Torrance Roofing and Building Services Ltd. Filleted accounts for Companies House (small and micro)

TORRANCE ROOFING AND BUILDING SERVICES LTD. - Company Information

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COMPANY REGISTRATION NUMBER: SC208755

Torrance Roofing and Building Services Ltd.

Filleted Unaudited Financial Statements

30 September 2022

Torrance Roofing and Building Services Ltd.

Financial Statements

Year ended 30 September 2022

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Torrance Roofing and Building Services Ltd.

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Torrance Roofing and Building Services Ltd.

Year ended 30 September 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Torrance Roofing and Building Services Ltd. for the year ended 30 September 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Torrance Roofing and Building Services Ltd.. Our work has been undertaken solely to prepare for your approval the financial statements of Torrance Roofing and Building Services Ltd. and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Torrance Roofing and Building Services Ltd. and its director for our work or for this report.

It is your duty to ensure that Torrance Roofing and Building Services Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Torrance Roofing and Building Services Ltd.. You consider that Torrance Roofing and Building Services Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Torrance Roofing and Building Services Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

22 June 2023

Torrance Roofing and Building Services Ltd.

Statement of Financial Position

30 September 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5	66,722	86,858
Investments	6	2,690	2,690
		--------	--------
		69,412	89,548

Current assets

Stocks		6,000	6,125
Debtors	7	130,308	210,799
Cash at bank and in hand		17,103	140,647
		---------	---------
		153,411	357,571

Creditors: amounts falling due within one year	8	160,473		257,476
		---------		---------
Net current (liabilities)/assets			( 7,062)	100,095
			--------	---------
Total assets less current liabilities			62,350	189,643

Creditors: amounts falling due after more than one year	9		9,079	12,395

Provisions	16,589	16,589
	--------	---------
Net assets	36,682	160,659
	--------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	36,582	160,559
	--------	---------
Shareholders funds	36,682	160,659
	--------	---------

These 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 statement of comprehensive income has not been delivered.

For the year ending 30 September 2022 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Torrance Roofing and Building Services Ltd.

Statement of Financial Position (continued)

30 September 2022

These financial statements were approved by the board of directors and authorised for issue on 22 June 2023 , and are signed on behalf of the board by:

Mr P J McGuire
Director

Company registration number: SC208755

Torrance Roofing and Building Services Ltd.

Notes to the Financial Statements

Year ended 30 September 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 60 Cambuslang Road, Rutherglen, Glasgow, G73 1BQ, Scotland.

2. Statement of compliance

These 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 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 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2021: 12 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 October 2021	23,944	127,165	18,419	169,528
Additions	1,084	–	1,667	2,751
	--------	---------	--------	---------
At 30 September 2022	25,028	127,165	20,086	172,279
	--------	---------	--------	---------
Depreciation
At 1 October 2021	21,424	44,023	17,223	82,670
Charge for the year	2,655	19,486	746	22,887
	--------	---------	--------	---------
At 30 September 2022	24,079	63,509	17,969	105,557
	--------	---------	--------	---------
Carrying amount
At 30 September 2022	949	63,656	2,117	66,722
	--------	---------	--------	---------
At 30 September 2021	2,520	83,142	1,196	86,858
	--------	---------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 October 2021 and 30 September 2022	2,690
	-------
Impairment
At 1 October 2021 and 30 September 2022	–
	-------

Carrying amount
At 30 September 2022	2,690
	-------
At 30 September 2021	2,690
	-------

7. Debtors

	2022	2021
	£	£
Trade debtors	100,632	142,123
Amounts owed by group undertakings and undertakings in which the company has a participating interest	29,676	68,676
	---------	---------
	130,308	210,799
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	85,748	141,354
Corporation tax	20,931	22,884
Social security and other taxes	24,129	49,234
Other creditors	29,665	44,004
	---------	---------
	160,473	257,476
	---------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	9,079	12,395
	-------	--------

10. Director's advances, credits and guarantees

As at 30 September 2022 the Company owed Mr P McGuire and Mr D Stephen, Directors, £ 4 (2021: £4).