Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr M Campbell 26/08/2022 Mrs A M Hadden 04/04/2007 Mr N S Hadden 04/04/2007 Mrs A M Hadden 20 October 2023 The principal activity of the Company during the financial year was that of plumbing and heating contractors. SC320314 2023-05-31 SC320314 bus:Director1 2023-05-31 SC320314 bus:Director2 2023-05-31 SC320314 bus:Director3 2023-05-31 SC320314 2022-05-31 SC320314 core:CurrentFinancialInstruments 2023-05-31 SC320314 core:CurrentFinancialInstruments 2022-05-31 SC320314 core:ShareCapital 2023-05-31 SC320314 core:ShareCapital 2022-05-31 SC320314 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC320314 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC320314 core:Goodwill 2022-05-31 SC320314 core:Goodwill 2023-05-31 SC320314 core:LeaseholdImprovements 2022-05-31 SC320314 core:PlantMachinery 2022-05-31 SC320314 core:Vehicles 2022-05-31 SC320314 core:LeaseholdImprovements 2023-05-31 SC320314 core:PlantMachinery 2023-05-31 SC320314 core:Vehicles 2023-05-31 SC320314 bus:OrdinaryShareClass1 2023-05-31 SC320314 2022-06-01 2023-05-31 SC320314 bus:FullAccounts 2022-06-01 2023-05-31 SC320314 bus:SmallEntities 2022-06-01 2023-05-31 SC320314 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC320314 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC320314 bus:Director1 2022-06-01 2023-05-31 SC320314 bus:Director2 2022-06-01 2023-05-31 SC320314 bus:Director3 2022-06-01 2023-05-31 SC320314 bus:CompanySecretary1 2022-06-01 2023-05-31 SC320314 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 SC320314 core:Goodwill 2022-06-01 2023-05-31 SC320314 core:PlantMachinery 2022-06-01 2023-05-31 SC320314 core:Vehicles 2022-06-01 2023-05-31 SC320314 2021-06-01 2022-05-31 SC320314 core:LeaseholdImprovements 2022-06-01 2023-05-31 SC320314 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC320314 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC320314 (Scotland)

NEIL HADDEN PLUMBING AND HEATING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

NEIL HADDEN PLUMBING AND HEATING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

NEIL HADDEN PLUMBING AND HEATING LTD

BALANCE SHEET

AS AT 31 MAY 2023
NEIL HADDEN PLUMBING AND HEATING LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 53,600 67,000
Tangible assets 4 142,457 75,808
Investment property 5 166,225 166,225
362,282 309,033
Current assets
Stocks 31,450 89,462
Debtors 6 518,350 499,026
Cash at bank and in hand 1,430,119 1,610,043
1,979,919 2,198,531
Creditors: amounts falling due within one year 7 ( 224,138) ( 239,458)
Net current assets 1,755,781 1,959,073
Total assets less current liabilities 2,118,063 2,268,106
Provision for liabilities 8 ( 53,636) ( 35,941)
Net assets 2,064,427 2,232,165
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 2,064,327 2,232,065
Total shareholders' funds 2,064,427 2,232,165

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Neil Hadden Plumbing and Heating Ltd (registered number: SC320314) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

Mr N S Hadden
Director
Mrs A M Hadden
Director
NEIL HADDEN PLUMBING AND HEATING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
NEIL HADDEN PLUMBING AND HEATING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Neil Hadden Plumbing and Heating Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Chanonry Street, Chanonry Industrial Estate, Elgin, IV30 6NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 20 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 19

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 268,000 268,000
At 31 May 2023 268,000 268,000
Accumulated amortisation
At 01 June 2022 201,000 201,000
Charge for the financial year 13,400 13,400
At 31 May 2023 214,400 214,400
Net book value
At 31 May 2023 53,600 53,600
At 31 May 2022 67,000 67,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2022 12,443 40,519 232,396 285,358
Additions 0 3,401 107,144 110,545
Disposals 0 0 ( 7,500) ( 7,500)
At 31 May 2023 12,443 43,920 332,040 388,403
Accumulated depreciation
At 01 June 2022 0 30,299 179,251 209,550
Charge for the financial year 0 2,043 39,480 41,523
Disposals 0 0 ( 5,127) ( 5,127)
At 31 May 2023 0 32,342 213,604 245,946
Net book value
At 31 May 2023 12,443 11,578 118,436 142,457
At 31 May 2022 12,443 10,220 53,145 75,808

5. Investment property

Investment property
£
Valuation
As at 01 June 2022 166,225
As at 31 May 2023 166,225

The directors consider the above to be reflective of the open market value of the investment property at the year-end.

6. Debtors

2023 2022
£ £
Trade debtors 443,516 459,377
Other debtors 74,834 39,649
518,350 499,026

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 170,251 119,874
Taxation and social security 15,956 72,789
Other creditors 37,931 46,795
224,138 239,458

8. Provision for liabilities

2023 2022
£ £
Deferred tax 53,636 35,941

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key Management Personnel 321 52

The above balance is interest free, unsecured and has no fixed terms of repayment.