Compass Roofing Limited Accounts
Compass Roofing Limited Accounts
Compass Roofing Limited FILLETED ACCOUNTS COVER |
Company No. SC236810 | |||||||||
Compass Roofing Limited DIRECTORS REPORT REGISTRAR |
The Directors present their report and the accounts for the year ended 30 June 2018. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
L. Miller | |||||||||
S. Miller | |||||||||
Signed on behalf of the board | |||||||||
S. Miller | |||||||||
Company Secretary | |||||||||
31 August 2018 |
Compass Roofing Limited BALANCE SHEET REGISTRAR |
at | ||||||||||
Company No. | Notes | 2018 | 2017 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 3 | |||||||||
Tangible assets | 4 | |||||||||
Current assets | ||||||||||
Stocks | 5 | |||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | 8 | ( | ( | |||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Capital redemption reserve | 9 | |||||||||
Profit and loss account | 9 | |||||||||
Total equity | ||||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 31 August 2018 | ||||||||||
And signed on its behalf by: | ||||||||||
S. Miller | ||||||||||
Director |
Compass Roofing Limited NOTES TO THE ACCOUNTS REGISTRAR |
for the year ended 30 June 2018 | ||||||||||||||
1 | Accounting policies | |||||||||||||
Basis of preparation | ||||||||||||||
Turnover | ||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Intangible fixed assets | ||||||||||||||
Taxation | ||||||||||||||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Motor vehicles | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
Stocks | ||||||||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Leased assets | ||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||
Pensions | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
2 | Employees | |||||||||||||
2018 | 2017 | |||||||||||||
Number | Number | |||||||||||||
The average number of persons employed during the year : | ||||||||||||||
3 | Intangible fixed assets | |||||||||||||
Goodwill | Total | |||||||||||||
£ | £ | |||||||||||||
Cost | ||||||||||||||
At 1 July 2017 | ||||||||||||||
At 30 June 2018 | ||||||||||||||
Amortisation and impairment | ||||||||||||||
At 1 July 2017 | ||||||||||||||
At 30 June 2018 | ||||||||||||||
Net book values | ||||||||||||||
At 30 June 2018 | ||||||||||||||
At 30 June 2017 | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Motor vehicles | Fixtures, fittings and equipment | Total | ||||||||||||
£ | £ | £ | ||||||||||||
Cost or revaluation | ||||||||||||||
At 1 July 2017 | ||||||||||||||
Additions | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 30 June 2018 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 July 2017 | ||||||||||||||
Charge for the year | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 30 June 2018 | ||||||||||||||
Net book values | ||||||||||||||
At 30 June 2018 | ||||||||||||||
At 30 June 2017 | ||||||||||||||
5 | Stocks | |||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Raw materials and consumables | ||||||||||||||
6 | Debtors | |||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Corporation tax recoverable | ||||||||||||||
Loans to directors | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Other loans | ||||||||||||||
Trade creditors | ||||||||||||||
Other taxes and social security | ||||||||||||||
Loans from directors | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
8 | Provisions for liabilities | |||||||||||||
Deferred taxation | ||||||||||||||
Accelerated capital allowances, losses and other timing differences | Total | |||||||||||||
£ | £ | |||||||||||||
At 1 July 2017 | 6,728 | |||||||||||||
Charge to the profit and loss account for the period | 409 | |||||||||||||
At 30 June 2018 | 7,137 | |||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Accelerated capital allowances | ||||||||||||||
9 | Reserves | |||||||||||||
Capital redemption reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
At 1 July 2016 | ||||||||||||||
At 30 June 2017 and 1 July 2017 | ||||||||||||||
At 30 June 2018 | ||||||||||||||
10 | Commitments | |||||||||||||
Capital commitments | 2018 | 2017 | ||||||||||||
£ | £ | |||||||||||||
Other financial commitments | ||||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Total commitments under non-cancellable operating leases: | ||||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Unpaid contributions due to the fund are included in other creditors and amounted to: | ||||||||||||||
11 | Dividends | |||||||||||||
2018 | 2017 | |||||||||||||
£ | £ | |||||||||||||
Dividends for the period: | ||||||||||||||
Dividends paid in the period | 47,800 | 48,000 | ||||||||||||
Dividends by type: | ||||||||||||||
Equity dividends | ||||||||||||||
47,800 | 48,000 | |||||||||||||
12 | Advances and credits to directors | |||||||||||||
Included within Other debtors are the following loans to directors: | ||||||||||||||
Director | Description | At 1 July 2017 | Advanced | Repaid | At 30 June 2018 | |||||||||
£ | £ | £ | £ | |||||||||||
( | ||||||||||||||
( | ||||||||||||||
13 | Related party disclosures | |||||||||||||
Controlling party | ||||||||||||||
Immediate controlling party | ||||||||||||||
14 | Additional information | |||||||||||||
Its registered number is: | ||||||||||||||
Its registered office is: | ||||||||||||||