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Registration number: 08759431

JB Plumbing & Heating Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

image-name
 

JB Plumbing & Heating Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

JB Plumbing & Heating Ltd

Company Information

Director

Mr James Matthew Blackmore

Registered office

Picardy
East Burton Road
WOOL
WAREHAM
Dorset
BH20 6HF

Bankers

Barclays
Weymouth

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors
Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

JB Plumbing & Heating Ltd

(Registration number: 08759431)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,852

9,593

Current assets

 

Stocks

6

5,575

6,169

Debtors

7

204,529

180,561

Cash at bank and in hand

 

135,746

143,040

 

345,850

329,770

Creditors: Amounts falling due within one year

8

(145,956)

(137,694)

Net current assets

 

199,894

192,076

Total assets less current liabilities

 

207,746

201,669

Creditors: Amounts falling due after more than one year

8

(30,555)

(36,111)

Provisions for liabilities

(1,120)

(1,278)

Net assets

 

176,071

164,280

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

175,971

164,180

Shareholders' funds

 

176,071

164,280

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

JB Plumbing & Heating Ltd

(Registration number: 08759431)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 5 August 2024
 

.........................................
Mr James Matthew Blackmore
Director

   
     
 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Picardy
East Burton Road
WOOL
WAREHAM
Dorset
BH20 6HF
England

These financial statements were authorised for issue by the director on 5 August 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.

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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 machienery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

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.

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 the director) during the year, was 1 (2022 - 0).

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

10,233

10,233

At 30 November 2023

10,233

10,233

Amortisation

At 1 December 2022

10,233

10,233

At 30 November 2023

10,233

10,233

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,940

28,315

6,322

36,577

Additions

-

-

460

460

At 30 November 2023

1,940

28,315

6,782

37,037

Depreciation

At 1 December 2022

1,490

21,834

3,660

26,984

Charge for the year

113

1,620

468

2,201

At 30 November 2023

1,603

23,454

4,128

29,185

Carrying amount

At 30 November 2023

337

4,861

2,654

7,852

At 30 November 2022

450

6,481

2,662

9,593

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Work in progress

-

839

Other inventories

5,575

5,330

5,575

6,169

7

Debtors

Current

2023
£

2022
£

Trade debtors

30,816

18,528

Prepayments

2,504

1,759

Other debtors

171,209

160,274

 

204,529

180,561

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

81,767

73,988

Trade creditors

 

36,182

30,553

Taxation and social security

 

15,544

14,753

Accruals and deferred income

 

1,771

1,287

Other creditors

 

10,692

17,113

 

145,956

137,694

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

30,555

36,111

2023
£

2022
£

Due after more than five years

After more than five years by instalments

8,333

13,889

-

-

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

30,555

36,111

 

JB Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,556

5,556

Other borrowings

76,211

68,432

81,767

73,988

Bank borrowings

Bounce Back Loan - Barclays is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 13 May 2030. The carrying amount at year end is £36,111 (2022 - £41,667).

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Bounce back loan amount due £8,333. Terms of repayment 120 months from June 2020 - First 12 months no repayments due. Rate of interest is 2.5%.