High-Tech Membrane Roofing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03932378 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

HIGH-TECH MEMBRANE ROOFING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Thornton

E C Parker F.C.C.A.

REGISTERED OFFICE:

Linden House

30 Linden Road

Benfleet

Essex

SS7 4BA

REGISTERED NUMBER:

03932378 (England and Wales)

ACCOUNTANTS:

Connah Goldsworthy

Chartered Certified Accountants

12 Station Court

Station Approach

Wickford

Essex

SS11 7AT

FIXED ASSETS

Tangible assets

4

113,015

116,301

CURRENT ASSETS

Stocks

35,732

25,486

Debtors

5

201,082

82,305

Cash at bank and in hand

297,471

217,478

534,285

325,269

CREDITORS

Amounts falling due within one year

6

403,264

324,869

NET CURRENT ASSETS

131,021

400

TOTAL ASSETS LESS CURRENT LIABILITIES

244,036

116,701

CREDITORS

Amounts falling due after more than one year

7

53,205

74,526

NET ASSETS

190,831

42,175

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

190,731

42,075

SHAREHOLDERS' FUNDS

190,831

42,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2022 and were signed on its behalf by:

S J Thornton - Director

1.	STATUTORY INFORMATION

High-Tech Membrane Roofing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable in accordance with the guidance of application note G of FRS 5 and represents amounts receivable for goods and services provided in the normal course of business net of value added tax.

Sales of goods are recognised when goods are delivered and title passed. Turnover from construction contracts are recognised in accordance with the company's policy on long term contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks and long term contracts

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Where the outcome of a contract can be estimated reliably and it is probable that the contract will be profitable, revenue and cost are recognised over the period of the contract. Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The company uses the 'percentage of completion method' to determine the appropriate amount to recognise in a given period. The stage of completion is measured by reference to the contract costs incurred up to the balance sheet date as a percentage of the total estimated costs for each contract.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2020

52,214

161,432

213,646

Additions

-

30,827

30,827

At 31 October 2021

52,214

192,259

244,473

DEPRECIATION

At 1 November 2020

-

97,345

97,345

Charge for year

-

34,113

34,113

At 31 October 2021

-

131,458

131,458

NET BOOK VALUE

At 31 October 2021

52,214

60,801

113,015

At 31 October 2020

52,214

64,087

116,301

Included in cost of land and buildings is freehold land of £ 52,214 (2020 - £ 52,214 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2020

117,149

Additions

16,667

Transfer to ownership

(117,150

)

At 31 October 2021

16,666

DEPRECIATION

At 1 November 2020

56,193

Charge for year

8,666

Transfer to ownership

(35,874

)

At 31 October 2021

28,985

NET BOOK VALUE

At 31 October 2021

(12,319

)

At 31 October 2020

60,956

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

193,216

81,279

Other debtors

7,866

1,026

201,082

82,305

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans and overdrafts

72,086

4,473

Hire purchase contracts

10,505

25,828

Trade creditors

122,844

126,114

Taxation and social security

197,815

132,037

Other creditors

14

36,417

403,264

324,869

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans

34,206

50,000

Hire purchase contracts

18,999

24,526

53,205

74,526