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Registration number: 07408056

Steve Smith Plumbing & Heating Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Steve Smith Plumbing & Heating Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Steve Smith Plumbing & Heating Limited

(Registration number: 07408056)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

76,046

75,021

Current assets

 

Debtors

6

70,700

37,689

Cash at bank and in hand

 

47,812

62,738

 

118,512

100,427

Creditors: Amounts falling due within one year

7

(69,763)

(64,308)

Net current assets

 

48,749

36,119

Total assets less current liabilities

 

124,795

111,140

Creditors: Amounts falling due after more than one year

7

(29,219)

(38,616)

Provisions for liabilities

(15,347)

(11,469)

Net assets

 

80,229

61,055

Capital and reserves

 

Called up share capital

1

1

Retained earnings

80,228

61,054

Shareholders' funds

 

80,229

61,055

 

Steve Smith Plumbing & Heating Limited

(Registration number: 07408056)
Balance Sheet as at 31 October 2023

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

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 February 2024
 

.........................................
Mr S Smith
Director

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Tax

The tax expense for the period comprises current tax and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have ben 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.

Depreciation

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance basis

Plant and Machinery

25% Reducing balance basis

Office equipment

25% Reducing balance basis

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.

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

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

10% 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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

12,000

12,000

At 31 October 2023

12,000

12,000

Amortisation

At 1 November 2022

12,000

12,000

At 31 October 2023

12,000

12,000

Carrying amount

At 31 October 2023

-

-

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

14,660

28,102

2,195

103,999

148,956

Additions

-

3,509

630

25,499

29,638

Disposals

-

-

-

(33,439)

(33,439)

At 31 October 2023

14,660

31,611

2,825

96,059

145,155

Depreciation

At 1 November 2022

-

18,941

411

54,584

73,936

Charge for the year

-

2,525

486

15,730

18,741

Eliminated on disposal

-

-

-

(23,568)

(23,568)

At 31 October 2023

-

21,466

897

46,746

69,109

Carrying amount

At 31 October 2023

14,660

10,145

1,928

49,313

76,046

At 31 October 2022

14,660

9,162

1,784

49,415

75,021

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

6

Debtors

2023
£

2022
£

Trade debtors

59,517

17,820

Prepayments

1,867

1,687

Other debtors

9,316

18,182

70,700

37,689

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

22,530

17,660

Trade creditors

19,341

19,195

Taxation and social security

27,109

18,610

Other creditors

783

8,843

69,763

64,308

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

29,219

38,616

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,612

10,360

Hire purchase contracts

11,918

7,300

22,530

17,660

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,297

27,237

Hire purchase contracts

11,922

11,379

29,219

38,616

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr S Smith

(5,398)

6,412

(720)

294