Company Registration No. 01176915 (England and Wales)
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
Annual report and financial statements
For the year ended 31 May 2021
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
COMPANY INFORMATION
Directors
A N Morris
M W Applebee
Ms M Humm
Mr K S Williams
Secretary
WSM Services Limited
Company number
01176915
Registered office
Applemor House Head Office
Campbell Road
Twickenham
Middlesex
TW2 5BY
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
Business address
Applemor House Head Office
Campbell Road
Twickenham
Middlesex
TW2 5BY
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Notes to the financial statements
9 - 18
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
STRATEGIC REPORT
For the year ended 31 May 2021
- 1 -
The directors present the strategic report for the year ended 31 May 2021.
true
Fair review of the business
The directors are pleased to report that the turnover has remained consistent with that achieved in the prior period.
Gross profit margin has increased to 24.6% (2020: 22%) driven by greater efficiency within the business.
During the next year the directors aim to consolidate their sales position by adding and developing new lines to the product mix and by continuing their investment in the business. They also continue to aim to increase the geographical area of distribution of the company.
Principal risks and uncertainties
Cash flow risk - The company's activities expose it primarily to the risk of customer bad debt. The company has customer credit record check procedures in place to minimise its exposure to potential bad debts and regular checks are carried out on balances to ensure action is taken at the earliest opportunity.
Liquidity risk - To maintain liquidity the company uses a mixture of long and short term debt finance. The company has benefited from low interest rates, which have allowed it to decrease long term debt reducing exposure to future changes to interest rates.
Price risk - The company is exposed to a very competitive marketplace and maintaining gross profit margins has been challenging. The company is continuing to identify new products to add to the product mix and is committed to increasing margins.
M W Applebee
Director
29 September 2021
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
DIRECTORS' REPORT
For the year ended 31 May 2021
- 2 -
The directors present their annual report and financial statements for the period from year ended 31 May 2021.
Principal activities
The principal activity of the company continued to be that of buying and selling roofing materials to both trade customers and the general public.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A N Morris
M W Applebee
A J Tansley
(Resigned 31 August 2020)
Ms M Humm
Mr K S Williams
Auditor
The auditor, WSM Advisors Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M W Applebee
Director
29 September 2021
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
For the year ended 31 May 2021
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
- 4 -
Opinion
We have audited the financial statements of Raven Roofing and Building Supplies Limited (the 'company') for the year ended 31 May 2021 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 May 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, enquiries with management as to the risks of non-compliance and any instances thereof
,
challenging assumptions and judgments made by management
, and
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sophie Holborn (Senior Statutory Auditor)
For and on behalf of WSM Advisors Limited
29 September 2021
Chartered Accountants
Statutory Auditor
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
For the year ended 31 May 2021
- 7 -
2021
2020
Notes
£
£
Revenue
3
19,667,047
19,796,262
Cost of sales
(14,812,974)
(15,433,629)
Gross profit
4,854,073
4,362,633
Selling and distribution costs
(647,639)
(705,027)
Administrative expenses
(3,588,702)
(4,063,044)
Other operating income
107,083
241,120
Operating profit/(loss)
4
724,815
(164,318)
Investment income
7
134
518
Finance costs
8
(24,557)
(43,133)
Profit/(loss) before taxation
700,392
(206,933)
Taxation
9
(141,654)
30,641
Profit/(loss) for the financial year
558,738
(176,292)
Total comprehensive profit/(loss) for the year
558,738
(176,292)
Retained earnings at 1 June 2020
759,475
935,767
Retained earnings at 31 May 2021
1,318,213
759,475
The income statement has been prepared on the basis that all operations are continuing operations.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 May 2021
- 8 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
81,037
131,608
Investments
11
1,300
1,300
82,337
132,908
Current assets
Inventories
12
1,202,650
1,401,631
Trade and other receivables
13
3,341,205
2,535,499
Cash and cash equivalents
524,850
136,942
5,068,705
4,074,072
Current liabilities
14
(3,830,801)
(3,439,826)
Net current assets
1,237,904
634,246
Total assets less current liabilities
1,320,241
767,154
Provisions for liabilities
Deferred tax liability
15
1,028
6,679
(1,028)
(6,679)
Net assets
1,319,213
760,475
Equity
Called up share capital
17
1,000
1,000
Retained earnings
1,318,213
759,475
Total equity
1,319,213
760,475
The financial statements were approved by the board of directors and authorised for issue on 29 September 2021 and are signed on its behalf by:
A N Morris
Director
Company Registration No. 01176915
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 May 2021
- 9 -
1
Accounting policies
Company information
Raven Roofing and Building Supplies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Applemor House Head Office
,
Campbell Road
,
Twickenham
,
Middlesex
,
TW2 5BY
.
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.
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 £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of
Cambrian London Limited.
These consolidated financial statements are available from its registered office,
133 - 137 Alexandra Road, Wimbledon, London, SW19 7JY.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a
undertaken an assessment of the adequacy of the resources available to the company including an assessment of the impact of Covid-19. The 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.
1.3
Revenue
Turnover represents the sale of roofing products during the period.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
- 10 -
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 improvements
10% on cost
Plant and machinery
10-15% on cost
Fixtures, fittings & equipment
15% on cost
Computer equipment
15% on cost
Motor vehicles
20% on cost
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
Inventories
Inventories 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 inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.6
Cash and cash equivalents
Cash and cash equivalents
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.
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 statement of financial position 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 trade and other receivables 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.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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 income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
- 12 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
An analysis of the company's revenue is as follows:
2021
2020
£
£
Revenue analysed by class of business
Roofing materials
19,667,045
19,796,263
2021
2020
£
£
Other significant revenue
Interest income
134
518
Government grants received
107,083
241,120
2021
2020
Revenue analysed by geographical market
United Kingdom
19,667,045
19,796,263
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
- 13 -
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
(107,083)
(241,120)
Fees payable to the company's auditor for the audit of the company's financial statements
13,275
12,900
Depreciation of owned property, plant and equipment
54,992
70,380
Operating lease charges
775,814
816,300
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Office and depot staff
48
60
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,409,885
2,435,309
Social security costs
140,100
274,366
Pension costs
53,357
157,960
1,603,342
2,867,635
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
85,380
857,452
Company pension contributions to defined contribution schemes
20,232
40,122
Compensation for loss of office
30,000
Sums paid to third parties for directors' services
37,157
172,769
897,574
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2020 - 4).
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
6
Directors' remuneration
(Continued)
- 14 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
n/a
368,723
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Investment income
2021
2020
£
£
Interest income
Interest on bank deposits
134
518
8
Finance costs
2021
2020
£
£
Interest on bank overdrafts and loans
24,557
43,109
Interest on finance leases and hire purchase contracts
24
24,557
43,133
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
118,120
Adjustments in respect of prior periods
3,063
Total current tax
121,183
Deferred tax
Origination and reversal of timing differences
20,471
(4,518)
Tax losses carried forward
(26,123)
Total deferred tax
20,471
(30,641)
Total tax charge/(credit)
141,654
(30,641)
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
9
Taxation
(Continued)
- 15 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit/(loss) before taxation
700,392
(206,933)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
133,074
(39,317)
Tax effect of expenses that are not deductible in determining taxable profit
5,318
4,021
Tax effect of utilisation of tax losses not previously recognised
(28,933)
Adjustments in respect of financial assets
8,660
9,173
Under/(over) provided in prior years
3,064
Movement in deferred tax
20,471
(4,518)
Taxation charge/(credit) for the year
141,654
(30,641)
10
Property, plant and equipment
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2020
200,919
85,939
179,047
158,692
126,725
751,322
Additions
2,002
2,419
4,421
At 31 May 2021
200,919
85,939
181,049
161,111
126,725
755,743
Depreciation and impairment
At 1 June 2020
176,357
74,801
130,617
114,021
123,918
619,714
Depreciation charged in the year
20,092
2,565
14,651
15,201
2,483
54,992
At 31 May 2021
196,449
77,366
145,268
129,222
126,401
674,706
Carrying amount
At 31 May 2021
4,470
8,573
35,781
31,889
324
81,037
At 31 May 2020
24,562
11,138
48,430
44,671
2,807
131,608
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
- 16 -
11
Fixed asset investments
2021
2020
£
£
Unlisted investments
1,300
1,300
12
Inventories
2021
2020
£
£
Raw materials and consumables
1,202,650
1,401,631
13
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
2,471,207
1,485,610
Corporation tax recoverable
2,963
Amounts owed by group undertakings
8,333
Other receivables
756,085
833,869
Prepayments and accrued income
105,580
186,934
3,341,205
2,509,376
Deferred tax asset (note 15)
26,123
3,341,205
2,535,499
14
Current liabilities
2021
2020
Notes
£
£
Bank loans and overdrafts
714,701
Trade payables
3,164,798
1,712,506
Corporation tax
118,120
Other taxation and social security
287,163
675,470
Other payables
69,651
90,172
Accruals and deferred income
191,069
246,977
3,830,801
3,439,826
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
- 17 -
15
Deferred taxation
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Balances:
£
£
£
£
Accelerated capital allowances
1,028
6,679
-
-
Tax losses
-
-
-
26,123
1,028
6,679
-
26,123
2021
Movements in the year:
£
Asset at 1 June 2020
(19,444)
Charge to profit or loss
20,472
Liability at 31 May 2021
1,028
16
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,357
157,960
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1 each
1,000
1,000
RAVEN ROOFING AND BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2021
- 18 -
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
369,171
635,783
Between two and five years
1,004,764
1,215,279
In over five years
72,125
167,416
1,446,060
2,018,478
19
Related party transactions
a. TAM Projects Limited
Two current directors of the Company are also directors and shareholders of TAM Projects Limited. During the year the company paid rents, excluding VAT, to TAM Projects Limited of £70,380 (2020: £70,380).
b. Administrative services
During the year £4,000 (2020: £37,031) was paid to a company which is associated with a director. The company provided additional support in administrative and secretarial services.
c. Site rental
During the year £34,500 (2020: £55,200) was paid to close family members of two of the directors as rent for use of one of the branch sites which they own.
During the year £20,700 (2020: £nil) was paid to two of the directors as rent for use of one of the branch sites which they own.
d. Related employees
During the year £nil (2020: £171,524) was paid to close family members of the directors as salaries for work they completed.
20
Ultimate controlling party
The company is a subsidiary of
Cambrian London Limited
, which owns 100% of the share capital and is the ultimate controlling party.
Cambrian London Limited draws up consolidated financial statements, in which it incorporates Raven Roofing and Building Supplies Limited. These consolidated financial statements are the smallest and largest financial statements in which the entity is consolidated. The registered office is 133 - 137 Alexandra Road, London, SW19 7JY.
2021-05-31
2020-06-01
false
CCH Software
CCH Accounts Production 2021.200
A N Morris
M W Applebee
A J Tansley
Ms M Humm
Mr K S Williams
WSM Services Limited
01176915
2020-06-01
2021-05-31
01176915
bus:Director1
2020-06-01
2021-05-31
01176915
bus:Director2
2020-06-01
2021-05-31
01176915
bus:Director4
2020-06-01
2021-05-31
01176915
bus:Director5
2020-06-01
2021-05-31
01176915
bus:CompanySecretary1
2020-06-01
2021-05-31
01176915
bus:Director3
2020-06-01
2021-05-31
01176915
bus:RegisteredOffice
2020-06-01
2021-05-31
01176915
2021-05-31
01176915
2019-06-01
2020-05-31
01176915
core:RetainedEarningsAccumulatedLosses
2020-05-31
01176915
2019-05-31
01176915
core:RetainedEarningsAccumulatedLosses
2021-05-31
01176915
core:RetainedEarningsAccumulatedLosses
2020-05-31
01176915
core:ShareCapital
2021-05-31
01176915
core:ShareCapital
2020-05-31
01176915
2020-05-31
01176915
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-05-31
01176915
core:PlantMachinery
2021-05-31
01176915
core:FurnitureFittings
2021-05-31
01176915
core:ComputerEquipment
2021-05-31
01176915
core:MotorVehicles
2021-05-31
01176915
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-05-31
01176915
core:PlantMachinery
2020-05-31
01176915
core:FurnitureFittings
2020-05-31
01176915
core:ComputerEquipment
2020-05-31
01176915
core:MotorVehicles
2020-05-31
01176915
core:CurrentFinancialInstruments
core:WithinOneYear
2021-05-31
01176915
core:CurrentFinancialInstruments
core:WithinOneYear
2020-05-31
01176915
core:CurrentFinancialInstruments
2021-05-31
01176915
core:CurrentFinancialInstruments
2020-05-31
01176915
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-06-01
2021-05-31
01176915
core:PlantMachinery
2020-06-01
2021-05-31
01176915
core:FurnitureFittings
2020-06-01
2021-05-31
01176915
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-06-01
2021-05-31
01176915
core:MotorVehicles
2020-06-01
2021-05-31
01176915
1
2020-06-01
2021-05-31
01176915
1
2019-06-01
2020-05-31
01176915
core:UKTax
2020-06-01
2021-05-31
01176915
core:UKTax
2019-06-01
2020-05-31
01176915
2
2020-06-01
2021-05-31
01176915
2
2019-06-01
2020-05-31
01176915
3
2020-06-01
2021-05-31
01176915
3
2019-06-01
2020-05-31
01176915
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-05-31
01176915
core:PlantMachinery
2020-05-31
01176915
core:FurnitureFittings
2020-05-31
01176915
core:ComputerEquipment
2020-05-31
01176915
core:MotorVehicles
2020-05-31
01176915
2020-05-31
01176915
core:ComputerEquipment
2020-06-01
2021-05-31
01176915
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2021-05-31
01176915
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2020-05-31
01176915
core:WithinOneYear
2021-05-31
01176915
core:WithinOneYear
2020-05-31
01176915
core:BetweenTwoFiveYears
2021-05-31
01176915
core:BetweenTwoFiveYears
2020-05-31
01176915
core:MoreThanFiveYears
2021-05-31
01176915
core:MoreThanFiveYears
2020-05-31
01176915
bus:PrivateLimitedCompanyLtd
2020-06-01
2021-05-31
01176915
bus:FRS102
2020-06-01
2021-05-31
01176915
bus:Audited
2020-06-01
2021-05-31
01176915
bus:FullAccounts
2020-06-01
2021-05-31
xbrli:pure
xbrli:shares
iso4217:GBP