Company Registration No. 07584655 (England and Wales)
PREMIER ROOF SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
PREMIER ROOF SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PREMIER ROOF SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,913
27,092
Current assets
Stocks
141,000
72,936
Debtors
4
191,380
112,447
Cash at bank and in hand
71,678
78,816
404,058
264,199
Creditors: amounts falling due within one year
5
(400,211)
(233,443)
Net current assets
3,847
30,756
Total assets less current liabilities
38,760
57,848
Creditors: amounts falling due after more than one year
6
(10,428)
(4,531)
Provisions for liabilities
(6,634)
(3,744)
Net assets
21,698
49,573
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
21,695
49,570
-
Total equity
21,698
49,573
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 31 March 2020 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.
T
he 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.
PREMIER ROOF SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 March 2021 and are signed on its behalf by:
Mr P Bostani
Director
Company Registration No. 07584655
PREMIER ROOF SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Premier Roof Systems Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8 Tyne Point Industrial Estate, Shaftsbury Avenue, Jarrow, NE32 3UP.
The company number is 07584655.
1.1
Accounting convention
These 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” (“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 a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the coronavirus pandemic. The directors consider that the impact of the pandemic to the date of approval of these accounts is not significant enough to create material uncertainty that the company will continue to be a going concern.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, 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:
Leasehold land and buildings
Over the remaining life of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
PREMIER ROOF SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price
.
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 cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term
.
PREMIER ROOF SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
The value of contract work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
19
14
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
8,118
74,027
82,145
Additions
-
16,320
16,320
At 31 March 2020
8,118
90,347
98,465
Depreciation and impairment
At 1 April 2019
7,089
47,964
55,053
Depreciation charged in the year
588
7,911
8,499
At 31 March 2020
7,677
55,875
63,552
Carrying amount
At 31 March 2020
441
34,472
34,913
At 31 March 2019
1,029
26,063
27,092
PREMIER ROOF SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
3
Tangible fixed assets
(Continued)
- 6 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Motor vehicles
13,617
5,663
13,617
5,663
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
127,829
80,641
Corporation tax recoverable
-
25,583
Other debtors
63,551
6,223
191,380
112,447
5
Creditors: amounts falling due within one year
2020
2019
£
£
Obligations under finance leases
3,598
1,599
Trade creditors
252,392
186,090
Corporation tax
22,581
13,407
Other taxation and social security
23,124
19,426
Other creditors
31,999
5,425
Accruals and deferred income
66,517
7,496
400,211
233,443
Assets held under finance lease obligations are secured on the assets to which they relate.
Included in the accruals and deferred income balance above, is £59,773 of income received in advance that has been deferred in these financial statements.
6
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Obligations under finance leases
10,428
4,531
Assets held under finance lease obligations are secured on the assets to which they relate.
PREMIER ROOF SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
22,032
28,480
9
Directors' loan accounts
At 31 March 2020, £
81
, £1
4,391
and £1
1,003
(1 April 2019: £5,661 (due from), £4,762 and £6,324) was due from Mr P Bostani,
and due to
Mr C Mullen and Mr J Blackwood, respectively. Amounts are interest free and repayable on demand.