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REGISTERED NUMBER: 01998407 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

V & T (PLUMBING & HEATING SERVICES)
LIMITED

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


V & T (PLUMBING & HEATING SERVICES)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr A J Rhodes
Mr M R Rhodes
Mr D P Rhodes
Mr A M Ward



REGISTERED OFFICE: Whaley Road
Barugh
Barnsley
South Yorkshire
S75 1HT



REGISTERED NUMBER: 01998407 (England and Wales)



ACCOUNTANTS: Reed Smith Accountancy Limited
Chartered Certified Accountants
Copia House
Great Cliffe Court
Great Cliffe Road
Barnsley
South Yorkshire
S75 3SP



BANKERS: Lloyds Bank Plc
1 High Street
Sheffield
South Yorkshire
S1 2GA

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 196,795 212,049
Investment property 5 1,112,671 1,095,668
1,309,466 1,307,717

CURRENT ASSETS
Inventories 130,126 185,254
Debtors 6 1,339,717 1,310,149
Cash at bank and in hand 862,814 933,393
2,332,657 2,428,796
CREDITORS
Amounts falling due within one year 7 1,212,496 1,209,108
NET CURRENT ASSETS 1,120,161 1,219,688
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,429,627

2,527,405

CREDITORS
Amounts falling due after more than one
year

8

(26,066

)

(81,287

)

PROVISIONS FOR LIABILITIES (49,044 ) (35,541 )
NET ASSETS 2,354,517 2,410,577

CAPITAL AND RESERVES
Called up share capital 54 54
Share premium 150,405 150,405
Capital redemption reserve 46 46
Retained earnings 2,204,012 2,260,072
SHAREHOLDERS' FUNDS 2,354,517 2,410,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2023 and were signed on its behalf by:




Mr A J Rhodes - Director



Mr A M Ward - Director


V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

V & T (Plumbing & Heating Services) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to leasehold property - Straight line over 10 years
Plant and machinery etc - Straight line over 4 years, Straight line over 5 years and Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a multi-employer defined benefit pension scheme and two defined contribution pension schemes. Due to the company being unable to identify its share of the assets and liabilities of the multi-employer defined benefit pension scheme, this scheme is accounted for as a defined contribution pension scheme. At the latest actuarial valuation date (5 April 2020) the scheme had a net deficit with a funding level of 98.6%.

Contributions payable to all company pension schemes are charged to profit or loss in the period to which they relate.

Construction contracts
The company sells building services to the construction industry. When the outcome of a transaction for the
rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion as a proportion of the total services to be rendered.

When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 33 ) .

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and
leasehold machinery
property etc Totals
£    £    £   
COST
At 1 April 2022 61,102 447,625 508,727
Additions - 66,276 66,276
Disposals - (41,240 ) (41,240 )
At 31 March 2023 61,102 472,661 533,763
DEPRECIATION
At 1 April 2022 61,102 235,576 296,678
Charge for year - 60,610 60,610
Eliminated on disposal - (20,320 ) (20,320 )
At 31 March 2023 61,102 275,866 336,968
NET BOOK VALUE
At 31 March 2023 - 196,795 196,795
At 31 March 2022 - 212,049 212,049

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 277,559
Additions 63,361
Disposals (29,515 )
Transfer to ownership (24,705 )
At 31 March 2023 286,700
DEPRECIATION
At 1 April 2022 95,458
Charge for year 51,806
Eliminated on disposal (11,595 )
Transfer to ownership (19,764 )
At 31 March 2023 115,905
NET BOOK VALUE
At 31 March 2023 170,795
At 31 March 2022 182,101

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,096,159
Additions 3,663
Exchange differences 13,340
At 31 March 2023 1,113,162
DEPRECIATION
At 1 April 2022
and 31 March 2023 491
NET BOOK VALUE
At 31 March 2023 1,112,671
At 31 March 2022 1,095,668

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2009 49,359
Valuation in 2017 (21,841 )
Valuation in 2018 7,132
Valuation in 2019 (4,599 )
Valuation in 2020 7,638
Valuation in 2021 (10,758 )
Valuation in 2022 176,890
Valuation in 2023 13,340
Cost 896,001
1,113,162

Investment property was valued by M Morrissey MIPAV (10 June 2022), C Stott MRICS (18 May 2022) and the directors.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 51,592 109,864
Construction contract debtors 973,892 884,685
Other debtors 128,951 181,280
1,154,435 1,175,829

Amounts falling due after more than one year:
Construction contract debtors 185,282 134,320

Aggregate amounts 1,339,717 1,310,149

V & T (PLUMBING & HEATING SERVICES)
LIMITED (REGISTERED NUMBER: 01998407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 73,633 63,014
Trade creditors 673,029 796,779
Taxation and social security 123,516 50,179
Other creditors 342,318 299,136
1,212,496 1,209,108

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 26,066 81,287

None of the amounts due after more than one year are due after more than five years.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 99,699 144,301

The loans in respect of hire purchase contracts and finance leases are secured against the assets to which they relate.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the board of the directors by virtue of their collective controlling shareholding.