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Registration number: 11974517

Nick Cunningham Plumbing & Heating Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Nick Cunningham Plumbing & Heating Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Nick Cunningham Plumbing & Heating Ltd

Company Information

Director

Mr N Cunningham

Registered office

9 King Street
Sandwich
Kent
CT13 9BT

Accountants

Burgess Accountancy Services
46-47 The Strand
Walmer
Deal
Kent
CT14 7DX

 

Nick Cunningham Plumbing & Heating Ltd

(Registration number: 11974517)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

140,463

149,242

Tangible assets

5

262

328

 

140,725

149,570

Current assets

 

Stocks

6

2,000

2,000

Debtors

7

9,560

28,360

Cash at bank and in hand

 

51,101

58,366

 

62,661

88,726

Creditors: Amounts falling due within one year

8

(149,271)

(135,228)

Net current liabilities

 

(86,610)

(46,502)

Total assets less current liabilities

 

54,115

103,068

Creditors: Amounts falling due after more than one year

8

(25,354)

(45,002)

Provisions for liabilities

(50)

(62)

Net assets

 

28,711

58,004

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

28,611

57,904

Shareholders' funds

 

28,711

58,004

For the financial year ending 30 June 2023 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 September 2023
 

 

Nick Cunningham Plumbing & Heating Ltd

(Registration number: 11974517)
Balance Sheet as at 30 June 2023

.........................................
Mr N Cunningham
Director

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
9 King Street
Sandwich
Kent
CT13 9BT

These financial statements were authorised for issue by the director on 13 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Office equipment

20% written down value

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

5% straight line

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.

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 2 (2022 - 2).

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

175,579

175,579

At 30 June 2023

175,579

175,579

Amortisation

At 1 July 2022

26,337

26,337

Amortisation charge

8,779

8,779

At 30 June 2023

35,116

35,116

Carrying amount

At 30 June 2023

140,463

140,463

At 30 June 2022

149,242

149,242

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

584

584

At 30 June 2023

584

584

Depreciation

At 1 July 2022

256

256

Charge for the year

66

66

At 30 June 2023

322

322

Carrying amount

At 30 June 2023

262

262

At 30 June 2022

328

328

6

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

4,261

24,401

Prepayments

4,096

2,218

Other debtors

1,203

1,741

 

9,560

28,360

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,883

-

Trade creditors

 

71,473

48,542

Taxation and social security

 

28,829

53,305

Accruals and deferred income

 

3,330

3,348

Other creditors

 

35,756

30,033

 

149,271

135,228

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

25,354

45,002

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

99

99

99

99

Ordinary B of £1 each

1

1

1

1

 

100

100

100

100

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,354

45,002

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,883

-

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £383.84 (2022 - £404.04) per each Ordinary A

 

38,000

 

40,000

Interim dividend of £38,000.00 (2022 - £40,000.00) per each Ordinary B

 

38,000

 

40,000

   

76,000

 

80,000

12

Related party transactions

 

Nick Cunningham Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,600

9,690