Registered number
12971733
Furnace Plumbing & Heating Services Ltd.
Filleted Accounts
31 October 2023
Furnace Plumbing & Heating Services Ltd.
Registered number: 12971733
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 41,028 50,994
Current assets
Stocks 35,000 35,000
Debtors 4 102,720 50,189
Cash at bank and in hand - (14,068)
137,720 71,121
Creditors: amounts falling due within one year 5 (125,475) (70,396)
Net current assets 12,245 725
Total assets less current liabilities 53,273 51,719
Creditors: amounts falling due after more than one year 6 (24,855) (42,571)
Provisions for liabilities (7,796) (9,689)
Net assets/(liabilities) 20,622 (541)
Capital and reserves
Called up share capital 100 100
Profit and loss account 20,522 (641)
Shareholders' funds 20,622 (541)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
William Furness
Director
Approved by the board on 29 July 2024
Furnace Plumbing & Heating Services Ltd.
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 11,501 12,061 40,021 63,583
Additions - 1,120 1,900 3,020
At 31 October 2023 11,501 13,181 41,921 66,603
Depreciation
At 1 November 2022 - 1,516 11,073 12,589
Charge for the year - 2,701 10,285 12,986
At 31 October 2023 - 4,217 21,358 25,575
Net book value
At 31 October 2023 11,501 8,964 20,563 41,028
At 31 October 2022 11,501 10,545 28,948 50,994
4 Debtors 2023 2022
£ £
Trade debtors 55,358 3,621
Other debtors 47,362 46,568
102,720 50,189
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 61,210 10,000
Obligations under finance lease and hire purchase contracts 7,558 7,074
Taxation and social security costs 18,022 8,482
Other creditors 38,685 44,840
125,475 70,396
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,592 26,592
Obligations under finance lease and hire purchase contracts 8,263 15,979
24,855 42,571
7 Other information
Furnace Plumbing & Heating Services Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Mitchells Farm
Millfield Lane
Wilburton
Ely
CB6 3SD
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