Compass Roofing Limited Accounts

COMPASS ROOFING LIMITED - Company Information






Compass Roofing Limited

	Company No. SC236810
		Information for Filing with The Registrar
		30 June 2022

at	30 June 2022
Company No.		SC236810	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	-	-
	Tangible assets		5	87,314	93,360


				87,314	93,360
Current assets
	Stocks		6	18,000	15,000
	Debtors		7	253,399	192,329

	Cash at bank and in hand			1,046,369	969,596
				1,317,768	1,176,925
Creditors: Amount falling due within one year			8	(199,408)	(241,214)
Net current assets				1,118,360	935,711
Total assets less current liabilities				1,205,674	1,029,071

Provisions for liabilities
	Deferred taxation		9	(14,628)	(15,581)

Net assets				1,191,046	1,013,490

Capital and reserves
	Called up share capital			3	3


	Capital redemption reserve		10	1	1
	Profit and loss account		10	1,191,042	1,013,486

Total equity				1,191,046	1,013,490



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 2022 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 10 March 2023
And signed on its behalf by:
S. Miller
Director
10 March 2023

for the year ended 30 June 2022

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.

Accounting policies

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers adjusted for opening and closing accrued income in respect of contracts in progress at the year end. Turnover in respect of contracts for
on-going services is recognised by reference to the stage of completion.

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.

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.

Leased assets

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

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
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	24	23

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2021	50,000	50,000


		At 30 June 2022	50,000	50,000
		Amortisation and impairment
		At 1 July 2021	50,000	50,000



		At 30 June 2022	50,000	50,000
		Net book values
		At 30 June 2022	-	-
		At 30 June 2021	-	-

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 July 2021	154,405	11,248	165,653
		Additions	26,000	-	26,000


		Disposals	(15,380)	-	(15,380)
		At 30 June 2022	165,025	11,248	176,273
		Depreciation
		At 1 July 2021	66,346	5,947	72,293
		Charge for the year	27,603	794	28,397


		Disposals	(11,731)	-	(11,731)
		At 30 June 2022	82,218	6,741	88,959
		Net book values
		At 30 June 2022	82,807	4,507	87,314
		At 30 June 2021	88,059	5,301	93,360

6	Stocks
			2022	2021
			£	£
		Raw materials and consumables	18,000	15,000


			18,000	15,000

7	Debtors
			2022	2021
			£	£
		Trade debtors	103,792	111,194

		Corporation tax recoverable	13,664	13,664


		Loans to directors	-	24,703
		Other debtors	110,210	10,271
		Prepayments and accrued income	25,733	32,497
			253,399	192,329

8	Creditors:
		amounts falling due within one year
			2022	2021
			£	£

		Bank loans and overdrafts	3,389	4,072
		Other loans	1,815	1,894

		Trade creditors	71,284	95,467

		Corporation tax	66,006	58,473
		Other taxes and social security	27,527	44,819
		Loans from directors	4,557	16,743
		Other creditors	9,011	8,967
		Accruals and deferred income	15,819	10,779
			199,408	241,214

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 July 2021	15,581	15,581
		Charge to the profit and loss account for the period	(953)	(953)

		At 30 June 2022	14,628	14,628



			2022	2021
			£	£
		Accelerated capital allowances	14,628	15,581



			14,628	15,581

10	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2020	1	1



		At 30 June 2021 and 1 July 2021	1	1



		At 30 June 2022	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
			2022	2021
			£	£
		Total commitments under non-cancellable operating leases:	8,400	8,400



		Pension commitments
		Auto enrolment pension scheme

			2022	2021
			£	£
		Unpaid contributions due to the fund are included in other creditors and amounted to:	784	1,331

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

		Director	Description	At 1 July 2021	Advanced	Repaid	At 30 June 2022
				£	£	£	£
		L. Miller	Directors current account	-	-	-	-
		S. Miller	Directors current account	24,703	-	(24,703)	-






































				24,703	-	(24,703)	-

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