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Registration number: 09771439

Neston Complete Bathrooms and Plumbcraft Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Neston Complete Bathrooms and Plumbcraft Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Neston Complete Bathrooms and Plumbcraft Limited

Company Information

Directors

Mr J H Bushell

Mrs S L Bushell

Registered office

1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

Accountants

Phillip Bates and Co Limited
Chartered Accountants
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

 

Neston Complete Bathrooms and Plumbcraft Limited

(Registration number: 09771439)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

707

936

Current assets

 

Stocks

5

150

150

Debtors

6

4,349

4,609

Cash at bank and in hand

 

3,435

2,650

 

7,934

7,409

Creditors: Amounts falling due within one year

7

(6,478)

(5,500)

Net current assets

 

1,456

1,909

Total assets less current liabilities

 

2,163

2,845

Creditors: Amounts falling due after more than one year

7

(3,667)

(5,667)

Net liabilities

 

(1,504)

(2,822)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(1,604)

(2,922)

Shareholders' deficit

 

(1,504)

(2,822)

For the financial year ending 30 September 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.

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.

Approved and authorised by the Board on 18 January 2024 and signed on its behalf by:
 

.........................................
Mr J H Bushell
Director

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA
United Kingdom

These financial statements were authorised for issue by the Board on 18 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.

Government grants

Government grants received are treated as other income included in the profit or loss.

Tax

The tax expense for the period comprises current 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.

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

20% straight line basis

Office Equipment

20% straight line basis

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.

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

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 3 (2022 - 3).

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

1,399

14,000

15,399

At 30 September 2023

1,399

14,000

15,399

Depreciation

At 1 October 2022

464

13,999

14,463

Charge for the year

229

-

229

At 30 September 2023

693

13,999

14,692

Carrying amount

At 30 September 2023

706

1

707

At 30 September 2022

935

1

936

5

Stocks

2023
£

2022
£

Other inventories

150

150

6

Debtors




 

Current

2023
£

2022
£

Other debtors

4,349

4,609

 

4,349

4,609

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

2,000

2,000

Taxation and social security

 

2,891

1,992

Accruals and deferred income

 

1,400

1,200

Other creditors

 

187

308

 

6,478

5,500

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

3,667

5,667

Creditors include a Bounce Back Loan of £5,667 (2022 - £7,667).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 A Shares of £1 each

70

70

70

70

Ordinary £1 B Shares of £1 each

30

30

30

30

 

100

100

100

100

 

Neston Complete Bathrooms and Plumbcraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

6,918

6,918

Later than one year and not later than five years

5,188

12,106

12,106

19,024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,939 (2022 - £6,936).

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 £12,106 (2022 - £19,024). Security is given on the hired asset.

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr J H Bushell

Directors loan account

(1,149)

(694)

1,520

(323)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr J H Bushell

Directors loan account

(75)

(1,438)

364

(1,149)

         
       

 

Summary of transactions with entities with joint control or significant interest

During the year the company loaned an amount of £502 to Plumbcraft Tools Ltd, a company in which Mr James Bushell is a Director. The amount outstanding at the year end is £3,683 (2022 - £3,181).