Compass Roofing Limited Accounts

COMPASS ROOFING LIMITED - Company Information






Compass Roofing Limited

	Company No. SC236810
		Information for Filing with The Registrar
		30 June 2019

at	30 June 2019
Company No.		SC236810	Notes	2019	2018
				£	£
Fixed assets
	Intangible assets		4	-	-
	Tangible assets		5	40,849	35,686


				40,849	35,686
Current assets
	Stocks		6	10,000	12,000
	Debtors		7	311,464	277,263

	Cash at bank and in hand			683,572	530,229
				1,005,036	819,492
Creditors: Amount falling due within one year			8	(222,823)	(191,615)
Net current assets				782,213	627,877
Total assets less current liabilities				823,062	663,563

Provisions for liabilities
	Deferred taxation		9	(7,309)	(7,137)

Net assets				815,753	656,426

Capital and reserves
	Called up share capital			3	2


	Capital redemption reserve		10	1	1
	Profit and loss account		10	815,749	656,423

Total equity				815,753	656,426



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 2019 the company was entitled to exemption from audit 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 March 2020
And signed on its behalf by:
S. Miller
Director
31 March 2020

for the year ended 30 June 2019

General information

Its registered number is: SC236810

Its registered office is:

49A/2 West Bowling Green St.

Edinburgh

EH6 5NX

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

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.

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

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.

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.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

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.

Defined contribution 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.

3	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	21	23

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2018	50,000	50,000


		At 30 June 2019	50,000	50,000
		Amortisation and impairment
		At 1 July 2018	50,000	50,000



		At 30 June 2019	50,000	50,000
		Net book values
		At 30 June 2019	-	-
		At 30 June 2018	-	-

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 July 2018	58,322	7,316	65,638
		Additions	19,035	1,548	20,583


		Disposals	(3,350)	-	(3,350)
		At 30 June 2019	74,007	8,864	82,871
		Depreciation
		At 1 July 2018	26,428	3,524	29,952
		Charge for the year	12,106	802	12,908


		Disposals	(838)	-	(838)
		At 30 June 2019	37,696	4,326	42,022
		Net book values
		At 30 June 2019	36,311	4,538	40,849
		At 30 June 2018	31,894	3,792	35,686

6	Stocks
			2019	2018
			£	£
		Raw materials and consumables	10,000	12,000


			10,000	12,000

7	Debtors
			2019	2018
			£	£
		Trade debtors	116,544	139,179

		Corporation tax recoverable	13,664	13,664


		Loans to directors	97,575	73,685
		Other debtors	8,970	1,200
		Prepayments and accrued income	74,711	49,535
			311,464	277,263

8	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	4,234	3,870
		Other loans	2,283	2,512

		Trade creditors	76,832	89,745

		Corporation tax
		Other taxes and social security	108,785	63,348
		Loans from directors	1,242	9,011
		Other creditors	8,330	963
		Accruals and deferred income	21,117	22,166
			222,823	191,615

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 July 2018	7,137	7,137
		Charge to the profit and loss account for the period	172	172

		At 30 June 2019	7,309	7,309



			2019	2018
			£	£
		Accelerated capital allowances	7,309	7,137



			7,309	7,137

10	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2017	1	1



		At 30 June 2018 and 1 July 2018	1	1



		At 30 June 2019	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.

11	Commitments

		Other financial commitments
			2019	2018
			£	£
		Total commitments under non-cancellable operating leases:	8,400	8,400






			2019	2018
			£	£
		Unpaid contributions due to the fund are included in other creditors and amounted to:	925	472

12	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	20,000	47,800

			20,000	47,800

		Dividends by type:

		Equity dividends	20,000	47,800
			20,000	47,800

13	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 July 2018	Advanced	Repaid	At 30 June 2019
				£	£	£	£

		S. Miller	Directors current account	73,685	33,890	(10,000)	97,575






































				73,685	33,890	(10,000)	97,575