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Registration number: 07116291

Surrey Plumbing Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Surrey Plumbing Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Surrey Plumbing Services Limited

Company Information

Director





 

N S Garstang

Registered office






 

39 Westmore Road
Tatsfield
Westerham
TN16 2BD

Accountants

A S Partnership Ltd
Chartered Certified Accountants
158 Stafford Road
Wallington
Surrey
SM6 9BS

 

Surrey Plumbing Services Limited

(Registration number: 07116291)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Fixed Assets

   

 

Tangible Assets

5

 

25,667

 

6,114

Current assets

   

 

Stocks

6

3,514

 

3,274

 

Debtors

7

9,750

 

10,564

 

Cash at bank and in hand

 

19,660

 

38,085

 

 

32,924

 

51,923

 

Creditors: Amounts falling due within one year

8

(27,113)

 

(39,537)

 

Net current assets

   

5,811

 

12,386

Total assets less current liabilities

   

31,478

 

18,500

Creditors: Amounts falling due after more than one year

8

 

(15,708)

 

-

Provisions for liabilities

 

(4,877)

 

(1,162)

Net assets

   

10,893

 

17,338

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

10,793

 

17,238

 

Total equity

   

10,893

 

17,338

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Surrey Plumbing Services Limited

(Registration number: 07116291)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

As permitted by s444A and s444(5A) of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the directors report, profit and loss account and associated notes.

Approved and authorised by the director on 19 September 2024
 

.........................................
N S Garstang
Director

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
39 Westmore Road
Tatsfield
Westerham
TN16 2BD
United Kingdom

These financial statements were authorised for issue by the director on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

40,000

40,000

At 31 December 2023

40,000

40,000

Amortisation

At 1 January 2023

40,000

40,000

At 31 December 2023

40,000

40,000

Carrying amount

At 31 December 2023

-

-

5

Tangible Assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

21,245

9,596

30,841

Additions

29,267

-

29,267

Disposals

(4,000)

-

(4,000)

At 31 December 2023

46,512

9,596

56,108

Depreciation

At 1 January 2023

15,993

8,734

24,727

Charge for the year

8,339

215

8,554

Eliminated on disposal

(2,840)

-

(2,840)

At 31 December 2023

21,492

8,949

30,441

Carrying amount

At 31 December 2023

25,020

647

25,667

At 31 December 2022

5,252

862

6,114

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Work in progress

514

274

Other inventories

3,000

3,000

3,514

3,274

7

Debtors

2023
£

2022
£

Other debtors

1,204

2,095

Total current trade and other debtors

1,204

2,095

 

Surrey Plumbing Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

3,947

-

Trade Creditors

 

5,936

9,788

Other creditors

 

8,216

21,825

Directors' loan a/cs

 

9,014

7,924

 

27,113

39,537

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

15,708

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100