Company registration number 01021044 (England and Wales)
J. D. LANE & SONS PLUMBING & HEATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J. D. LANE & SONS PLUMBING & HEATING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J. D. LANE & SONS PLUMBING & HEATING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,906
12,995
Investment property
4
230,000
230,000
245,906
242,995
Current assets
Stocks
5,250
5,250
Debtors
5
31,986
25,182
Cash at bank and in hand
13,303
67,370
50,539
97,802
Creditors: amounts falling due within one year
6
(86,207)
(55,208)
Net current (liabilities)/assets
(35,668)
42,594
Total assets less current liabilities
210,238
285,589
Creditors: amounts falling due after more than one year
7
(17,050)
(34,782)
Provisions for liabilities
(8,727)
(8,727)
Net assets
184,461
242,080
Capital and reserves
Called up share capital
8
906
906
Revaluation reserve
9
259,477
259,477
Profit and loss reserves
(75,922)
(18,303)
Total equity
184,461
242,080

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 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.

J. D. LANE & SONS PLUMBING & HEATING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr P Lane
Director
Company registration number 01021044 (England and Wales)
J. D. LANE & SONS PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

J. D. Lane & Sons Plumbing & Heating Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chapel House, 65 The Hill, Kirkby-in-Ashfield, Nottinghamshire, United Kingdom, NG17 8JR.

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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes. Revenue is recognised when the service has been completed.

1.4
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:

Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
20% 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.

1.5
Investment properties

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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.

J. D. LANE & SONS PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock where appropriate. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

 

Debtors and creditors receivable/payable with a year

Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

J. D. LANE & SONS PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
8
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
1,921
8,585
62,786
73,292
Additions
217
-
0
6,414
6,631
At 30 September 2023
2,138
8,585
69,200
79,923
Depreciation and impairment
At 1 October 2022
1,090
7,570
51,637
60,297
Depreciation charged in the year
105
102
3,513
3,720
At 30 September 2023
1,195
7,672
55,150
64,017
Carrying amount
At 30 September 2023
943
913
14,050
15,906
At 30 September 2022
831
1,015
11,149
12,995
4
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
230,000

Investment property was valued on an open market basis on 30 September 2023 by the directors.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,136
3,706
Corporation tax recoverable
3,175
4,102
Other debtors
9,513
12,258
Prepayments and accrued income
4,162
5,116
31,986
25,182
J. D. LANE & SONS PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
17,732
16,869
Trade creditors
28,985
2,991
Corporation tax
2,856
3,783
Other taxation and social security
3,637
2,196
Other creditors
30,212
26,719
Accruals and deferred income
2,785
2,650
86,207
55,208
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,050
34,782

Bank loans are secured by the personal guarantee of the directors.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
903
903
903
903
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
906
906
906
906
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
259,477
290,155
Cumulative fair value adjustment transferred to profit or loss on sale of investments
-
0
(30,678)
At the end of the year
259,477
259,477
J. D. LANE & SONS PLUMBING & HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advance
2.00
12,258
9,513
(12,258)
9,513
12,258
9,513
(12,258)
9,513

The advance is repayable upon demand.

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