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Coleman Plumbing & Heating Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 09042972

 

Coleman Plumbing & Heating Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Coleman Plumbing & Heating Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,000

12,000

Tangible assets

5

4,568

3,289

 

10,568

15,289

Current assets

 

Stocks

6

7,500

7,500

Debtors

7

128,360

102,291

Cash at bank and in hand

 

23,775

6,000

 

159,635

115,791

Creditors: Amounts falling due within one year

8

(82,321)

(89,524)

Net current assets

 

77,314

26,267

Total assets less current liabilities

 

87,882

41,556

Creditors: Amounts falling due after more than one year

8

(21,667)

(31,667)

Net assets

 

66,215

9,889

Capital and reserves

 

Called up share capital

11

2

2

Profit and loss account

66,213

9,887

Shareholders' funds

 

66,215

9,889

 

Coleman Plumbing & Heating Limited

Balance Sheet

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.

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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 November 2023
 

.........................................
Mr Kevin Coleman
Director

Company Registration Number: 09042972

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

These financial statements were authorised for issue by the director on 29 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 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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The director, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, is satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the forseeable future being no less than 12 months from the date of approval of these accounts.

Key sources of estimation uncertainty

The director is satisfied, having considered the current financial position and performance of the company in light of the ongoing uncertainty that exists in the global economy that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has taken account (from the date of approval of these financial statements) of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

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 value added tax and trade discounts.

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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 corporation 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.

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 machinery

15% reducing balance

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated useful economic life of 10 years.

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% straight line

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 stocks.

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 8).

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Amortisation

At 1 April 2022

48,000

48,000

Amortisation charge

6,000

6,000

At 31 March 2023

54,000

54,000

Carrying amount

At 31 March 2023

6,000

6,000

At 31 March 2022

12,000

12,000

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

5,550

5,550

Additions

2,086

2,086

At 31 March 2023

7,636

7,636

Depreciation

At 1 April 2022

2,261

2,261

Charge for the year

807

807

At 31 March 2023

3,068

3,068

Carrying amount

At 31 March 2023

4,568

4,568

At 31 March 2022

3,289

3,289

6

Stocks

2023
£

2022
£

Other inventories

7,500

7,500

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

15,706

7,176

Prepayments

-

6,000

Other debtors

112,654

89,115

128,360

102,291

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

10,000

24,452

Trade creditors

 

22,014

26,682

Social security and other taxes

 

45,968

34,112

Other creditors

 

2,339

2,478

Accrued expenses

 

2,000

1,800

 

82,321

89,524

Creditors include a bank overdraft which is secured of £nil (2022 - £14,452).

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

21,667

31,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

14,452

10,000

24,452

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,160 (2022 - £36,409).

 

Coleman Plumbing & Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

12

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director

The loan is charged with an interest rate of 2.00%

(89,115)

(120,300)

96,761

(112,654)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Director

The loan is charged with an interest rate of 2.00%

(70,101)

(139,738)

120,724

(89,115)