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Company registration number: 14189179
M Preston Plumbing & Heating Limited
Trading as M. Preston Plumbing & Heating
Unaudited filleted financial statements
31 March 2023
M Preston Plumbing & Heating Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
M Preston Plumbing & Heating Limited
Directors and other information
Director Mark Preston
Company number 14189179
Registered office 2 Meadow Court
Scruton
Northallerton
DL7 0QU
Business address 2 Meadow Court
Scruton
Northallerton
DL7 0QU
Accountants The Barker Partnership
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
Bankers Santander
M Preston Plumbing & Heating Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of M Preston Plumbing & Heating Limited
Period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M Preston Plumbing & Heating Limited for the period ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of M Preston Plumbing & Heating Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of M Preston Plumbing & Heating Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M Preston Plumbing & Heating Limited and its director as a body for our work or for this report.
It is your duty to ensure that M Preston Plumbing & Heating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M Preston Plumbing & Heating Limited. You consider that M Preston Plumbing & Heating Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of M Preston Plumbing & Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
28 September 2023
M Preston Plumbing & Heating Limited
Statement of financial position
31 March 2023
31/03/23
Note £ £
Fixed assets
Intangible assets 5 124,652
Tangible assets 6 163,531
_______
288,183
Current assets
Stocks 10,150
Debtors 7 84,956
Cash at bank and in hand 89,171
_______
184,277
Creditors: amounts falling due
within one year 8 ( 171,853)
_______
Net current assets 12,424
_______
Total assets less current liabilities 300,607
Creditors: amounts falling due
after more than one year 9 ( 93,357)
Provisions for liabilities ( 3,256)
_______
Net assets 203,994
_______
Capital and reserves
Called up share capital 100
Revaluation reserve 146,395
Profit and loss account 57,499
_______
Shareholder funds 203,994
_______
For the period ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the period 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mark Preston
Director
Company registration number: 14189179
M Preston Plumbing & Heating Limited
Notes to the financial statements
Period ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is M Preston Plumbing & Heating Limited, 2 Meadow Court, Scruton, Northallerton, DL7 0QU.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 20 % reducing balance
Motor vehicles - 20 % 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.
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.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 12
5. Intangible assets
Goodwill Total
£ £
Cost
At 22 June 2022 - -
Additions 127,848 127,848
_______ _______
At 31 March 2023 127,848 127,848
_______ _______
Amortisation
At 22 June 2022 - -
Charge for the period 3,196 3,196
_______ _______
At 31 March 2023 3,196 3,196
_______ _______
Carrying amount
At 31 March 2023 124,652 124,652
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost or valuation
At 22 June 2022 - - -
Additions 2,789 15,250 18,039
Revaluation 20,000 134,100 154,100
_______ _______ _______
At 31 March 2023 22,789 149,350 172,139
_______ _______ _______
Depreciation
At 22 June 2022 - - -
Charge for the year 140 763 903
Revaluations 1,000 6,705 7,705
_______ _______ _______
At 31 March 2023 1,140 7,468 8,608
_______ _______ _______
Carrying amount
At 31 March 2023 21,649 141,882 163,531
_______ _______ _______
7. Debtors
31/03/23
£
Trade debtors 79,309
Other debtors 5,647
_______
84,956
_______
8. Creditors: amounts falling due within one year
31/03/23
£
Trade creditors 46,233
Corporation tax 11,390
Social security and other taxes 39,395
Other creditors 74,835
_______
171,853
_______
9. Creditors: amounts falling due after more than one year
31/03/23
£
Other creditors 93,357
_______