GS Roofing Limited 31/03/2023 iXBRL

GS Roofing Limited 31/03/2023 iXBRL

G S ROOFING LIMITED - Company Information

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8 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC333114 2022-04-01 2023-03-31 SC333114 2023-03-31 SC333114 2022-03-31 SC333114 2021-04-01 2022-03-31 SC333114 2022-03-31 SC333114 2021-03-31 SC333114 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC333114 core:PlantMachinery 2022-04-01 2023-03-31 SC333114 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 SC333114 core:MotorVehicles 2022-04-01 2023-03-31 SC333114 bus:RegisteredOffice 2022-04-01 2023-03-31 SC333114 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 SC333114 bus:Director1 2022-04-01 2023-03-31 SC333114 bus:Director2 2022-04-01 2023-03-31 SC333114 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 SC333114 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC333114 core:WithinOneYear 2023-03-31 SC333114 core:WithinOneYear 2022-03-31 SC333114 core:ShareCapital 2023-03-31 SC333114 core:ShareCapital 2022-03-31 SC333114 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC333114 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC333114 core:ShareCapital 2021-03-31 SC333114 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC333114 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 SC333114 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 SC333114 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 SC333114 core:Non-currentFinancialInstruments 2023-03-31 SC333114 core:Non-currentFinancialInstruments 2022-03-31 SC333114 bus:Director1 2022-03-31 SC333114 bus:Director1 2023-03-31 SC333114 bus:Director1 2021-03-31 SC333114 bus:Director1 2022-03-31 SC333114 bus:Director1 2021-04-01 2022-03-31 SC333114 bus:SmallEntities 2022-04-01 2023-03-31 SC333114 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC333114 bus:AbridgedAccounts 2022-04-01 2023-03-31 SC333114 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC333114 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: SC333114
GS Roofing Limited
Unaudited abridged financial statements
31 March 2023
GS Roofing Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
GS Roofing Limited
Directors and other information
Directors Mr Gordon Smith
Mrs Pamela Smith
Company number SC333114
Registered office 54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
Accountants Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
GS Roofing Limited
Directors report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023.
Directors
The directors who served the company during the year were as follows:
Mr Gordon Smith
Mrs Pamela Smith
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 04 July 2023 and signed on behalf of the board by:
Mr Gordon Smith
Director
GS Roofing Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of GS Roofing Limited
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023 which comprise the statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
4 July 2023
GS Roofing Limited
Statement of comprehensive income
Year ended 31 March 2023
2023 2022
Note £ £
Turnover 656,796 493,541
Change in stocks of finished goods and in work in progress ( 108,192) ( 91,985)
Other operating income 5,438 6,442
_______ _______
554,042 407,998
Other external charges ( 55,940) ( 34,851)
Staff costs ( 217,964) ( 220,059)
Depreciation and other amounts written off tangible and intangible fixed assets ( 13,757) ( 4,281)
Other operating expenses ( 65,625) ( 78,800)
_______ _______
Operating profit 200,756 70,007
Other interest receivable and similar income 2,434 10,068
Interest payable and similar expenses ( 188) -
_______ _______
Profit before taxation 203,002 80,075
Tax on profit ( 36,613) ( 16,088)
_______ _______
Profit for the financial year and total comprehensive income 166,389 63,987
_______ _______
All the activities of the company are from continuing operations.
GS Roofing Limited
Abridged statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 497,063 159,088
Investments 7 262,659 259,696
_______ _______
759,722 418,784
Current assets
Stocks 1,500 925
Debtors 30,091 17,090
Cash at bank and in hand 96,309 312,990
_______ _______
127,900 331,005
Creditors: amounts falling due
within one year ( 163,514) ( 141,690)
_______ _______
Net current (liabilities)/assets ( 35,614) 189,315
_______ _______
Total assets less current liabilities 724,108 608,099
Provisions for liabilities ( 4,091) ( 4,471)
_______ _______
Net assets 720,017 603,628
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 719,917 603,528
_______ _______
Shareholders funds 720,017 603,628
_______ _______
For the year ending 31 March 2023 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 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 financial statements.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 04 July 2023 , and are signed on behalf of the board by:
Mr Gordon Smith
Director
Company registration number: SC333114
GS Roofing Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 589,541 589,641
Profit for the year 63,987 63,987
_______ _______ _______
Total comprehensive income for the year - 63,987 63,987
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 603,528 603,628
Profit for the year 166,389 166,389
_______ _______ _______
Total comprehensive income for the year - 166,389 166,389
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 March 2023 100 719,917 720,017
_______ _______ _______
GS Roofing Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 54 Cowgate, Kirkintilloch, Glasgow, G66 1HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % reducing balance
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 132,926 138,922
Other pension costs 85,038 81,137
_______ _______
217,964 220,059
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 13,757 4,281
_______ _______
6. Tangible assets
£
Cost
At 1 April 2022 193,178
Additions 351,732
_______
At 31 March 2023 544,910
_______
Depreciation
At 1 April 2022 34,090
Charge for the year 13,757
_______
At 31 March 2023 47,847
_______
Carrying amount
At 31 March 2023 497,063
_______
At 31 March 2022 159,088
_______
7. Investments
£
Cost
At 1 April 2022 259,696
Additions 2,963
_______
At 31 March 2023 262,659
_______
Impairment
At 1 April 2022 and 31 March 2023 -
_______
Carrying amount
At 31 March 2023 262,659
_______
At 31 March 2022 259,696
_______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Gordon Smith ( 79,685) 41,254 ( 50,000) ( 88,431)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Gordon Smith ( 54,061) ( 25,624) - ( 79,685)
_______ _______ _______ _______