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COMPANY REGISTRATION NUMBER: 03623054
Wilmslow Plumbing and Heating Limited
Filleted Unaudited Financial Statements
28 February 2023
Wilmslow Plumbing and Heating Limited
Financial Statements
Year ended 28th February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wilmslow Plumbing and Heating Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
18,746
20,832
Current assets
Stocks
22,425
17,965
Debtors
6
634
221
Cash at bank and in hand
2,619
5,912
--------
--------
25,678
24,098
Creditors: amounts falling due within one year
7
30,145
21,665
--------
--------
Net current (liabilities)/assets
( 4,467)
2,433
--------
--------
Total assets less current liabilities
14,279
23,265
Creditors: amounts falling due after more than one year
8
13,245
21,877
--------
--------
Net assets
1,034
1,388
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,032
1,386
-------
-------
Shareholders funds
1,034
1,388
-------
-------
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 28th February 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 .
Wilmslow Plumbing and Heating Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr R C Smith
Director
Company registration number: 03623054
Wilmslow Plumbing and Heating Limited
Notes to the Financial Statements
Year ended 28th February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, 266/268 Chapel Street, Salford, Manchester, M3 5JZ.
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.
Taxation
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.
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:
Tools & Equipment
-
15% reducing balance
Motor Vehicles
-
10% 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Tools & Equipment
Motor vehicles
Total
£
£
£
Cost
At 1st March 2022 and 28th February 2023
928
23,995
24,923
----
--------
--------
Depreciation
At 1st March 2022
881
3,210
4,091
Charge for the year
7
2,079
2,086
----
--------
--------
At 28th February 2023
888
5,289
6,177
----
--------
--------
Carrying amount
At 28th February 2023
40
18,706
18,746
----
--------
--------
At 28th February 2022
47
20,785
20,832
----
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
634
221
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,296
13,864
Trade creditors
1,706
1,323
Social security and other taxes
1,732
1,090
Other creditors
10,411
5,388
--------
--------
30,145
21,665
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
13,245
18,927
Other creditors
2,950
--------
--------
13,245
21,877
--------
--------
9. Directors' advances, credits and guarantees
2023 2022
£ £
Director loan accounts 6,019 509
------- ----
No interest has been charged to the company in respect of the loan which is repayable on demand and is classified within creditors.
10. Related party transactions
The company was under the control of Mr R C Smith throughout the current and previous year. Mr R C Smith is the managing director.