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Registration number: 11273560

Daglish Plumbing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Daglish Plumbing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Daglish Plumbing Limited

Company Information

Director

M Daglish

Registered office

C/O McCulloch Pease Limited
99 Park Drive
Milton Park
Abingdon
Oxfordshire
OX14 4RY

Accountants

McCulloch Pease Limited
Suite 220
99 Park Drive
Milton Park
Abingdon
OX14 4RY

 

Daglish Plumbing Limited

(Registration number: 11273560 )
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

6,000

7,000

Tangible assets

5

8,488

11,100

 

14,488

18,100

Current assets

 

Stocks

6

500

500

Debtors

7

34,109

20,038

Cash at bank and in hand

 

-

1,509

 

34,609

22,047

Creditors: Amounts falling due within one year

8

(20,671)

(18,356)

Net current assets

 

13,938

3,691

Total assets less current liabilities

 

28,426

21,791

Creditors: Amounts falling due after more than one year

8

(17,710)

(17,000)

Provisions for liabilities

(1,613)

(2,109)

Net assets

 

9,103

2,682

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

9,003

2,582

Shareholders' funds

 

9,103

2,682

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Daglish Plumbing Limited

(Registration number: 11273560 )
Balance Sheet as at 31 March 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 September 2022
 

.........................................
M Daglish
Director

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/O McCulloch Pease Limited
99 Park Drive
Milton Park
Abingdon
Oxfordshire
OX14 4RY

These financial statements were authorised for issue by the director on 7 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grant income is recognised under the accruals model in the statement of income and retained earnings on a systematic basis of the period which the entity recognises as expenses the related costs for which the grants are intended to compensate.

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% straight line basis

Motor Vehicle

15% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

10,000

10,000

At 31 March 2022

10,000

10,000

Amortisation

At 1 April 2021

3,000

3,000

Amortisation charge

1,000

1,000

At 31 March 2022

4,000

4,000

Carrying amount

At 31 March 2022

6,000

6,000

At 31 March 2021

7,000

7,000

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

1,187

1,053

15,433

17,673

At 31 March 2022

1,187

1,053

15,433

17,673

Depreciation

At 1 April 2021

890

1,053

4,630

6,573

Charge for the year

297

-

2,315

2,612

At 31 March 2022

1,187

1,053

6,945

9,185

Carrying amount

At 31 March 2022

-

-

8,488

8,488

At 31 March 2021

297

-

10,803

11,100

6

Stocks

2022
£

2021
£

Other inventories

500

500

7

Debtors

2022
£

2021
£

Trade debtors

11,055

14,091

Prepayments

-

744

Other debtors

23,054

5,203

34,109

20,038

 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

3,756

3,000

Trade creditors

 

1,474

372

Taxation and social security

 

10,870

9,849

Accruals and deferred income

 

1,660

2,135

Other creditors

 

2,911

3,000

 

20,671

18,356

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

17,710

17,000

2022
£

2021
£

Due after more than five years

After more than five years by instalments

7,939

-

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         
 

Daglish Plumbing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

17,710

17,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

1,835

3,000

Bank overdrafts

1,921

-

3,756

3,000

11

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

M Daglish

Overdrawn loan account - unsecured, repayable on demand and interest bearing at the HMRC official rate

(7)

46,660

(29,533)

17,120

         
       

 

2021

At 1 April 2020
£

Advances to director
£

Repayments by director
£

At 31 March 2021
£

M Daglish

Overdrawn loan account - unsecured, repayable on demand and interest bearing at the HMRC official rate

(15,711)

38,799

(23,095)

(7)