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Registration number: 12275398

North Coast Plumbing & Heating Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

North Coast Plumbing & Heating Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

North Coast Plumbing & Heating Ltd

Company Information

Directors

Mark Kevin Rundle

Joanna Irene Bliss

Gary Paul Rundle

Registered office

River Barns
Old Portreath Road, Bridge
Redruth
Cornwall
TR16 4QG

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
North Coast Plumbing & Heating Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of North Coast Plumbing & Heating Ltd for the year ended 31 October 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of North Coast Plumbing & Heating Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of North Coast Plumbing & Heating Ltd and state those matters that we have agreed to state to the Board of Directors of North Coast Plumbing & Heating Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North Coast Plumbing & Heating Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that North Coast Plumbing & Heating Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of North Coast Plumbing & Heating Ltd. You consider that North Coast Plumbing & Heating Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of North Coast Plumbing & Heating Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

26 July 2024

 

North Coast Plumbing & Heating Ltd

(Registration number: 12275398)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,126

14,064

Current assets

 

Stocks

5

2,000

1,778

Debtors

6

50,350

28,469

Cash at bank and in hand

 

11,252

10,018

 

63,602

40,265

Creditors: Amounts falling due within one year

7

(53,945)

(32,126)

Net current assets

 

9,657

8,139

Total assets less current liabilities

 

35,783

22,203

Creditors: Amounts falling due after more than one year

7

(10,933)

(17,000)

Net assets

 

24,850

5,203

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

24,750

5,103

Shareholders' funds

 

24,850

5,203

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mark Kevin Rundle
Director

 

North Coast Plumbing & Heating Ltd

(Registration number: 12275398)
Balance Sheet as at 31 October 2023

.........................................
Joanna Irene Bliss
Director

.........................................
Gary Paul Rundle
Director

 

North Coast Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
River Barns
Old Portreath Road, Bridge
Redruth
Cornwall
TR16 4QG

These financial statements were authorised for issue by the Board on 26 July 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.

Going concern

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

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 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.

 

North Coast Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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

Motor vehicles

25% reducing balance

Office equipment

Straightline over 4 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

North Coast Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

North Coast Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

577

26,301

26,878

Additions

-

20,916

20,916

At 31 October 2023

577

47,217

47,794

Depreciation

At 1 November 2022

438

12,376

12,814

Charge for the year

144

8,710

8,854

At 31 October 2023

582

21,086

21,668

Carrying amount

At 31 October 2023

(5)

26,131

26,126

At 31 October 2022

139

13,925

14,064

5

Stocks

2023
£

2022
£

Other inventories

2,000

1,778

6

Debtors

Current

2023
£

2022
£

Trade debtors

17,529

6,005

Prepayments

600

621

Other debtors

32,221

21,843

 

50,350

28,469

7

Creditors

Creditors: amounts falling due within one year

 

North Coast Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

16,068

16,000

Trade creditors

 

14,764

10,233

Taxation and social security

 

20,457

4,388

Accruals and deferred income

 

2,015

920

Other creditors

 

641

585

 

53,945

32,126

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

10,933

17,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,933

17,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,068

6,000

Other borrowings

10,000

10,000

16,068

16,000