Company registration number 04512531 (England and Wales)
M G PLUMBING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
M G PLUMBING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
M G PLUMBING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M G Shortman
Mrs J Shortman
Secretary
Mrs J Shortman
Company number
04512531
Registered office
30 -31 St James Place
Mangotsfield
Bristol
England
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
M G PLUMBING LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
98,868
72,215
Current assets
Stocks
82,226
125,719
Debtors
6
508,181
445,395
Cash at bank and in hand
656,277
751,856
1,246,684
1,322,970
Creditors: amounts falling due within one year
7
(178,076)
(316,156)
Net current assets
1,068,608
1,006,814
Total assets less current liabilities
1,167,476
1,079,029
Provisions for liabilities
(20,422)
(13,721)
Net assets
1,147,054
1,065,308
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,146,054
1,064,308
Total equity
1,147,054
1,065,308

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

M G PLUMBING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr M G Shortman
Director
Company Registration No. 04512531
M G PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

M G Plumbing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 -31 St James Place, Mangotsfield, Bristol, England, BS16 9JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
M G PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

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.

 

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

M G PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
26
M G PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
100,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
100,000
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
5
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
9,043
6,530
140,257
155,830
Additions
57
1,017
53,434
54,508
Disposals
-
0
-
0
(16,424)
(16,424)
At 31 August 2023
9,100
7,547
177,267
193,914
Depreciation and impairment
At 1 September 2022
7,400
4,339
71,876
83,615
Depreciation charged in the year
416
715
23,718
24,849
Eliminated in respect of disposals
-
0
-
0
(13,418)
(13,418)
At 31 August 2023
7,816
5,054
82,176
95,046
Carrying amount
At 31 August 2023
1,284
2,493
95,091
98,868
At 31 August 2022
1,643
2,191
68,381
72,215
M G PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
499,076
417,643
Other debtors
2,534
20,950
Prepayments and accrued income
6,571
6,802
508,181
445,395
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
52,310
239,643
Taxation and social security
86,121
20,173
Other creditors
39,645
56,340
178,076
316,156
2023-08-312022-09-01false06 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M G ShortmanMrs Jane ShortmanMrs J Shortmanfalse045125312022-09-012023-08-3104512531bus:Director12022-09-012023-08-3104512531bus:CompanySecretaryDirector12022-09-012023-08-3104512531bus:CompanySecretary12022-09-012023-08-3104512531bus:Director22022-09-012023-08-3104512531bus:RegisteredOffice2022-09-012023-08-31045125312023-08-31045125312022-08-3104512531core:PlantMachinery2023-08-3104512531core:ComputerEquipment2023-08-3104512531core:MotorVehicles2023-08-3104512531core:PlantMachinery2022-08-3104512531core:ComputerEquipment2022-08-3104512531core:MotorVehicles2022-08-3104512531core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3104512531core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3104512531core:CurrentFinancialInstruments2023-08-3104512531core:CurrentFinancialInstruments2022-08-3104512531core:ShareCapital2023-08-3104512531core:ShareCapital2022-08-3104512531core:RetainedEarningsAccumulatedLosses2023-08-3104512531core:RetainedEarningsAccumulatedLosses2022-08-3104512531core:Goodwill2022-09-012023-08-3104512531core:PlantMachinery2022-09-012023-08-3104512531core:ComputerEquipment2022-09-012023-08-3104512531core:MotorVehicles2022-09-012023-08-31045125312021-09-012022-08-3104512531core:NetGoodwill2022-08-3104512531core:NetGoodwill2023-08-3104512531core:NetGoodwill2022-08-3104512531core:PlantMachinery2022-08-3104512531core:ComputerEquipment2022-08-3104512531core:MotorVehicles2022-08-31045125312022-08-3104512531bus:PrivateLimitedCompanyLtd2022-09-012023-08-3104512531bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3104512531bus:FRS1022022-09-012023-08-3104512531bus:AuditExemptWithAccountantsReport2022-09-012023-08-3104512531bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP