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Registered number: 07325682
HGS Plumbing & Heating Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Richard Day Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07325682
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 52,793 19,470
52,793 19,470
CURRENT ASSETS
Stocks 6 6,500 34,000
Debtors 7 421,918 450,507
Cash at bank and in hand 359,491 402,483
787,909 886,990
Creditors: Amounts Falling Due Within One Year 8 (121,066 ) (204,123 )
NET CURRENT ASSETS (LIABILITIES) 666,843 682,867
TOTAL ASSETS LESS CURRENT LIABILITIES 719,636 702,337
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,198 ) (3,699 )
NET ASSETS 706,438 698,638
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 706,338 698,538
SHAREHOLDERS' FUNDS 706,438 698,638
Page 1
Page 2
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Girling
Director
26/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
HGS Plumbing & Heating Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07325682 . The registered office is The Cottage, 87 Yarmouth Road, Norwich, NR7 0HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 45,000
As at 30 September 2023 45,000
Amortisation
As at 1 October 2022 45,000
As at 30 September 2023 45,000
5. Tangible Assets
Motor Vehicles Equipment Total
£ £ £
Cost
As at 1 October 2022 51,131 13,298 64,429
Additions 38,539 6,412 44,951
Disposals (13,261 ) - (13,261 )
As at 30 September 2023 76,409 19,710 96,119
Depreciation
As at 1 October 2022 36,041 8,918 44,959
Provided during the period 5,916 1,690 7,606
Disposals (9,239 ) - (9,239 )
As at 30 September 2023 32,718 10,608 43,326
Net Book Value
As at 30 September 2023 43,691 9,102 52,793
As at 1 October 2022 15,090 4,380 19,470
6. Stocks
2023 2022
£ £
Materials 6,500 34,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 34,669 63,398
Prepayments and accrued income 4,839 3,784
Corporation tax recoverable assets 70,800 70,800
Directors' loan accounts 311,610 312,525
421,918 450,507
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 64,026 104,447
Corporation tax 23,019 49,649
Other taxes and social security 6,420 7,145
VAT 23,125 37,490
Other creditors 1,532 2,565
Accruals and deferred income 2,944 2,827
121,066 204,123
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 1,802 1,524
1,802 1,524
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Mr Robert Girling 312,525 101,085 102,000 - 311,610
The above loan is unsecured, interest free and repayable on demand.
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