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Registered number: 08777179
24/7 Plumbing & Gas (UK) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Agile Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08777179
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 500
Tangible Assets 5 36,222 46,673
36,222 47,173
CURRENT ASSETS
Stocks 6 8,543 8,032
Debtors 7 90,399 135,789
Cash at bank and in hand 20,562 30,502
119,504 174,323
Creditors: Amounts Falling Due Within One Year 8 (108,957 ) (186,557 )
NET CURRENT ASSETS (LIABILITIES) 10,547 (12,234 )
TOTAL ASSETS LESS CURRENT LIABILITIES 46,769 34,939
Creditors: Amounts Falling Due After More Than One Year 9 (33,783 ) (45,956 )
NET ASSETS/(LIABILITIES) 12,986 (11,017 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 12,886 (11,117 )
SHAREHOLDERS' FUNDS 12,986 (11,017)
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R A Brown
Director
29 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
24/7 Plumbing & Gas (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08777179 . The registered office is 45 Fitzroy Street, 4th Floor, Silverstream House, London, W1T 6EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is recognised to the extent there is probable 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.
Turnover from a contract to provide services is recognised in the period in which the services are provided.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to Amortisation over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
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. 
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss. 
Plant & Machinery 20% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on cost
Computer Equipment 33% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 5,000
As at 30 November 2023 5,000
Amortisation
As at 1 December 2022 4,500
Provided during the period 500
As at 30 November 2023 5,000
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 500
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 5,050 66,913 1,428 1,896 75,287
Additions - - 746 1,291 2,037
As at 30 November 2023 5,050 66,913 2,174 3,187 77,324
Depreciation
As at 1 December 2022 5,050 20,813 1,149 1,602 28,614
Provided during the period - 11,525 435 528 12,488
As at 30 November 2023 5,050 32,338 1,584 2,130 41,102
...CONTINUED
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Net Book Value
As at 30 November 2023 - 34,575 590 1,057 36,222
As at 1 December 2022 - 46,100 279 294 46,673
6. Stocks
2023 2022
£ £
Stock 8,543 8,032
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,581 30,981
Prepayments and accrued income 732 953
Other debtors 78,086 78,697
90,399 110,631
Due after more than one year
Other debtors - 25,158
90,399 135,789
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 7,174 8,476
Trade creditors 28,457 94,508
Bank loans and overdrafts 5,000 5,000
Corporation tax 15,416 14,956
Other taxes and social security 44,182 31,840
Other creditors 6,478 1,036
Accruals and deferred income 2,250 30,741
108,957 186,557
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions amount to £409, (2022 : £nil) were due to the fund and included in Other Creditors.
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 25,866 33,039
Bank loans 7,917 12,917
33,783 45,956
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,174 8,476
Later than one year and not later than five years 25,866 33,039
33,040 41,515
33,040 41,515
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Richard Brown 76,528 - 25,544 - 50,714
The above loan is unsecured and repayable on demand with interest being charged at the HMRC approved rate of 2.25%.
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