Vertice Roofing Limited Filleted accounts for Companies House (small and micro)

Vertice Roofing Limited Filleted accounts for Companies House (small and micro)

VERTICE ROOFING LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 09859716
Vertice Roofing Limited
Filleted Unaudited Abridged Financial Statements
31 May 2022
Vertice Roofing Limited
Abridged Financial Statements
Year Ended 31 May 2022
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
Vertice Roofing Limited
Officers and Professional Advisers
The board of directors
Mr J Geary
Mr R Wood
Registered office
Oak Park Business Centre
Suite G1a Alington Road
Little Barford
St. Neots
PE19 6WA
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
Vertice Roofing Limited
Abridged Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
16,465
21,464
Current assets
Stocks
64,613
17,892
Debtors
252,287
44,025
Cash at bank and in hand
10,038
29,960
---------
--------
326,938
91,877
Creditors: amounts falling due within one year
214,936
78,782
---------
--------
Net current assets
112,002
13,095
---------
--------
Total assets less current liabilities
128,467
34,559
Creditors: amounts falling due after more than one year
24,445
31,157
---------
--------
Net assets
104,022
3,402
---------
--------
Capital and reserves
Called up share capital
102
102
Profit and loss account
103,920
3,300
---------
-------
Shareholders funds
104,022
3,402
---------
-------
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 2022 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Vertice Roofing Limited
Abridged Statement of Financial Position (continued)
31 May 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 22 February 2023 , and are signed on behalf of the board by:
Mr J Geary
Director
Company registration number: 09859716
Vertice Roofing Limited
Notes to the Abridged Financial Statements
Year Ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oak Park Business Centre, Suite G1a Alington Road, Little Barford, St. Neots, PE19 6WA.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
£
Cost
At 1 June 2021
28,875
Additions
399
--------
At 31 May 2022
29,274
--------
Depreciation
At 1 June 2021
7,411
Charge for the year
5,398
--------
At 31 May 2022
12,809
--------
Carrying amount
At 31 May 2022
16,465
--------
At 31 May 2021
21,464
--------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 1,896)
( 60,917)
( 62,813)
-------
--------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 10,956)
9,060
( 1,896)
--------
-------
-------