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Registration number: 14319170

Simon Allen Plumbing & Heating Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Simon Allen Plumbing & Heating Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Simon Allen Plumbing & Heating Ltd

(Registration number: 14319170)
Statement of Financial Position as at 31 August 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

9,000

Tangible assets

5

13,578

 

22,578

Current assets

 

Stocks

6

22,847

Debtors

7

50,923

Cash at bank and in hand

 

75,696

 

149,466

Creditors: Amounts falling due within one year

8

(109,489)

Net current assets

 

39,977

Total assets less current liabilities

 

62,555

Provisions for liabilities

(3,395)

Net assets

 

59,160

Capital and reserves

 

Called up share capital

100

Profit and loss account

59,060

Shareholders' funds

 

59,160

For the financial year ending 31 August 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 Statement of Comprehensive Income.

Approved and authorised by the director on 15 April 2024
 

 

Simon Allen Plumbing & Heating Ltd

(Registration number: 14319170)
Statement of Financial Position as at 31 August 2023 (continued)


Mr S Allen
Director

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
35 East Fairholme Road
Bude
Cornwall
EX23 8HU
United Kingdom

Principal activity

The principal activity of the company is that of plumbing and heating services.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and 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 statement of financial position 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.

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Impairment

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.

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

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1.

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

10,000

10,000

At 31 August 2023

10,000

10,000

Amortisation

Amortisation charge

1,000

1,000

At 31 August 2023

1,000

1,000

Carrying amount

At 31 August 2023

9,000

9,000

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

8,006

108

10,000

18,114

At 31 August 2023

8,006

108

10,000

18,114

Depreciation

Charge for the year

2,000

36

2,500

4,536

At 31 August 2023

2,000

36

2,500

4,536

Carrying amount

At 31 August 2023

6,006

72

7,500

13,578

6

Stocks

2023
£

Raw materials and consumables

1,200

Work in progress

21,647

22,847

 

Simon Allen Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Debtors

2023
£

Trade debtors

41,739

Other debtors

9,184

50,923

8

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

14,152

Taxation and social security

21,122

Accruals and deferred income

4,389

Other creditors

69,826

109,489

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.