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COMPANY REGISTRATION NUMBER: 11977052
P&S Plumbing Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
P&S Plumbing Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
24,488
32,343
Current assets
Debtors
6
105,242
76,336
Cash at bank and in hand
1,438
4,470
---------
--------
106,680
80,806
Creditors: amounts falling due within one year
7
105,141
74,543
---------
--------
Net current assets
1,539
6,263
--------
--------
Total assets less current liabilities
26,027
38,606
Creditors: amounts falling due after more than one year
8
25,508
36,621
--------
--------
Net assets
519
1,985
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
419
1,885
----
-------
Shareholders funds
519
1,985
----
-------
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 31 May 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 .
P&S Plumbing Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
S J Hayworth
Director
Company registration number: 11977052
P&S Plumbing Limited
Notes to the Financial Statements
Year ended 31 May 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 47B High Street, Ongar, Essex, CM59DT.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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:
Motor vehicles
-
20% straight line
Equipment
-
25% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2022
38,847
3,000
41,847
Additions
308
308
--------
-------
--------
At 31 May 2023
38,847
3,308
42,155
--------
-------
--------
Depreciation
At 1 June 2022
7,769
1,735
9,504
Charge for the year
7,770
393
8,163
--------
-------
--------
At 31 May 2023
15,539
2,128
17,667
--------
-------
--------
Carrying amount
At 31 May 2023
23,308
1,180
24,488
--------
-------
--------
At 31 May 2022
31,078
1,265
32,343
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
75,936
35,173
Other debtors
29,306
41,163
---------
--------
105,242
76,336
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,000
4,000
Trade creditors
9,070
Corporation tax
9,057
15,269
Social security and other taxes
866
Other creditors
82,148
55,274
---------
--------
105,141
74,543
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,000
12,000
Other creditors
17,508
24,621
--------
--------
25,508
36,621
--------
--------
9. Directors' advances, credits and guarantees
There are no directors advances, credits and guarantees to be disclosed.