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Registration number: 08981609

Dan Varley Plumbing & Heating Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Dan Varley Plumbing & Heating Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Dan Varley Plumbing & Heating Ltd

Company Information

Director

Mr D T Varley

Registered office

Netherby
Roundswell
Barnstaple
Devon
EX31 3NS

Accountants

H K Smith Accountancy Services
Plyms Farmhouse
Manor Road
Landkey
Barnstaple
Devon
EX32 0JL

 

Dan Varley Plumbing & Heating Ltd

(Registration number: 08981609)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,802

3,603

Tangible assets

5

28,430

20,715

 

30,232

24,318

Current assets

 

Stocks

3,878

3,884

Debtors

6

10,082

6,279

Cash at bank and in hand

 

71,225

101,338

 

85,185

111,501

Prepayments and accrued income

 

1,243

1,162

Creditors: Amounts falling due within one year

7

(51,280)

(87,001)

Net current assets

 

35,148

25,662

Total assets less current liabilities

 

65,380

49,980

Provisions for liabilities

(4,231)

(2,758)

Accruals and deferred income

 

(1,881)

(1,292)

Net assets

 

59,268

45,930

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

898

1,122

Retained earnings

58,270

44,708

Shareholders' funds

 

59,268

45,930

 

Dan Varley Plumbing & Heating Ltd

(Registration number: 08981609)
Abridged Balance Sheet as at 31 March 2023

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the director on 15 November 2023
 

.........................................
Mr D T Varley
Director

 

Dan Varley Plumbing & Heating Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Netherby
Roundswell
Barnstaple
Devon
EX31 3NS

These financial statements were authorised for issue by the director on 15 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants were received under the Coronavirus Job Retention Scheme and have been accounted for under the Performance Model.

 

Dan Varley Plumbing & Heating Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% written down value

Motor vehicles

25% written down value

Office equipment

15% written down value

Leasehold improvements

25 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Dan Varley Plumbing & Heating Ltd

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Dan Varley Plumbing & Heating Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Dan Varley Plumbing & Heating Ltd

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

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

18,012

At 31 March 2023

18,012

Amortisation

At 1 April 2022

14,409

Amortisation charge

1,801

At 31 March 2023

16,210

Carrying amount

At 31 March 2023

1,802

At 31 March 2022

3,603

 

Dan Varley Plumbing & Heating Ltd

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

-

807

28,146

9,547

38,500

Additions

12,810

-

-

62

12,872

At 31 March 2023

12,810

807

28,146

9,609

51,372

Depreciation

At 1 April 2022

-

362

12,305

5,118

17,785

Charge for the year

512

60

3,961

624

5,157

At 31 March 2023

512

422

16,266

5,742

22,942

Carrying amount

At 31 March 2023

12,298

385

11,880

3,867

28,430

At 31 March 2022

-

445

15,841

4,429

20,715

Included within the net book value of land and buildings above is £12,298 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Dan Varley Plumbing & Heating Ltd

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

Revaluation

The fair value of the company's Motor Vehicles was revalued on 7 April 2014. An independent valuer was not involved.
The assets were valued upon incorporation at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £416 (2022 - £555).

The fair value of the company's Other Tangible Assets was revalued on 7 April 2014. An independent valuer was not involved.
The assets were valued upon incorporation at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £482 (2022 - £567).

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

2023
£

2022
£

Current loans and borrowings

Other borrowings

27,158

63,986

8

Creditors: amounts falling due after more than one year

Bank borrowings

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Dan Varley Plumbing & Heating Ltd

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

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

224

224

Surplus/deficit on revaluation of other assets

(224)

-

(224)

(224)

224

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

286

286

Surplus/deficit on revaluation of other assets

(285)

-

(285)

(285)

286

1