Registered number
04508984
P J Margle Heating Ltd
Filleted Accounts
31 August 2023
P J Margle Heating Ltd
Registered number: 04508984
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,279 822
Current assets
Stocks 15,000 10,000
Debtors 4 179,362 86,227
Cash at bank and in hand 244,014 269,947
438,376 366,174
Creditors: amounts falling due within one year 5 (90,217) (99,318)
Net current assets 348,159 266,856
Total assets less current liabilities 349,438 267,678
Provisions for liabilities (320) -
Net assets 349,118 267,678
Capital and reserves
Called up share capital 200 200
Profit and loss account 348,918 267,478
Shareholders' funds 349,118 267,678
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Margle
Director
Approved by the board on 31 October 2023
P J Margle Heating Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 12,132 53,580 65,712
Additions 975 - 975
At 31 August 2023 13,107 53,580 66,687
Depreciation
At 1 September 2022 11,310 53,580 64,890
Charge for the year 518 - 518
At 31 August 2023 11,828 53,580 65,408
Net book value
At 31 August 2023 1,279 - 1,279
At 31 August 2022 822 - 822
4 Debtors 2023 2022
£ £
Trade debtors 167,086 66,853
Other debtors 12,276 19,374
179,362 86,227
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,702 37,979
Taxation and social security costs 45,210 31,265
Other creditors 22,305 30,074
90,217 99,318
6 Related party transactions
As at the balance sheet date the company owed Mr S Margle (Director and Shareholder) £17,422 (2022: £24,572).
7 Other information
P J Margle Heating Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bluegates
Bardfield End Green
Thaxted
Essex
CM6 3PY
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