Salter Roofing Limited 31/03/2021 iXBRL

SALTER ROOFING LIMITED - Company Information

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Company registration number: 03049531

Salter Roofing Limited

Unaudited filleted financial statements

31 March 2021

SALTER ROOFING LIMITED

Contents

Statement of financial position

Notes to the financial statements

SALTER ROOFING LIMITED

STATEMENT OF FINANCIAL POSITION

31 MARCH 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	5	23,003		26,437
		_______		_______
			23,003		26,437

Current assets
Stocks		3,000		2,500
Debtors	6	121,999		125,118
Cash at bank and in hand		269,356		185,177
		_______		_______
		394,355		312,795
Creditors: amounts falling due
within one year	7	( 182,923)		( 155,277)
		_______		_______
Net current assets			211,432		157,518
			_______		_______
Total assets less current liabilities			234,435		183,955


Provisions for liabilities			( 4,371)		( 5,023)

			_______		_______
Net assets			230,064		178,932
			_______		_______

Capital and reserves
Called up share capital			11		11
Profit and loss account	8		230,053		178,921
			_______		_______
Shareholders funds			230,064		178,932
			_______		_______

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director s responsibilities:

- 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;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:

L S Salter

Director

Company registration number: 03049531

SALTER ROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.

Principal activity

The principal activity of the company is roofing and building contracting.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	10 %	straight line
Motor vehicles	-	25 %	straight line
Computer equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2020: 6 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Computer Equipment	Total
	£	£	£	£
Cost
At 1 April 2020	9,917	69,045	1,668	80,630
Additions	442	-	1,163	1,605
Disposals	( 2,341)	( 14,738)	-	( 17,079)
	_______	_______	_______	_______
At 31 March 2021	8,018	54,307	2,831	65,156
	_______	_______	_______	_______
Depreciation
At 1 April 2020	9,305	43,376	1,512	54,193
Charge for the year	183	4,477	379	5,039
Disposals	( 2,341)	( 14,738)	-	( 17,079)
	_______	_______	_______	_______
At 31 March 2021	7,147	33,115	1,891	42,153
	_______	_______	_______	_______
Carrying amount
At 31 March 2021	871	21,192	940	23,003
	_______	_______	_______	_______
At 31 March 2020	612	25,669	156	26,437
	_______	_______	_______	_______

6. Debtors

	2021	2020
	£	£
Trade debtors	102,786	104,416
Other debtors	19,213	20,702
	_______	_______
	121,999	125,118
	_______	_______

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	42,295	29,832
Accruals and deferred income	6,642	4,322
Social security and other taxes	47,642	51,038
Other creditors	86,344	70,085
	_______	_______
	182,923	155,277
	_______	_______

8. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

9. Director s advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:


	Loans to / (from) directors at 1 April 2020	Loans to / (from) the directors	Amounts repaid	Balance at 31 March 2021
	£	£	£	£
Director	( 70,084)	990	( 3,568)	( 72,662)
Director	4,219	34,059	( 51,960)	( 13,682)
	_______	_______	_______	_______
	( 65,865)	35,049	( 55,528)	( 86,344)
	_______	_______	_______	_______


	Loans to / (from) directors at 1 April 2019	Loans to / (from) the directors	Amounts repaid	Balance at 31 March 2020
	£	£	£	£
Director	( 67,872)	1,356	( 3,568)	( 70,084)
Director	13,381	32,129	( 41,291)	4,219
	_______	_______	_______	_______
	( 54,491)	33,485	( 44,859)	( 65,865)
	_______	_______	_______	_______

10. Coronavirus Job Retention Scheme

During the year the company was the recipient of economic benefits as a result of participating in the UK's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £20,469.