T G Roofing Limited - Period Ending 2019-09-30

T G Roofing Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2019

Registration number: 03830493

T G Roofing Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

T G Roofing Limited

Company Information

Director

Mr L Gibbs

Company secretary

Mrs A Gibbs

Registered office

Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

T G Roofing Limited

Balance Sheet

30 September 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	-	6,010
Tangible assets	5	30,548	31,438
		30,548	37,448
Current assets
Stocks		1,000	1,000
Debtors	6	27,317	48,051
Cash at bank and in hand		4,802	2
		33,119	49,053
Creditors: Amounts falling due within one year	7	(59,923)	(59,953)
Net current liabilities		(26,804)	(10,900)
Total assets less current liabilities		3,744	26,548
Creditors: Amounts falling due after more than one year	7	(5,562)	(22,421)
Provisions for liabilities		(2,663)	(2,663)
Net (liabilities)/assets		(4,481)	1,464
Capital and reserves
Called up share capital		100	100
Profit and loss account		(4,581)	1,364
Total equity		(4,481)	1,464

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

T G Roofing Limited

Balance Sheet

30 September 2019

For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 April 2020
 

......................................... Mr L Gibbs Director

Company Registration Number: 03830493

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

These financial statements were authorised for issue by the director on 20 April 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Notwithstanding net current liabilities of £26,804, (2018: £10,900) and net liabilities of £4,481 (2018: net assets of £1,464) the director has confirmed their continued support and the expectation of profitable trading and cashflows, and therefore the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & equipment	20% reducing balance method
Motor vehicles	25% reducing balance method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 20 years

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 5

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds short term trade, other debtors and creditors, cash and bank balances. These financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2018 - 3).

Page 6

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2018	120,200	120,200
At 30 September 2019	120,200	120,200
Amortisation
At 1 October 2018	114,190	114,190
Amortisation charge	6,010	6,010
At 30 September 2019	120,200	120,200
Carrying amount
At 30 September 2019	-	-
At 30 September 2018	6,010	6,010

5	Tangible assets

	Plant and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2018	11,661	57,466	69,127
Additions	867	4,367	5,234
At 30 September 2019	12,528	61,833	74,361
Depreciation
At 1 October 2018	10,409	27,280	37,689
Charge for the year	422	5,702	6,124
At 30 September 2019	10,831	32,982	43,813
Carrying amount
At 30 September 2019	1,697	28,851	30,548
At 30 September 2018	1,252	30,186	31,438

Page 7

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

6

Debtors

	2019 £	2018 £
Trade debtors	10,200	37,925
Other debtors	15,340	7,132
Prepayments	1,777	2,994
	27,317	48,051

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Loans and borrowings	8	16,859	19,233
Trade creditors		17,911	26,850
Corporation tax		9,375	4,044
Social security and other taxes		6,400	4,724
Other creditors		6,384	2,107
Accrued expenses		2,994	2,995
		59,923	59,953

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	8	5,562	22,421

Page 8

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

8	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	-	13,319
Finance lease liabilities	16,859	5,914
	16,859	19,233

	2019 £	2018 £
Loans and borrowings due after one year
Finance lease liabilities	5,562	22,421

The finance lease liabilities are secured over their respective assets.

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10	Related party transactions

Advances to directors

2019	At 1 October 2018 £	Advances to director £	Repayments by director £	At 30 September 2019 £
Director
Interest free repayable on demand	5,730	3,491	(9,221)	-

2018	At 1 October 2017 £	Advances to director £	Repayments by director £	At 30 September 2018 £
Director
Interest free repayable on demand	18,207	7,698	(20,175)	5,730

Page 9

T G Roofing Limited

Notes to the Financial Statements

Year Ended 30 September 2019

11

Dividends

The directors acknowledge that Ultra Vires dividends were declared and paid during the year. At the time the dividends were paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.

Page 10