Registered number
10704299
Highflow Heating & Plumbing Ltd
Filleted Accounts
30 April 2023
Highflow Heating & Plumbing Ltd
Registered number: 10704299
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 28,520 15,053
Current assets
Debtors 5 31,058 33,622
Cash at bank and in hand 14,700 7,371
45,758 40,993
Creditors: amounts falling due within one year 6 (49,672) (24,287)
Net current (liabilities)/assets (3,914) 16,706
Total assets less current liabilities 24,606 31,759
Creditors: amounts falling due after more than one year 7 (51,821) (31,170)
Net (liabilities)/assets (27,215) 589
Capital and reserves
Called up share capital 1 1
Profit and loss account (27,216) 588
Shareholder's funds (27,215) 589
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
B Taylor
Director
Approved by the board on 13 November 2023
Highflow Heating & Plumbing Ltd
Notes to the Accounts
for the year ended 30 April 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 (as applied to small entities by section 1A of the standard).
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Going concern
The company has an excess of liabilities over assets at 30th April 2023 and the company's
ability to continue trading is dependant on the full support of the company's director and
shareholder. The director considers that the company will continue to trade for the foreseeable
future and accordingly the financial statements are prepared on a going concern basis.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
4 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 1,152 1,900 37,005 40,057
Additions 319 - 26,497 26,816
Disposals - - (3,333) (3,333)
At 30 April 2023 1,471 1,900 60,169 63,540
Depreciation
At 1 May 2022 461 1,900 22,643 25,004
Charge for the year 294 - 12,053 12,347
On disposals - - (2,331) (2,331)
At 30 April 2023 755 1,900 32,365 35,020
Net book value
At 30 April 2023 716 - 27,804 28,520
At 30 April 2022 691 - 14,362 15,053
5 Debtors 2023 2022
£ £
Trade debtors - 1,176
Other debtors 31,058 32,446
31,058 33,622
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,982 -
Obligations under finance lease and hire purchase contracts - 4,277
Trade creditors 39,277 4,904
Taxation and social security costs 191 6,726
Other creditors 3,222 8,380
49,672 24,287
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,304 20,646
Obligations under finance lease and hire purchase contracts 35,517 10,524
51,821 31,170
8 Controlling party
The company is fully owned by the sole director.
9 Other information
Highflow Heating & Plumbing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 Vulcan Business Centre
Vulcan Way
New Addington
CR0 9UG
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