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REGISTERED NUMBER: 04664782 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

A J S Plumbing & Heating Limited

A J S Plumbing & Heating Limited (Registered number: 04664782)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


A J S Plumbing & Heating Limited (Registered number: 04664782)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £ £
Fixed assets
Tangible assets 5 110,918 83,337

Current assets
Stocks 3,500 4,500
Debtors 6 101,804 102,263
Cash at bank and in hand 312,392 270,059
417,696 376,822
Creditors
Amounts falling due within one year 7 (205,058 ) (189,179 )
Net current assets 212,638 187,643
Total assets less current liabilities 323,556 270,980

Creditors
Amounts falling due after more than one
year

8

(36,937

)

(64,378

)

Provisions for liabilities (22,448 ) (17,501 )
Net assets 264,171 189,101

Capital and reserves
Called up share capital 100 100
Retained earnings 264,071 189,001
264,171 189,101

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.

A J S Plumbing & Heating Limited (Registered number: 04664782)

Balance Sheet - 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 24 October 2023 and were signed on its behalf by:





Mrs C Starbuck - Director


A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Oak Street, Fakenham, Norfolk, NR21 9DY.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
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.

Revenue Recognition
Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Tangible fixed assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & Machinery - 15% Reducing balance
Motor Vehicles - 25% Reducing balance
Equipment - 33% Straight line

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 stock to its present location and condition.

A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 balance sheet date.


A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Impairment of fixed assets
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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments
Financial instruments are classified and account for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance related conditions on the recipient, it is recognised in income when he grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employees and directors

The average number of employees during the year was 9 (2022 - 10 ) .

5. Tangible fixed assets
Plant and Motor
machinery vehicles Equipment Totals
£ £ £ £
Cost
At 1 April 2022 24,054 171,193 16,515 211,762
Additions - 58,586 - 58,586
At 31 March 2023 24,054 229,779 16,515 270,348
Depreciation
At 1 April 2022 15,964 97,800 14,661 128,425
Charge for year 1,214 28,592 1,199 31,005
At 31 March 2023 17,178 126,392 15,860 159,430
Net book value
At 31 March 2023 6,876 103,387 655 110,918
At 31 March 2022 8,090 73,393 1,854 83,337

A J S Plumbing & Heating Limited (Registered number: 04664782)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Trade debtors 92,701 163,776
Provision for doubtful debts - (65,603 )
Prepayments 9,103 4,090
101,804 102,263

7. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans and overdrafts 13,600 13,600
Hire purchase contracts 25,559 12,361
Trade creditors 58,912 43,248
Wages creditor 14,814 14,814
Tax 50,133 52,772
PAYE and NIC 5,633 18,067
Pensions 894 2,059
VAT 13,594 25,360
Directors' loan accounts 16,093 1,526
Accrued expenses 5,826 5,372
205,058 189,179

Bank overdrafts are secured by a debenture creating a fixed and floating charge over the assets of the company.

Creditors: amounts falling due within one year include hire purchase agreements of £25,559 (2022: £12,361) that are secured on the fixed assets concerned.

8. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Bank loans - 2-5 years 5,600 44,200
Hire purchase contracts 31,337 20,178
36,937 64,378

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Creditors: amounts falling due after more than one year include hire purchase agreements of £31,337 (2022: £20,178) that are secured on the fixed assets concerned.