
54,724
Carrying amount
At 30 June 2018
56,024
At 30 June 2017
74,699
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
284,257
238,203
Other debtors
1,689
1,804
285,946
240,007
ADL ROOFING DISTRIBUTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
129,976
152,791
Taxation and social security
65,310
49,282
Other creditors
28,226
28,186
223,512
230,259
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
37,946
53,305
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
100
100
100
2018-06-302017-07-01falseCCH SoftwareCCH Accounts Production 2018.300No description of principal activity15 January 2019D LoweA J M LoweR L Pennington2019-01-15072655462017-07-012018-06-30072655462018-06-30072655462017-06-3007265546core:OtherPropertyPlantEquipment2018-06-3007265546core:OtherPropertyPlantEquipment2017-06-3007265546core:CurrentFinancialInstruments2018-06-3007265546core:CurrentFinancialInstruments2017-06-3007265546core:Non-currentFinancialInstruments2018-06-3007265546core:Non-currentFinancialInstruments2017-06-3007265546core:ShareCapital2018-06-3007265546core:ShareCapital2017-06-3007265546core:RetainedEarningsAccumulatedLosses2018-06-3007265546core:RetainedEarningsAccumulatedLosses2017-06-3007265546core:ShareCapitalOrdinaryShares2018-06-3007265546core:ShareCapitalOrdinaryShares2017-06-3007265546bus:Director12017-07-012018-06-3007265546bus:Director22017-07-012018-06-3007265546core:PlantMachinery2017-07-012018-06-3007265546core:MotorVehicles2017-07-012018-06-30072655462016-07-012017-06-3007265546core:OtherPropertyPlantEquipment2017-06-3007265546core:OtherPropertyPlantEquipment2017-07-012018-06-3007265546bus:OrdinaryShareClass12017-07-012018-06-3007265546bus:OrdinaryShareClass12018-06-3007265546bus:PrivateLimitedCompanyLtd2017-07-012018-06-3007265546bus:FRS1022017-07-012018-06-3007265546bus:AuditExemptWithAccountantsReport2017-07-012018-06-3007265546bus:SmallCompaniesRegimeForAccounts2017-07-012018-06-3007265546bus:CompanySecretary12017-07-012018-06-3007265546bus:FullAccounts2017-07-012018-06-30xbrli:purexbrli:sharesiso4217:GBP