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Registration number: 03238953

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

Company Information

Directors

ST Broughton

PE Broughton

Registered office

18 Malson Way
Peveril Estate
Newbold
Chesterfield
DERBYSHIRE
S41 7DH

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

(Registration number: 03238953)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,200

4,400

Tangible assets

5

20,206

52,861

 

22,406

57,261

Current assets

 

Stocks

6

257,651

28,800

Debtors

7

176,930

228,801

Cash at bank and in hand

 

263,350

454,625

 

697,931

712,226

Creditors: Amounts falling due within one year

8

(371,123)

(378,117)

Net current assets

 

326,808

334,109

Total assets less current liabilities

 

349,214

391,370

Creditors: Amounts falling due after more than one year

8

(4,124)

(36,203)

Provisions for liabilities

(3,839)

(4,247)

Net assets

 

341,251

350,920

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

341,151

350,820

Shareholders' funds

 

341,251

350,920

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

(Registration number: 03238953)
Balance Sheet as at 31 March 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 January 2024 and signed on its behalf by:
 

.........................................
ST Broughton
Director

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

Notes to the Unaudited 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 & Wales.

The address of its registered office is:
18 Malson Way
Peveril Estate
Newbold
Chesterfield
DERBYSHIRE
S41 7DH

These financial statements were authorised for issue by the Board on 17 January 2024.

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

Tax

The tax expense for the period comprises 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

Motor Vehicles

25% reducing balance

Tools & Equipment

15% reducing balance

Computer Equipment

33% on cost

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.

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

over 10 year useful life

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

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

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.

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

22,000

22,000

At 31 March 2023

22,000

22,000

Amortisation

At 1 April 2022

17,600

17,600

Amortisation charge

2,200

2,200

At 31 March 2023

19,800

19,800

Carrying amount

At 31 March 2023

2,200

2,200

At 31 March 2022

4,400

4,400

5

Tangible assets

Tools & equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

15,128

8,752

155,847

179,727

Disposals

-

-

(34,887)

(34,887)

At 31 March 2023

15,128

8,752

120,960

144,840

Depreciation

At 1 April 2022

13,281

8,752

104,833

126,866

Charge for the year

277

-

6,212

6,489

Eliminated on disposal

-

-

(8,721)

(8,721)

At 31 March 2023

13,558

8,752

102,324

124,634

Carrying amount

At 31 March 2023

1,570

-

18,636

20,206

At 31 March 2022

1,847

-

51,014

52,861

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

6

Stocks

2023
£

2022
£

Work in progress

253,851

25,000

Other inventories

3,800

3,800

257,651

28,800

7

Debtors

Current

2023
£

2022
£

Trade debtors

175,891

228,480

Prepayments

1,039

321

 

176,930

228,801

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,037

9,369

Trade creditors

 

222,946

168,625

Taxation and social security

 

113,326

149,720

Accruals and deferred income

 

3,488

3,746

Other creditors

 

26,326

46,657

 

371,123

378,117

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,037 (2022 - £9,369).

 

Broughton & Rollett Ltd

trading as Tower Plumbing And Heating

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

4,124

36,203

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,124 (2022 - £36,203).

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

4,124

36,203

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,037

9,369

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,490

44,800