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REGISTERED NUMBER: SC288312 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

M F S Plumbing and Heating Specialists
Limited

M F S Plumbing and Heating Specialists
Limited (Registered number: SC288312)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M F S Plumbing and Heating Specialists
Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: M Faskin
S Faskin





SECRETARY: Add Accountancy Limited





REGISTERED OFFICE: 40 Cairn Wynd
Inverurie
Aberdeenshire
AB51 5HQ





REGISTERED NUMBER: SC288312 (Scotland)





ACCOUNTANTS: Add Accountancy Limited
6 Market Square
OLDMELDRUM
Aberdeenshire
AB51 0AA

M F S Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 57,081 39,317

CURRENT ASSETS
Stocks 3,350 10,725
Debtors 5 291,089 193,339
Cash at bank 282,334 246,926
576,773 450,990
CREDITORS
Amounts falling due within one year 6 270,605 214,828
NET CURRENT ASSETS 306,168 236,162
TOTAL ASSETS LESS CURRENT
LIABILITIES

363,249

275,479

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 363,049 275,279
SHAREHOLDERS' FUNDS 363,249 275,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

M F S Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Balance Sheet - continued
31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2023 and were signed on its behalf by:




M Faskin - Director



S Faskin - Director


M F S Plumbing and Heating Specialists
Limited (Registered number: SC288312)

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

1. STATUTORY INFORMATION

M F S Plumbing and Heating Specialists Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

M F S Plumbing and Heating Specialists
Limited (Registered number: SC288312)

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

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 13,006 140 94,667 5,250 113,063
Additions - - 36,791 - 36,791
At 31 July 2023 13,006 140 131,458 5,250 149,854
DEPRECIATION
At 1 August 2022 11,018 140 58,014 4,574 73,746
Charge for year 497 - 18,361 169 19,027
At 31 July 2023 11,515 140 76,375 4,743 92,773
NET BOOK VALUE
At 31 July 2023 1,491 - 55,083 507 57,081
At 31 July 2022 1,988 - 36,653 676 39,317

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 255,213 159,374
VAT 35,876 33,965
291,089 193,339

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 6,813 15,685
Trade creditors 167,020 129,531
Tax 34,295 17,648
Social security and other taxes 4,141 4,141
Other creditors 455 423
Directors' current accounts 52,291 27,607
Accrued expenses 5,590 19,793
270,605 214,828