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COMPANY REGISTRATION NUMBER: 03593378
JLS Plumbing and Heating Services Limited
Filleted Unaudited Financial Statements
31 March 2024
JLS Plumbing and Heating Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
68,638
87,571
Current assets
Stocks
500
500
Debtors
6
77,384
128,704
Cash at bank and in hand
211,379
225,222
---------
---------
289,263
354,426
Creditors: amounts falling due within one year
7
90,356
144,707
---------
---------
Net current assets
198,907
209,719
---------
---------
Total assets less current liabilities
267,545
297,290
Creditors: amounts falling due after more than one year
8
3,200
Provisions
13,041
16,638
---------
---------
Net assets
254,504
277,452
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
254,494
277,442
---------
---------
Shareholders funds
254,504
277,452
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JLS Plumbing and Heating Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr S I Brown
Director
Company registration number: 03593378
JLS Plumbing and Heating Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Salcombe Close, Newthorpe, Nottingham, NG16 2DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
17,142
1,502
122,579
13,628
154,851
Additions
5,789
2,018
7,807
Disposals
( 5,438)
( 9,269)
( 10,820)
( 25,527)
--------
-------
---------
--------
---------
At 31 March 2024
11,704
1,502
119,099
4,826
137,131
--------
-------
---------
--------
---------
Depreciation
At 1 April 2023
11,157
1,302
44,843
9,978
67,280
Charge for the year
1,401
50
20,707
541
22,699
Disposals
( 5,056)
( 8,573)
( 7,857)
( 21,486)
--------
-------
---------
--------
---------
At 31 March 2024
7,502
1,352
56,977
2,662
68,493
--------
-------
---------
--------
---------
Carrying amount
At 31 March 2024
4,202
150
62,122
2,164
68,638
--------
-------
---------
--------
---------
At 31 March 2023
5,985
200
77,736
3,650
87,571
--------
-------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
45,256
--------
At 31 March 2023
60,341
--------
6. Debtors
2024
2023
£
£
Trade debtors
61,207
89,154
Other debtors
16,177
39,550
--------
---------
77,384
128,704
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
68,176
48,950
Social security and other taxes
12,913
4,956
Other creditors
9,267
90,801
--------
---------
90,356
144,707
--------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,200
----
-------
9. Other financial commitments
The company had other financial commitments at the balance sheet date of £8,504 (2023: £14,294).