Compass Roofing Limited Accounts

COMPASS ROOFING LIMITED - Company Information






Compass Roofing Limited

	Company No. SC236810
		Information for Filing with The Registrar
		30 June 2023

at	30 June 2023
Company No.		SC236810	Notes	2023	2022
				£	£
Fixed assets
	Intangible assets		4	-	-
	Tangible assets		5	82,421	87,314


				82,421	87,314
Current assets
	Stocks		6	20,000	18,000
	Debtors		7	279,126	253,399

	Cash at bank and in hand			1,328,971	1,046,369
				1,628,097	1,317,768
Creditors: Amount falling due within one year			8	(263,384)	(199,408)
Net current assets				1,364,713	1,118,360
Total assets less current liabilities				1,447,134	1,205,674

Provisions for liabilities
	Deferred taxation			(15,917)	(14,628)

Net assets				1,431,217	1,191,046

Capital and reserves
	Called up share capital			3	3


	Capital redemption reserve		10	1	1
	Profit and loss account		10	1,431,213	1,191,042

Total equity				1,431,217	1,191,046



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 2023 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 15 December 2023
And signed on its behalf by:
S. Miller
Director
15 December 2023

for the year ended 30 June 2023

General information

Its registered number is: SC236810

Its registered office is:

49A/2 West Bowling Green St.

Edinburgh

EH6 5NX

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.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

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.

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
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	22	24

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2022	50,000	50,000


		At 30 June 2023	50,000	50,000
		Amortisation and impairment
		At 1 July 2022	50,000	50,000



		At 30 June 2023	50,000	50,000
		Net book values
		At 30 June 2023	-	-
		At 30 June 2022	-	-

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 July 2022	165,025	11,247	176,272
		Additions	25,600	574	26,174


		Disposals	(16,240)	-	(16,240)
		At 30 June 2023	174,385	11,821	186,206
		Depreciation
		At 1 July 2022	82,218	6,740	88,958
		Charge for the year	26,036	762	26,798


		Disposals	(11,971)	-	(11,971)
		At 30 June 2023	96,283	7,502	103,785
		Net book values
		At 30 June 2023	78,102	4,319	82,421
		At 30 June 2022	82,807	4,507	87,314

6	Stocks
			2023	2022
			£	£
		Raw materials and consumables	20,000	18,000


			20,000	18,000

7	Debtors
			2023	2022
			£	£
		Trade debtors	61,163	103,792

		Corporation tax recoverable	13,664	13,664


		Loans to directors	9,272	-
		Other debtors	110,000	110,210
		Prepayments and accrued income	85,027	25,733
			279,126	253,399

8	Creditors:
		amounts falling due within one year
			2023	2022
			£	£

		Bank loans and overdrafts	4,476	3,389
		Other loans	1,731	1,815

		Trade creditors	119,030	71,284

		Taxes and social security	120,388	93,533
		Loans from directors	203	4,557
		Other creditors	365	9,011
		Accruals and deferred income	17,191	15,819
			263,384	199,408

Share Capital

The company has 2 ordinary £1 shares and 1 ordinary B £1 share in issue. The shares were issued at par.

10	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2021	1	1



		At 30 June 2022 and 1 July 2022	1	1



		At 30 June 2023	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	Guarantees and commitments
			2023	2022
			£	£




		Pension commitments, included in above total	365	784

		The pension commitment, included in other creditors, is the company's auto enrolment scheme.

12	Advances and credits to directors
			2023
			£

		Advanced in the period	9,272



		At 30 June 2023	9,272