Lead-Tech Roofing LImited 31/03/2019 iXBRL

LEAD-TECH ROOFING LIMITED - Company Information

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Company registration number: 02730289

Lead-Tech Roofing LImited

Unaudited filleted financial statements

31 March 2019

Lead-Tech Roofing LImited

Contents

Directors and other information

Accountant's report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Lead-Tech Roofing LImited

Directors and other information


Directors	Mr M P Walsh
	Mrs M Walsh	(Appointed 28 February 2019)


Secretary	Mrs M Walsh


Company number	02730289


Registered office	44 Sherbrooke Way
	The Hamptons
	Worcester Park
	Surrey
	KT4 8BP


Business address	44 Sherbrooke Way
	The Hamptons
	Worcester Park
	Surrey
	KT4 8BP


Accountant	S. Turner & Co.
	30 Dacre Gardens
	Chigwell
	Essex
	IG7 5HG

Lead-Tech Roofing LImited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Lead-Tech Roofing LImited

Year ended 31 March 2019

As described on the Statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2019, as set out on pages 3 to 8.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.

S. Turner & Co.

Chartered Certified Accountants

30 Dacre Gardens

Chigwell

Essex

IG7 5HG

20 January 2020

Lead-Tech Roofing LImited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5	50,881		67,303
		______		______
			50,881		67,303

Current assets
Stocks		253,749		195,966
Debtors	6	112,828		160,597
Cash at bank and in hand		16		44,310
		______		______
		366,593		400,873
Creditors: amounts falling due
within one year	7	( 283,743)		( 301,561)
		______		______
Net current assets			82,850		99,312
			______		______
Total assets less current liabilities			133,731		166,615

Creditors: amounts falling due
after more than one year	8		( 51,179)		( 79,196)

Provisions for liabilities			( 2,583)		( 5,842)

			______		______
Net assets			79,969		81,577
			______		______

Capital and reserves
Called up share capital			2		2
Profit and loss account			79,967		81,575
			______		______
Shareholders funds			79,969		81,577
			______		______

For the year ending 31 March 2019 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 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 20 January 2020 , and are signed on behalf of the board by:

Mr M P Walsh Mrs M Walsh

Director Director

Lead-Tech Roofing LImited

Statement of changes in equity

Year ended 31 March 2019

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2017 (as previously reported)	2	-	2
Effects of changes in accounting policies	(-)	108,275	108,275
	______	______	______
At 1 April 2017 (restated)	2	108,275	108,277

Profit/(loss) for the year		( 10,858)	( 10,858)
Other comprehensive income for the year:
Tax relating to components of other comprehensive income		( 5,842)	( 5,842)
	______	______	______
Total comprehensive income for the year	-	( 16,700)	( 16,700)

Dividends paid and payable		( 10,000)	( 10,000)
	______	______	______
Total investments by and distributions to owners	-	( 10,000)	( 10,000)

At 31 March 2018 (as previously reported)	2	-	2
Effects of changes in accounting policies	(-)	81,575	81,575
	______	______	______
At 31 March 2018 (restated) and 1 April 2018	2	81,575	81,577

Profit/(loss) for the year		25,133	25,133
Other comprehensive income for the year:
Tax relating to components of other comprehensive income		3,259	3,259
	______	______	______
Total comprehensive income for the year	-	28,392	28,392

Dividends paid and payable		( 30,000)	( 30,000)
	______	______	______
Total investments by and distributions to owners	-	( 30,000)	( 30,000)

	______	______	______
At 31 March 2019	2	79,967	79,969
	______	______	______

Lead-Tech Roofing LImited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 44 Sherbrooke Way, The Hamptons, Worcester Park, Surrey, KT4 8BP.

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.

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .

Stock and Work in Progress

Work in Progress is valued at the lower of cost and net realisable value.

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.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).

5. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	16,773	119,956	136,729
	______	______	______
Depreciation
At 1 April 2018	14,081	55,345	69,426
Charge for the year	269	16,153	16,422
	______	______	______
At 31 March 2019	14,350	71,498	85,848
	______	______	______
Carrying amount
At 31 March 2019	2,423	48,458	50,881
	______	______	______
At 31 March 2018	2,692	64,611	67,303
	______	______	______

6. Debtors

	2019	2018
	£	£
Trade debtors	108,401	156,233
Other debtors	4,427	4,364
	______	______
	112,828	160,597
	______	______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	11,729	-
Trade creditors	109,148	137,791
Corporation tax	12,770	3,560
Social security and other taxes	82,315	91,866
Other creditors	67,781	68,344
	______	______
	283,743	301,561
	______	______

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	51,179	79,196
	______	______

9. Related party transactions

During the year, total dividends of £30,000 (2017- £10,000) were paid to the directors. The Company was under the control of the directors throughout the accounting period