Pentland Plumbing Services Ltd
Registered number: 05360765
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,200 4,800
Tangible assets 4 67,141 68,523
70,341 73,323
Current assets
Debtors 5 141,602 111,476
Cash at bank and in hand - 7,838
141,602 119,314
Creditors: amounts falling due within one year 6 (133,097) (104,938)
Net current assets 8,505 14,376
Total assets less current liabilities 78,846 87,699
Creditors: amounts falling due after more than one year 7 (66,319) (74,881)
Provisions for liabilities (12,401) (12,641)
Net assets 126 177
Capital and reserves
Called up share capital 100 100
Profit and loss account 26 77
Shareholders' funds 126 177
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.
Mr K Hooper
Director
Approved by the board on 24 November 2023
Pentland Plumbing Services Ltd
Notes to the Accounts
for the year ended 28 February 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 etc 15%-25% Reducing balance
Motor vehicles 25% Reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 28,000
At 28 February 2023 28,000
Amortisation
At 1 March 2022 23,200
Provided during the year 1,600
At 28 February 2023 24,800
Net book value
At 28 February 2023 3,200
At 28 February 2022 4,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 9,174 86,221 95,395
Additions 18,509 - 18,509
At 28 February 2023 27,683 86,221 113,904
Depreciation
At 1 March 2022 4,867 22,005 26,872
Charge for the year 3,837 16,054 19,891
At 28 February 2023 8,704 38,059 46,763
Net book value
At 28 February 2023 18,979 48,162 67,141
At 28 February 2022 4,307 64,216 68,523
5 Debtors 2023 2022
£ £
Trade debtors 15,983 12,847
Other debtors 125,619 98,629
141,602 111,476
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,714 13,018
Obligations under finance lease and HP contracts 15,709 15,064
Trade creditors 57,593 30,734
Corporation tax 33,649 35,253
Other taxes and social security costs 6,813 6,887
Other creditors 4,619 3,982
133,097 104,938
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,837 12,837
Obligations under finance lease and HP contracts 57,482 62,044
66,319 74,881
8 Loans 2023 2022
£ £
Creditors include:
Scured obligations under finance lease and HP contracts 73,191 77,108
Finance lease and hire purchase contracts are secured against the assets for which the funds were used to purchase.
9 Other information
Pentland Plumbing Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
F1 Fareham Heights
Standard Way
Fareham
Hants
PO16 8XT
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