REGISTERED NUMBER:
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Advanced Roofing Services Limited |
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Unaudited Financial Statements for the Year Ended 31 January 2021 |
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REGISTERED NUMBER:
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Advanced Roofing Services Limited |
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Unaudited Financial Statements for the Year Ended 31 January 2021 |
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Advanced Roofing Services Limited |
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Company Information |
for the Year Ended 31 January 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Advanced Roofing Services Limited (Registered number: 02775312) |
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Balance Sheet |
31 January 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Balance Sheet - continued |
31 January 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2021 |
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1. | STATUTORY INFORMATION |
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Advanced Roofing Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents revenue, net of VAT, from commercial transactions in respect of the sales of roofing services to customers and it is recognised when the company obtains, through performance under contract, the right to consideration for those services. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks and short term work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Government grants |
Government grants of a revenue nature are credited to a deferred income account and released to profit so as to match them with the expenditure to which they relate. |
Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in the light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus. At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2020 |
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Additions |
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Disposals |
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At 31 January 2021 |
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DEPRECIATION |
At 1 February 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 February 2020 |
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Transfer to ownership | (40,178 | ) |
At 31 January 2021 |
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DEPRECIATION |
At 1 February 2020 |
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Charge for year |
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Transfer to ownership | (23,229 | ) |
At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks | 78,962 | 27,651 |
Payments on account | ( |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Payments on account |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 22,174 | - |
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9. | LEASING AGREEMENTS |
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At the balance sheet date the company had total commitments under operating leases of £10,771 (2020: £22,521). |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Hire purchase contracts | 24,603 | 44,797 |
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The loans in respect of the hire purchase agreements are secured against the assets to which they relate. |
Advanced Roofing Services Limited (Registered number: 02775312) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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12. | RELATED PARTY DISCLOSURES |
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During the year, the company paid dividends to the directors totalling £87,000 (2020: £118,000). |