Salter Roofing Limited 31/03/2023 iXBRL

Salter Roofing Limited 31/03/2023 iXBRL

SALTER ROOFING LIMITED - Company Information

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Company registration number: 03049531
Salter Roofing Limited
Unaudited filleted financial statements
31 March 2023
SALTER ROOFING LIMITED
DIRECTORS AND OTHER INFORMATION
Directors S D Salter
L S Salter
Secretary L S Salter
Company number 03049531
Registered office 26-28 Southernhay East
Exeter
Devon
EX1 1NS
Business address Ebford Mews
Ebford
Exeter
Devon
EX3 0PF
Accountants Westcotts
26-28 Southernhay East
Exeter
Devon
EX1 1NS
SALTER ROOFING LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 24,798 16,426
_______ _______
24,798 16,426
Current assets
Stocks 3,000 3,000
Debtors 6 268,897 325,559
Cash at bank and in hand 287,667 152,813
_______ _______
559,564 481,372
Creditors: amounts falling due
within one year 7 ( 206,920) ( 207,757)
_______ _______
Net current assets 352,644 273,615
_______ _______
Total assets less current liabilities 377,442 290,041
Provisions for liabilities ( 5,951) ( 3,122)
_______ _______
Net assets 371,491 286,919
_______ _______
Capital and reserves
Called up share capital 11 11
Profit and loss account 8 371,480 286,908
_______ _______
Shareholders funds 371,491 286,919
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 Section 1A of 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 18 December 2023 , 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 2023
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 8 ).
5. Tangible assets
Plant and machinery Motor vehicles Computer Equipment Total
£ £ £ £
Cost
At 1 April 2022 7,169 54,307 1,996 63,472
Additions 1,771 16,490 541 18,802
Disposals ( 3,801) ( 4,428) ( 685) ( 8,914)
_______ _______ _______ _______
At 31 March 2023 5,139 66,369 1,852 73,360
_______ _______ _______ _______
Depreciation
At 1 April 2022 6,496 39,243 1,307 47,046
Charge for the year 221 9,426 463 10,110
Disposals ( 3,481) ( 4,428) ( 685) ( 8,594)
_______ _______ _______ _______
At 31 March 2023 3,236 44,241 1,085 48,562
_______ _______ _______ _______
Carrying amount
At 31 March 2023 1,903 22,128 767 24,798
_______ _______ _______ _______
At 31 March 2022 673 15,064 689 16,426
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 87,486 159,187
Other debtors 181,411 166,372
_______ _______
268,897 325,559
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 29,738 49,758
Accruals and deferred income 4,156 3,672
Social security and other taxes 60,942 55,948
Other creditors 112,084 98,379
_______ _______
206,920 207,757
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 74,735) 260 ( 3,568) ( 78,043)
Director ( 23,644) 40,699 ( 51,096) ( 34,041)
_______ _______ _______ _______
( 98,379) 40,959 ( 54,664) ( 112,084)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 72,662) 1,495 ( 3,568) ( 74,735)
Director ( 13,682) 44,932 ( 54,894) ( 23,644)
_______ _______ _______ _______
( 86,344) 46,427 ( 58,462) ( 98,379)
_______ _______ _______ _______
10. Government grants
During the year the company was the recipient of government grants. The total funds recognised on an accruals basis from the UK Government during the year was £4,752 (2022: £5,266).