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Registered number: 06122289










STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2023

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
Registered number: 06122289

STATEMENT OF FINANCIAL POSITION
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,390
1,854

  
1,390
1,854

Current assets
  

Debtors: amounts falling due after more than one year
 5 
7,000
-

Debtors: amounts falling due within one year
 5 
71,322
48,008

Cash at bank and in hand
  
27,925
41,815

  
106,247
89,823

Creditors: amounts falling due within one year
 6 
(75,602)
(41,178)

Net current assets
  
 
 
30,645
 
 
48,645

Total assets less current liabilities
  
32,035
50,499

Creditors: amounts falling due after more than one year
 7 
(31,567)
(50,000)

Provisions for liabilities
  

Deferred tax
 9 
(348)
(352)

  
 
 
(348)
 
 
(352)

Net assets
  
120
147


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
20
47

  
120
147


Page 1

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
Registered number: 06122289
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2023

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 by: 






................................................
K Steadman
Director

Date: 29 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

1.


General information

Steadfast Plumbing, Heating & Property Services Limited is a private company limited by shares. It is incorporated in England and Wales. Its registered number is 06122289 and registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

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:

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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
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 3

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

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 reporting 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 reporting 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 reporting 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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 4

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2022
19,745



At 31 March 2023

19,745



Depreciation


At 1 April 2022
17,891


Charge for the year on owned assets
464



At 31 March 2023

18,355



Net book value



At 31 March 2023
1,390



At 31 March 2022
1,854

Page 6

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
7,000
-

7,000
-


2023
2022
£
£

Due within one year

Other debtors
34,013
26,334

Prepayments and accrued income
223
153

Tax recoverable
37,086
21,521

71,322
48,008


Included within other debtors due within one year is a loan to K Steadman, a director, amounting to £5,952 (2022 - £1,528). Amounts repaid during the year totalled £NIL.  The main conditions were as follows:

- the loan is interest free
- the loan is repayable on demand


6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
9,725
-

Corporation tax
52,272
37,415

Accruals and deferred income
13,605
3,763

75,602
41,178


Page 7

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
31,567
50,000

31,567
50,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable by instalments
-
10,000

-
10,000




8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,725
-


Amounts falling due 2-5 years

Bank loans
31,567
40,000

Amounts falling due after more than 5 years

Bank loans
-
10,000

41,292
50,000


Page 8

 
STEADFAST PLUMBING, HEATING & PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

9.


Deferred taxation




2023


£






At beginning of year
(352)


Charged to profit or loss
4



At end of year
(348)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(348)
(352)

(348)
(352)

 
Page 9