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Company registration number: 03345459
K J Plumbing and Heating Ltd.
Unaudited filleted financial statements
30 April 2022
K J PLUMBING AND HEATING LTD.
DIRECTORS AND OTHER INFORMATION
Director Mr. K Jarman
Secretary Mrs C Jarman
Company number 03345459
Registered office 26 - 28 Southernhay East
Exeter
Devon
EX1 1NS
Business address 20 Morgan Sweet
Cranbrook
Exeter
Devon
EX5 7ET
Accountants Thomas Westcott LLP
26-28 Southernhay East
Exeter
Devon
EX1 1NS
K J PLUMBING AND HEATING LTD.
STATEMENT OF FINANCIAL POSITION
30 APRIL 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 - 3,425
_______ _______
- 3,425
Current assets
Stocks - 300
Debtors 6 649 2,206
Cash at bank and in hand 3,604 1,427
_______ _______
4,253 3,933
Creditors: amounts falling due
within one year 7 ( 1,494) ( 3,541)
_______ _______
Net current assets 2,759 392
_______ _______
Total assets less current liabilities 2,759 3,817
Creditors: amounts falling due
after more than one year 8 - ( 4,000)
Provisions for liabilities - ( 651)
_______ _______
Net assets/(liabilities) 2,759 ( 834)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 2,659 ( 934)
_______ _______
Shareholders funds/(deficit) 2,759 ( 834)
_______ _______
For the year ending 30 April 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 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 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.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
Mr. K Jarman
Director
Company registration number: 03345459
K J PLUMBING AND HEATING LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is K J Plumbing & Heating Limited, 26 - 28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is that of plumbing and heating engineering services. The company ceased trading 5 April 2022.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the total value of goods and services provided to customers during the year.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation.
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 - 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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 May 2021 3,149 10,493 13,642
Disposals ( 3,149) ( 10,493) ( 13,642)
_______ _______ _______
At 30 April 2022 - - -
_______ _______ _______
Depreciation
At 1 May 2021 3,044 7,172 10,216
Charge for the year - 830 830
Disposals ( 3,044) ( 8,002) ( 11,046)
_______ _______ _______
At 30 April 2022 - - -
_______ _______ _______
Carrying amount
At 30 April 2022 - - -
_______ _______ _______
At 30 April 2021 105 3,321 3,426
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors - 230
Other debtors 649 1,976
_______ _______
649 2,206
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 1,000
Social security and other taxes 1,494 (-)
Other creditors (-) 2,541
_______ _______
1,494 3,541
_______ _______
The hire purchase creditor of £NIL (2021: £1,908) is secured over the related asset.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts - 4,000
_______ _______
9. Government grants
The amounts recognised in the for government grants are as follows:
2022 2021
£ £
Recognised in other operating income:
Government grants recognised directly in income 3,639 7,980
_______ _______
In addition, included within creditors is a bank loan balance of £NIL (2021 - £5,000) that has been guaranteed up to 100% of its outstanding capital value by the UK government.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Director ( 633) 696 63
_______ _______ _______
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Director ( 633) - ( 633)
_______ _______ _______
12. Coronavirus Pandemic
During the year there was instability as a result of the Coronavirus pandemic which has impacted the company's income and expenditure.
13. Coronavirus Job Retention Scheme
During the year the company was the recipient of economic benefits as a result of participating in the UK's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £3,639 (2021: £7,865).