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Company Registration No. 07304754 (England and Wales)
TWS Plumbing & Heating Limited Unaudited accounts for the year ended 31 July 2023
TWS Plumbing & Heating Limited Unaudited accounts Contents
Page
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TWS Plumbing & Heating Limited Company Information for the year ended 31 July 2023
Directors
T Sandell A Sandell
Company Number
07304754 (England and Wales)
Registered Office
UNIT 2 MAUNDRELL ROAD PORTE MARSH IND ESTATE CALNE WILTSHIRE SN11 9PU
Accountants
Collier-Marsh Accountancy Old Coach House Seagry Road Sutton Benger Wiltshire SN15 4RX
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TWS Plumbing & Heating Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
89,933 
79,216 
Current assets
Debtors
122,714 
97,646 
Cash at bank and in hand
95,530 
110,471 
218,244 
208,117 
Creditors: amounts falling due within one year
(151,595)
(137,474)
Net current assets
66,649 
70,643 
Total assets less current liabilities
156,582 
149,859 
Creditors: amounts falling due after more than one year
(42,524)
(25,648)
Provisions for liabilities
Deferred tax
(17,087)
(15,051)
Net assets
96,971 
109,160 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
96,969 
109,158 
Shareholders' funds
96,971 
109,160 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by
A Sandell Director Company Registration No. 07304754
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TWS Plumbing & Heating Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
TWS Plumbing & Heating Limited is a private company, limited by shares, registered in England and Wales, registration number 07304754. The registered office is UNIT 2 MAUNDRELL ROAD, PORTE MARSH IND ESTATE, CALNE, WILTSHIRE, SN11 9PU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and liabilities.
Presentation currency
The accounts are presented in £ sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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TWS Plumbing & Heating Limited Notes to the Accounts for the year ended 31 July 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line 20%
Plant & machinery
Straight line 25%
Motor vehicles
Straight line 20%
Computer equipment
Straight line 20% or 25%, depending upon the item
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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TWS Plumbing & Heating Limited Notes to the Accounts for the year ended 31 July 2023
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 August 2022
267 
9,086 
132,152 
10,270 
151,775 
Additions
- 
3,855 
38,232 
1,565 
43,652 
Disposals
- 
- 
(24,695)
- 
(24,695)
At 31 July 2023
267 
12,941 
145,689 
11,835 
170,732 
Depreciation
At 1 August 2022
213 
5,688 
59,923 
6,735 
72,559 
Charge for the year
54 
2,089 
21,672 
1,336 
25,151 
On disposals
- 
- 
(16,911)
- 
(16,911)
At 31 July 2023
267 
7,777 
64,684 
8,071 
80,799 
Net book value
At 31 July 2023
- 
5,164 
81,005 
3,764 
89,933 
At 31 July 2022
54 
3,398 
72,229 
3,535 
79,216 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
23,555 
15,502 
Trade debtors
98,969 
82,044 
Other debtors
190 
100 
122,714 
97,646 
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TWS Plumbing & Heating Limited Notes to the Accounts for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
26,000 
34,000 
Obligations under finance leases and hire purchase contracts
16,472 
13,578 
Trade creditors
90,572 
55,287 
Taxes and social security
16,380 
17,887 
Other creditors
1,221 
2,299 
Loans from directors
- 
242 
Accruals
950 
- 
Deferred income
- 
14,181 
151,595 
137,474 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
42,524 
25,648 
8
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
17,087 
15,051 
2023 
2022 
£ 
£ 
Provision at start of year
15,051 
7,003 
Charged to the profit and loss account
2,036 
8,048 
Provision at end of year
17,087 
15,051 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Capital commitments
2023 
2022 
£ 
£ 
There were no capital commitments during or at the end of the financial year.
11
Pension commitments
There were no pension commitments outstanding at the end of the financial year.
12
Contingent liabilities
There were no contingent liabilities during or at the end of the financial year.
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TWS Plumbing & Heating Limited Notes to the Accounts for the year ended 31 July 2023
13
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Director's Loan
(242)
190 
(242)
190 
(242)
190 
(242)
190 
At the end of the financial year there was a loan outstanding with one of the director's totalling £190. There was no interest charged. The loan was repaid shortly after the year end. The loan is disclosed within other debtors.
14
Average number of employees
During the year the average number of employees was 13 (2022: 10).
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