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Registration number: SC599666

Irvine Plumbing & Construction Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Irvine Plumbing & Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Irvine Plumbing & Construction Ltd

Company Information

Directors

Mr Darren James Irvine

Mr Dwayne Bews Irvine

Mr Colin Wood

Registered office

Halodyke
Grimbister
Kirkwall
Orkney
KW15 1TT

Accountants

Gray Associates
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

Irvine Plumbing & Construction Ltd

(Registration number: SC599666)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

441,221

372,263

Current assets

 

Stocks

5

34,555

203,365

Debtors

6

112,480

44,730

Cash at bank and in hand

 

236,783

85,076

 

383,818

333,171

Creditors: Amounts falling due within one year

7

(384,859)

(142,344)

Net current (liabilities)/assets

 

(1,041)

190,827

Total assets less current liabilities

 

440,180

563,090

Creditors: Amounts falling due after more than one year

7

(104,813)

(405,486)

Provisions for liabilities

(110,305)

(52,089)

Net assets

 

225,062

105,515

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

22,307

22,307

Retained earnings

202,655

83,108

Shareholders' funds

 

225,062

105,515

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.

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 16 July 2024 and signed on its behalf by:
 

 

Irvine Plumbing & Construction Ltd

(Registration number: SC599666)
Balance Sheet as at 31 March 2024

.........................................
Mr Dwayne Bews Irvine
Director

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Halodyke
Grimbister
Kirkwall
Orkney
KW15 1TT
Scotland

These financial statements were authorised for issue by the Board on 16 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.

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 and deferred 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.

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and amchinery

Reducing balance - 25%

Office equipment

Straight line - 25%

Motor vehicles

Reducing balance - 25%

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.

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 12).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

7,615

8,696

325,340

361,827

703,478

Additions

-

6,231

201,814

51,021

259,066

Disposals

(7,615)

-

(96,654)

(32,343)

(136,612)

At 31 March 2024

-

14,927

430,500

380,505

825,932

Depreciation

At 1 April 2023

-

6,124

95,776

229,315

331,215

Charge for the year

-

2,217

79,289

40,156

121,662

Eliminated on disposal

-

-

(46,474)

(21,692)

(68,166)

At 31 March 2024

-

8,341

128,591

247,779

384,711

Carrying amount

At 31 March 2024

-

6,586

301,909

132,726

441,221

At 31 March 2023

7,615

2,572

229,564

132,512

372,263

Included within the net book value of land and buildings above is £Nil (2023 - £7,615) in respect of freehold land and buildings.
 

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Work in progress

29,555

25,486

Other inventories

5,000

177,879

34,555

203,365

6

Debtors

Current

2024
£

2023
£

Trade debtors

112,480

40,746

Other debtors

-

3,984

 

112,480

44,730

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

204,487

63,144

Trade creditors

 

100,993

64,394

Taxation and social security

 

74,219

8,304

Accruals and deferred income

 

3,418

3,943

Other creditors

 

1,742

2,559

 

384,859

142,344

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

104,813

405,486

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A ordinary shares of £1 each

90

90

90

90

B ordinary shares of £1 each

10

10

10

10

100

100

100

100

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

74,813

105,558

Other borrowings

30,000

299,928

104,813

405,486

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,426

-

Finance lease liabilities

58,862

63,144

Other borrowings

140,199

-

204,487

63,144

10

Related party transactions

Transactions with directors

2024

Advances from directors
£

Repayments to director
£

At 31 March 2024
£

Mr Darren James Irvine

Directors loan

65,651

(126,939)

82,256

       
     

Mr Colin Wood

Directors loan

43,271

(32,974)

7,335

       
     

Mr Dwayne Bews Irvine

Directors loan

43,271

(37,379)

50,608

       
     

 

2023

At 1 April 2022
£

Advances from director
£

Repayments by director
£

At 31 March 2023
£

Mr Darren James Irvine

Directors loan

145,644

23,070

(25,170)

143,543

         
       

Mr Colin Wood

Directors loan

(2,384)

20,312

(20,890)

(2,961)

         
       

Mr Dwayne Bews Irvine

Directors loan

53,266

20,312

(28,862)

44,716

         
       

 

Irvine Plumbing & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

Directors loans are unsecured, interest free and repayable on demand.