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Registration number: SC387968

Specific Plumbing & Heating Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Specific Plumbing & Heating Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Specific Plumbing & Heating Services Ltd

(Registration number: SC387968)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,691

12,620

Current assets

 

Debtors

5

1,945

14,591

Cash at bank and in hand

 

60,994

70,643

 

62,939

85,234

Creditors: Amounts falling due within one year

6

(34,291)

(57,190)

Net current assets

 

28,648

28,044

Total assets less current liabilities

 

36,339

40,664

Provisions for liabilities

(1,692)

(2,398)

Net assets

 

34,647

38,266

Capital and reserves

 

Called up share capital

1

1

Retained earnings

34,646

38,265

Shareholders' funds

 

34,647

38,266

For the financial year ending 30 November 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.

 

Specific Plumbing & Heating Services Ltd

(Registration number: SC387968)
Balance Sheet as at 30 November 2023

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 1 March 2024
 

.........................................
A Doig
Director

 

Specific Plumbing & Heating Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
33 Normand Road
Dysart
Kirkcaldy
Fife
KY1 2XW
Scotland

These financial statements were authorised for issue by the director on 1 March 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.

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.

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.

 

Specific Plumbing & Heating Services Ltd

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

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 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

Plant and machinery

15% straight line

Office equipment

33 1/3% straight line

Motor vehicles

25% reducing balance

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.

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.

 

Specific Plumbing & Heating Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 the director) during the year, was 2 (2022 - 2).

 

Specific Plumbing & Heating Services Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,937

33,897

18,670

54,504

Additions

249

-

-

249

At 30 November 2023

2,186

33,897

18,670

54,753

Depreciation

At 1 December 2022

1,484

23,966

16,433

41,883

Charge for the year

200

4,326

653

5,179

At 30 November 2023

1,684

28,292

17,086

47,062

Carrying amount

At 30 November 2023

502

5,605

1,584

7,691

At 30 November 2022

452

9,931

2,237

12,620

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,387

12,216

Prepayments

558

1,139

Other debtors

-

1,236

 

1,945

14,591

 

Specific Plumbing & Heating Services Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

21,429

28,431

Trade creditors

 

-

8,602

Directors loan

9,165

10,320

Taxation and social security

 

1,013

3,433

Other creditors

 

2,684

6,404

 

34,291

57,190

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,429

28,431