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COMPANY REGISTRATION NUMBER: 05013686
My Plumber Man Limited
Filleted Unaudited Financial Statements
31 December 2023
My Plumber Man Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
My Plumber Man Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
42,289
49,620
Current assets
Stocks
5,000
3,000
Debtors
6
72,017
107,173
Cash at bank and in hand
267,131
265,477
---------
---------
344,148
375,650
Creditors: amounts falling due within one year
7
290,731
177,064
---------
---------
Net current assets
53,417
198,586
--------
---------
Total assets less current liabilities
95,706
248,206
Creditors: amounts falling due after more than one year
8
2,436
25,342
Provisions
11,207
10,420
--------
---------
Net assets
82,063
212,444
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
81,963
212,344
--------
---------
Shareholders funds
82,063
212,444
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
My Plumber Man Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr R M O'Neill
Director
Company registration number: 05013686
My Plumber Man Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 14 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
144
98,262
10,527
108,933
Additions
1,465
190
4,427
6,082
-------
----
--------
--------
---------
At 31 December 2023
1,465
334
98,262
14,954
115,015
-------
----
--------
--------
---------
Depreciation
At 1 January 2023
12
49,851
9,450
59,313
Charge for the year
244
93
12,103
973
13,413
-------
----
--------
--------
---------
At 31 December 2023
244
105
61,954
10,423
72,726
-------
----
--------
--------
---------
Carrying amount
At 31 December 2023
1,221
229
36,308
4,531
42,289
-------
----
--------
--------
---------
At 31 December 2022
132
48,411
1,077
49,620
-------
----
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
68,737
82,767
Other debtors
3,280
24,406
--------
---------
72,017
107,173
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,301
57,464
Corporation tax
98,614
25,912
Social security and other taxes
49,571
37,450
American Express
17,305
24,597
Barclaycard
240
284
Other creditors
59,700
31,357
---------
---------
290,731
177,064
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,436
25,342
-------
--------
9. Director's advances, credits and guarantees
At the year end the company owed the director £30,793 (2022: Dr £16,352). During the year advances of £60,740 were made to the director and repayments of £109,000 were made by the director. Interest of £1,115 was charged on the loan during the year at an average rate of 2.19%.