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Registered number: 09374652










ON SITE PLUMBING & ELECTRIC LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
ON SITE PLUMBING & ELECTRIC LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ON SITE PLUMBING & ELECTRIC LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of On Site Plumbing & Electric Limited for the year ended 31 January 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of On Site Plumbing & Electric Limited in accordance with the terms of our engagement letter dated April 2014Our work has been undertaken solely to prepare for your approval the financial statements of On Site Plumbing & Electric Limited and state those matters that we have agreed to state to the director of On Site Plumbing & Electric Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than On Site Plumbing & Electric Limited and its director for our work or for this report. 

It is your duty to ensure that On Site Plumbing & Electric Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of On Site Plumbing & Electric Limited. You consider that On Site Plumbing & Electric Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of On Site Plumbing & Electric Limited. 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 financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff-on-Sea
Essex
SS0 9PE
26 July 2024
Page 1

 
ON SITE PLUMBING & ELECTRIC LIMITED
REGISTERED NUMBER: 09374652

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,293
10,268

  
6,293
10,268

Current assets
  

Stocks
  
1,500
1,500

Debtors: amounts falling due within one year
 5 
4,150
14,495

Cash at bank and in hand
 6 
16,267
2,942

  
21,917
18,937

Creditors: amounts falling due within one year
 7 
(19,089)
(12,808)

Net current assets
  
 
 
2,828
 
 
6,129

Total assets less current liabilities
  
9,121
16,397

Creditors: amounts falling due after more than one year
 8 
(8,028)
(13,922)

Provisions for liabilities
  

Deferred tax
 11 
(1,573)
(1,951)

  
 
 
(1,573)
 
 
(1,951)

Net (liabilities)/assets
  
(480)
524


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(580)
424

  
(480)
524


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Page 2

 
ON SITE PLUMBING & ELECTRIC LIMITED
REGISTERED NUMBER: 09374652

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

26 July 2024.




M I Ali
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

On Site Plumbing & Electric Limited is a company limited by shares and incorporated in England and Wales. Its registered office is 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE. Its principal place of business is 235 Wilmington Gardens, Barking, Essex, IG11 9TZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
13,000
13,000

Social security costs
538
574

13,538
13,574


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 February 2023
19,874



At 31 January 2024

19,874



Depreciation


At 1 February 2023
9,606


Charge for the year on owned assets
3,975



At 31 January 2024

13,581



Net book value



At 31 January 2024
6,293



At 31 January 2023
10,268


5.


Debtors

2024
2023
£
£


Other debtors
3,426
13,575

Prepayments and accrued income
724
920

4,150
14,495


Page 7

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,267
2,942

16,267
2,942



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
3,726
3,635

Trade creditors
3,000
-

Corporation tax
6,970
5,715

Other taxation and social security
1,845
278

Obligations under finance lease and hire purchase contracts
2,168
2,002

Other creditors
81
-

Accruals and deferred income
1,299
1,178

19,089
12,808



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,094
9,820

Net obligations under finance leases and hire purchase contracts
1,934
4,102

8,028
13,922


Page 8

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
3,726
3,635


3,726
3,635


Amounts falling due 2-5 years

Bank loans
6,094
9,820


6,094
9,820


9,820
13,455



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
2,168
2,002

Between 1-5 years
1,934
4,102

4,102
6,104


11.


Deferred taxation




2024


£






At beginning of year
(1,951)


Charged to profit or loss
378



At end of year
(1,573)

Page 9

 
ON SITE PLUMBING & ELECTRIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,573)
(1,951)

(1,573)
(1,951)


12.


Related party transactions

During the year the company had related party transactions with the director, M Ali, as follows:
Dividends: £16,500 (2023 £6,500)


Page 10