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Registered number: 9958666
Murfins Plumbing & Heating Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
McLen & Co Accountancy Ltd
AAT
19 Jolly Avenue
Waverley
Rotherham
South Yorkshire
S60 8BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 9958666
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 135,659 70,160
135,659 70,160
CURRENT ASSETS
Stocks 5 43,000 43,000
Debtors 6 220,870 216,916
Cash at bank and in hand 86,573 28,614
350,443 288,530
Creditors: Amounts Falling Due Within One Year 7 (326,266 ) (254,686 )
NET CURRENT ASSETS (LIABILITIES) 24,177 33,844
TOTAL ASSETS LESS CURRENT LIABILITIES 159,836 104,004
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,775 ) (13,330 )
NET ASSETS 134,061 90,674
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 134,060 90,673
SHAREHOLDERS' FUNDS 134,061 90,674
Page 1
Page 2
For the year ending 31 January 2024 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 Aiden Murfin
Director
17/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Murfins Plumbing & Heating Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 9958666 . The registered office is 347-351 Duffield Road, Allestree, Derby, DE22 2DG.
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 measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. 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.
2.6. 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 year 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 asset reflects 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: 16 (2023: 10)
16 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 3,716 138,666 7,803 632 150,817
Additions 1,500 117,892 - 220 119,612
Disposals - (26,443 ) - - (26,443 )
As at 31 January 2024 5,216 230,115 7,803 852 243,986
...CONTINUED
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Depreciation
As at 1 February 2023 1,556 75,314 3,366 421 80,657
Provided during the period 843 43,219 1,400 284 45,746
Disposals - (18,076 ) - - (18,076 )
As at 31 January 2024 2,399 100,457 4,766 705 108,327
Net Book Value
As at 31 January 2024 2,817 129,658 3,037 147 135,659
As at 1 February 2023 2,160 63,352 4,437 211 70,160
5. Stocks
2024 2023
£ £
Materials 25,000 25,000
Work in progress 18,000 18,000
43,000 43,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 88,000 88,000
Other debtors 73,188 63,150
Other debtors (1) 50,000 50,000
VAT - 3,065
Director's loan account 9,682 12,701
220,870 216,916
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 145,840 62,234
Trade creditors 85,499 75,500
Bank loans and overdrafts 80,386 97,310
Corporation tax 9,461 17,556
Other taxes and social security - 696
VAT 3,690 -
Accruals and deferred income 1,390 1,390
326,266 254,686
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 145,840 62,234
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Aiden Murfin 12,701 94,255 97,274 - 9,682
The above loan is unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr A Murfin by virtue of his ownership of 100% of the issued share capital in the company.
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