2 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 96,090 96,090 554 554 95,536 xbrli:pure xbrli:shares iso4217:GBP SC580655 2022-04-01 2023-03-31 SC580655 2023-03-31 SC580655 2022-03-31 SC580655 2021-04-01 2022-03-31 SC580655 2022-03-31 SC580655 2021-03-31 SC580655 core:MotorVehicles 2022-04-01 2023-03-31 SC580655 bus:Director1 2022-04-01 2023-03-31 SC580655 bus:Director2 2022-04-01 2023-03-31 SC580655 core:MotorVehicles 2023-03-31 SC580655 core:WithinOneYear 2023-03-31 SC580655 core:WithinOneYear 2022-03-31 SC580655 core:ShareCapital 2023-03-31 SC580655 core:ShareCapital 2022-03-31 SC580655 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC580655 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC580655 bus:Director1 2022-03-31 SC580655 bus:Director2 2022-03-31 SC580655 bus:Director1 2021-03-31 SC580655 bus:Director1 2022-03-31 SC580655 bus:Director2 2021-03-31 SC580655 bus:Director2 2022-03-31 SC580655 bus:SmallEntities 2022-04-01 2023-03-31 SC580655 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC580655 bus:FullAccounts 2022-04-01 2023-03-31 SC580655 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC580655 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: SC580655
Tom Findlay Plumbing Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Tom Findlay Plumbing Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
95,536
Current assets
Stocks
67,243
166,517
Debtors
6
1,087,646
901,061
Cash at bank and in hand
383,268
201,818
------------
------------
1,538,157
1,269,396
Creditors: amounts falling due within one year
7
944,098
803,074
------------
------------
Net current assets
594,059
466,322
---------
---------
Total assets less current liabilities
689,595
466,322
Provisions
18,152
---------
---------
Net assets
671,443
466,322
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
671,243
466,122
---------
---------
Shareholders funds
671,443
466,322
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tom Findlay Plumbing Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
S Kerr
Director
Company registration number: SC580655
Tom Findlay Plumbing Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Mansion Street, Cambuslang, Glasgow, G72 7JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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 measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible 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:
Motor vehicles
-
25% reducing balance
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.
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 April 2022
Additions
96,090
--------
At 31 March 2023
96,090
--------
Depreciation
At 1 April 2022
Charge for the year
554
--------
At 31 March 2023
554
--------
Carrying amount
At 31 March 2023
95,536
--------
At 31 March 2022
--------
6. Debtors
2023
2022
£
£
Trade debtors
14,840
11,279
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,700
50,700
Other debtors
1,022,106
839,082
------------
---------
1,087,646
901,061
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
762,895
595,674
Amounts owed to group undertakings and undertakings in which the company has a participating interest
119,400
19,400
Corporation tax
58,559
28,341
Other creditors
3,244
159,659
---------
---------
944,098
803,074
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
S Kerr
( 29,900)
29,900
G T Findlay
( 29,900)
29,900
--------
--------
----
( 59,800)
59,800
--------
--------
----
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
S Kerr
( 29,900)
( 29,900)
G T Findlay
( 29,900)
( 29,900)
--------
----
--------
( 59,800)
( 59,800)
--------
----
--------