Sure Roofs Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03884264 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

SURE ROOFS SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

D J Collier

R Collier

H Gunton

SECRETARY:

R Collier

REGISTERED OFFICE:

21 Market Place

Dereham

Norfolk

NR19 2AX

REGISTERED NUMBER:

03884264 (England and Wales)

ACCOUNTANTS:

Haworth & Co Limited

21 Market Place

Dereham

Norfolk

NR19 2AX

FIXED ASSETS

Tangible assets

4

114,124

142,969

CURRENT ASSETS

Stocks

107,129

125,883

Debtors

5

1,065,017

918,473

Cash at bank and in hand

232,119

335,458

1,404,265

1,379,814

CREDITORS

Amounts falling due within one year

6

418,979

540,785

NET CURRENT ASSETS

985,286

839,029

TOTAL ASSETS LESS CURRENT LIABILITIES

1,099,410

981,998

PROVISIONS FOR LIABILITIES

32,644

27,164

NET ASSETS

1,066,766

954,834

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,066,764

954,832

SHAREHOLDERS' FUNDS

1,066,766

954,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2020 and were signed on its behalf by:

D J Collier - Director

R Collier - Director

1.	STATUTORY INFORMATION

Sure Roofs Systems Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

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

Office equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2019

56,932

20,273

210,632

27,230

315,067

Additions

2,353

-

-

1,129

3,482

Disposals

-

-

(16,025

)

-

(16,025

)

At 29 February 2020

59,285

20,273

194,607

28,359

302,524

DEPRECIATION

At 1 March 2019

25,568

10,646

117,223

18,661

172,098

Charge for year

4,816

1,444

22,897

1,344

30,501

Eliminated on disposal

-

-

(14,199

)

-

(14,199

)

At 29 February 2020

30,384

12,090

125,921

20,005

188,400

NET BOOK VALUE

At 29 February 2020

28,901

8,183

68,686

8,354

114,124

At 28 February 2019

31,364

9,627

93,409

8,569

142,969

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2019

33,995

Transfer to ownership

(33,995

)

At 29 February 2020

-

DEPRECIATION

At 1 March 2019

10,623

Charge for year

5,843

Transfer to ownership

(16,466

)

At 29 February 2020

-

NET BOOK VALUE

At 29 February 2020

-

At 28 February 2019

23,372

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

913,274

890,353

Other debtors

151,743

28,120

1,065,017

918,473

Included within trade debtors are factored debts of £153,318 (2019: £184,337), which have been arranged though HSBC Invoice Finance (UK) Limited.

Included within other debtors is an amount of £26,481 (2019: £Nil) which is available to draw from HSBC Invoice Finance (UK) Limited against the factored debts collected.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Hire purchase contracts

-

10,425

Payments on account

-

19,886

Trade creditors

324,441

407,292

Taxation and social security

78,060

91,500

Other creditors

16,478

11,682

418,979

540,785

Included within trade creditors is £Nil (2019: £25,572) drawn from HSBC Invoice Finance (UK) Limited against factored debts in trade debtors.

7.	CONTINGENT LIABILITIES

8.	OTHER FINANCIAL COMMITMENTS

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019:

29.2.20

28.2.19

£

£

H Gunton

Balance outstanding at start of year

-

7,825

Amounts repaid

-

(7,825

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sure Roofs Systems Ltd for the year ended 29 February 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sure Roofs Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sure Roofs Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Sure Roofs Systems Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sure Roofs Systems Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sure Roofs Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sure Roofs Systems Ltd. You consider that Sure Roofs Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sure Roofs Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haworth & Co Limited

21 Market Place

Dereham

Norfolk

NR19 2AX

1 December 2020