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REGISTERED NUMBER: 04620160 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Kingstown Plumbing Services Limited

Kingstown Plumbing Services Limited (Registered number: 04620160)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kingstown Plumbing Services Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: P C Thompson





SECRETARY: Mrs K Thompson





REGISTERED OFFICE: 758 Spring Bank West
Hull
East Yorkshire
HU5 5AA





REGISTERED NUMBER: 04620160 (England and Wales)

Kingstown Plumbing Services Limited (Registered number: 04620160)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,354 78,511

CURRENT ASSETS
Stocks 25,000 35,769
Debtors 5 333,092 271,386
Cash at bank 658,264 309,064
1,016,356 616,219
CREDITORS
Amounts falling due within one year 6 421,968 144,781
NET CURRENT ASSETS 594,388 471,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

643,742

549,949

CREDITORS
Amounts falling due after more than one
year

7

(31,752

)

(47,263

)

PROVISIONS FOR LIABILITIES (12,338 ) (14,917 )
NET ASSETS 599,652 487,769

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 599,551 487,668
599,652 487,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Kingstown Plumbing Services Limited (Registered number: 04620160)

Balance Sheet - continued
28 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 November 2023 and were signed by:





P C Thompson - Director


Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Kingstown Plumbing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue recognition
Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on their fair value of the right to consideration at the balance sheet date. The value is included in debtors as Amounts Recoverable on Contracts.

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.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated at an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. 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.

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 defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 16 ).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 12,863 2,675 195,107 13,869 224,514
Additions - - - 631 631
Disposals (1,019 ) - - (1,711 ) (2,730 )
At 28 February 2023 11,844 2,675 195,107 12,789 222,415
DEPRECIATION
At 1 March 2022 12,448 2,114 119,648 11,793 146,003
Charge for year 225 340 28,431 787 29,783
Eliminated on disposal (1,016 ) - - (1,709 ) (2,725 )
At 28 February 2023 11,657 2,454 148,079 10,871 173,061
NET BOOK VALUE
At 28 February 2023 187 221 47,028 1,918 49,354
At 28 February 2022 415 561 75,459 2,076 78,511

Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022
and 28 February 2023 113,416
DEPRECIATION
At 1 March 2022 38,037
Charge for year 14,177
At 28 February 2023 52,214
NET BOOK VALUE
At 28 February 2023 61,202
At 28 February 2022 75,379

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 288,664 240,424
Other debtors 44,428 30,962
333,092 271,386

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts (see note 8) 14,501 16,347
Trade creditors 197,067 87,764
Taxation and social security 70,284 25,225
Other creditors 140,116 15,445
421,968 144,781

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts (see note 8) 31,752 47,263

Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

28.2.23 28.2.22
£    £   
Gross obligations repayable:
Within one year 15,875 18,625
Between one and five years 34,280 50,155
50,155 68,780

Finance charges repayable:
Within one year 1,374 2,278
Between one and five years 2,528 2,892
3,902 5,170

Net obligations repayable:
Within one year 14,501 16,347
Between one and five years 31,752 47,263
46,253 63,610

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Hire purchase contracts 46,253 63,610

Amounts included within hire purchase are secured on the assets they relate to.

10. RELATED PARTY DISCLOSURES

At the year end, the related party balances were:
28.2.2328.2.22
££
Balance owed from related parties at the year end24,18023,990

The related party is a company which is under common control.

The company has paid the director rent in the sum of £14,400 (2022 - £14,400), in relation to property occupied. This is a commercial rent based on the current market rate.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P C Thompson.