Compass Roofing Limited Accounts

COMPASS ROOFING LIMITED - Company Information






Compass Roofing Limited
	Company No. SC236810
		Information for Filing with The Registrar
		30 June 2018

The Directors present their report and the accounts for the year ended 30 June 2018.

Principal activities
The principal activity of the company during the year under review was roofing services.




Directors

The Directors who served at any time during the year were as follows:

L. Miller
S. Miller


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

S. Miller
Company Secretary
31 August 2018

at	30 June 2018

Company No.		SC236810	Notes	2018	2017
				£	£
Fixed assets
	Intangible assets		3	-	-
	Tangible assets		4	35,686	33,639


				35,686	33,639
Current assets
	Stocks		5	12,000	7,500
	Debtors		6	277,263	218,924

	Cash at bank and in hand			530,229	505,428
				819,492	731,852
Creditors: Amount falling due within one year			7	(191,615)	(153,245)
Net current assets				627,877	578,607
Total assets less current liabilities				663,563	612,246

Provisions for liabilities
	Deferred taxation		8	(7,137)	(6,728)

Net assets				656,426	605,518

Capital and reserves
	Called up share capital			2	2


	Capital redemption reserve		9	1	1
	Profit and loss account		9	656,423	605,515

Total equity				656,426	605,518


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

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

for the year ended 30 June 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

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

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Motor vehicles

25%% reducing blanace

Furniture, fittings and equipment

15%% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

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 debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
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

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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 :	23	23

3	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2017	50,000	50,000


		At 30 June 2018	50,000	50,000
		Amortisation and impairment
		At 1 July 2017	50,000	50,000



		At 30 June 2018	50,000	50,000
		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	51,918	6,896	58,814
		Additions	14,340	420	14,760


		Disposals	(7,937)	-	(7,937)
		At 30 June 2018	58,321	7,316	65,637
		Depreciation
		At 1 July 2017	22,320	2,855	25,175
		Charge for the year	10,632	669	11,301


		Disposals	(6,525)	-	(6,525)
		At 30 June 2018	26,427	3,524	29,951
		Net book values
		At 30 June 2018	31,894	3,792	35,686
		At 30 June 2017	29,598	4,041	33,639

5	Stocks
			2018	2017
			£	£
		Raw materials and consumables	12,000	7,500


			12,000	7,500

6	Debtors
			2018	2017
			£	£
		Trade debtors	139,179	117,231

		Corporation tax recoverable	13,664	13,664


		Loans to directors	73,685	60,453
		Other debtors	1,200	50
		Prepayments and accrued income	49,535	27,526
			277,263	218,924

7	Creditors:
		amounts falling due within one year
			2018	2017
			£	£

		Bank loans and overdrafts	3,870	3,262
		Other loans	2,512	2,694

		Trade creditors	89,745	64,338

		Other taxes and social security	63,348	57,181
		Loans from directors	9,011	3,564
		Other creditors	963	617
		Accruals and deferred income	22,166	21,589
			191,615	153,245

8	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Total
			£	£
		At 1 July 2017	6,728	6,728
		Charge to the profit and loss account for the period	409	409

		At 30 June 2018	7,137	7,137



			2018	2017
			£	£
		Accelerated capital allowances	7,137	6,728



			7,137	6,728

9	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2016	1	1



		At 30 June 2017 and 1 July 2017	1	1



		At 30 June 2018	1	1


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

10	Commitments

		Capital commitments	2018	2017
			£	£


		Other financial commitments
			2018	2017
			£	£
		Total commitments under non-cancellable operating leases:	8,400	8,400






			2018	2017
			£	£
		Unpaid contributions due to the fund are included in other creditors and amounted to:	472	617

11	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	47,800	48,000

			47,800	48,000

		Dividends by type:

		Equity dividends	47,800	48,000
			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
				£	£	£	£

		S. Miller	Directors current account	60,453	37,132	(23,900)	73,685






































				60,453	37,132	(23,900)	73,685

Related party disclosures

Controlling party

Immediate controlling party

Mr S. Miller

Additional information

Its registered number is:

SC236810

Its registered office is:

49A/2 West Bowling Green St.

Edinburgh

EH6 5NX