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Company No: SC394727 (Scotland)

DALTON PLUMBING & HEATING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

DALTON PLUMBING & HEATING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

DALTON PLUMBING & HEATING LTD

BALANCE SHEET

AS AT 31 MARCH 2024
DALTON PLUMBING & HEATING LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 130,961 90,774
130,961 90,774
Current assets
Stocks 4 17,000 12,000
Debtors 5 65,473 38,742
Cash at bank and in hand 6 61,433 49,248
143,906 99,990
Creditors: amounts falling due within one year 7 ( 87,210) ( 87,771)
Net current assets 56,696 12,219
Total assets less current liabilities 187,657 102,993
Creditors: amounts falling due after more than one year 8 ( 114,850) ( 75,824)
Provision for liabilities 9, 10 ( 32,740) ( 11,155)
Net assets 40,067 16,014
Capital and reserves
Called-up share capital 11 53 53
Capital redemption reserve 47 47
Profit and loss account 39,967 15,914
Total shareholders' funds 40,067 16,014

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Dalton Plumbing & Heating Ltd (registered number: SC394727) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

Scott Paul Dalton
Director
DALTON PLUMBING & HEATING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DALTON PLUMBING & HEATING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dalton Plumbing & Heating Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company is entitled to income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases and hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 6

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 138,615 138,615
Additions 103,275 103,275
Disposals ( 60,048) ( 60,048)
At 31 March 2024 181,842 181,842
Accumulated depreciation
At 01 April 2023 47,841 47,841
Charge for the financial year 35,989 35,989
Disposals ( 32,949) ( 32,949)
At 31 March 2024 50,881 50,881
Net book value
At 31 March 2024 130,961 130,961
At 31 March 2023 90,774 90,774

4. Stocks

2024 2023
£ £
Stocks 17,000 12,000

5. Debtors

2024 2023
£ £
Trade debtors 44,988 9,751
Corporation tax 0 1,532
Other debtors 20,485 27,459
65,473 38,742

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 61,433 49,248

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,048 9,794
Trade creditors 47,286 28,962
Taxation and social security 7,788 6,152
Obligations under finance leases and hire purchase contracts 17,667 27,973
Other creditors 4,421 14,890
87,210 87,771

Included within bank loans are amounts advanced to the company under the Bounce Back Loan scheme. The loan is fully backed by a government guarantee.

Obligations under hire purchase contracts and finance leases are secured over the related assets.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,561 28,872
Obligations under finance leases and hire purchase contracts 96,289 46,952
114,850 75,824

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Obligations under hire purchase contracts and finance leases are secured over the related assets.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 32,740 11,155

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,155) ( 7,964)
Charged to the Statement of Income and Retained Earnings ( 21,585) ( 3,191)
At the end of financial year ( 32,740) ( 11,155)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
47 A ordinary shares of £ 1.00 each 47 47
3 C ordinary shares of £ 1.00 each 3 3
3 D ordinary shares of £ 1.00 each 3 3
53 53

12. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 44,755 0

13. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2024 2023
£ £
Director's loan 1,260 12,139

Advances of £40,791 were made to the director in this period and £29,912 was repaid. The balance is unsecured, interest free and repayable on demand.