Company registration number 05735243 (England and Wales)
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
291,677
467,922
Current assets
Stocks
10,753
10,022
Debtors
4
722,225
573,976
Cash at bank and in hand
501,504
562,136
1,234,482
1,146,134
Creditors: amounts falling due within one year
5
(609,908)
(697,925)
Net current assets
624,574
448,209
Total assets less current liabilities
916,251
916,131
Creditors: amounts falling due after more than one year
6
(162,870)
(175,822)
Provisions for liabilities
Deferred tax liability
46,425
52,900
(46,425)
(52,900)
Net assets
706,956
687,409
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
706,856
687,309
Total equity
706,956
687,409
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr J D Jones
Mr B Bridges
Director
Director
Mr D J Simmonds
Director
Company Registration No. 05735243
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Aspect Plumbing & Heating (Witney) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Stanley Court, Richard Jones Road, Witney, Oxfordshire, OX29 0TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for plumbing and heating services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of plumbing and heating services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
20 years straight line
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, amounts due from group companies, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
26
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
274,642
61,077
238,933
574,652
Additions
12,603
12,809
129,707
155,119
Disposals
(287,245)
(4,489)
(291,734)
At 31 March 2024
73,886
364,151
438,037
Depreciation and impairment
At 1 April 2023
16,085
44,501
46,144
106,730
Depreciation charged in the year
6,685
5,097
54,904
66,686
Eliminated in respect of disposals
(22,770)
(4,286)
(27,056)
At 31 March 2024
49,598
96,762
146,360
Carrying amount
At 31 March 2024
24,288
267,389
291,677
At 31 March 2023
258,557
16,576
192,789
467,922
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
442,032
468,708
Amounts owed by group undertakings
193,924
Other debtors
86,269
105,268
722,225
573,976
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
7
10,001
22,698
Trade creditors
245,874
347,452
Taxation and social security
281,930
214,512
Other creditors
72,103
113,263
609,908
697,925
Included within other creditors due within one year are amounts payable under finance leases, totalling £56,760 (2023 - £38,283), which are secured upon the assets concerned.
ASPECT PLUMBING & HEATING (WITNEY) LIMITED
T/A BLUEGLO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
7
19,167
80,399
Other creditors
143,703
95,423
162,870
175,822
Included within other creditors due after more than one year are amounts payable under finance leases, totalling £143,703 (2023 - £94,423), which are secured upon the assets concerned.
7
Bank loans
2024
2023
£
£
Bank loans
29,168
103,097
Payable within one year
10,001
22,698
Payable after one year
19,167
80,399
Included in bank loans is £29,168 (2023 - £39,167) in respect of a Coronavirus Bounce Back Loan, which is secured by the UK Government.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
34,356
76,541