Registered number
08811912
AGM Plumbing & Heating Ltd
Filleted Accounts
31 December 2023
AGM Plumbing & Heating Ltd
Registered number: 08811912
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 962
Tangible assets 4 90,230 62,456
90,230 63,418
Current assets
Stocks 32,000 32,000
Debtors 5 284,057 348,228
Cash at bank and in hand 11,005 11,864
327,062 392,092
Creditors: amounts falling due within one year 6 (274,863) (322,708)
Net current assets 52,199 69,384
Total assets less current liabilities 142,429 132,802
Creditors: amounts falling due after more than one year 7 (121,057) (121,940)
Provisions for liabilities (20,727) (10,251)
Net assets 645 611
Capital and reserves
Called up share capital 100 100
Profit and loss account 545 511
Shareholders' funds 645 611
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Gardner-Morrison
Director
Approved by the board on 23 January 2024
AGM Plumbing & Heating Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 9,616
At 31 December 2023 9,616
Amortisation
At 1 January 2023 8,654
Provided during the year 962
At 31 December 2023 9,616
Net book value
At 31 December 2023 -
At 31 December 2022 962
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 44,702 274,484 319,186
Additions 3,032 58,426 61,458
At 31 December 2023 47,734 332,910 380,644
Depreciation
At 1 January 2023 35,150 221,580 256,730
Charge for the year 4,456 29,228 33,684
At 31 December 2023 39,606 250,808 290,414
Net book value
At 31 December 2023 8,128 82,102 90,230
At 31 December 2022 9,552 52,904 62,456
5 Debtors 2023 2022
£ £
Trade debtors 74,991 78,911
Other debtors 209,066 269,317
284,057 348,228
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 39,566 40,239
Obligations under finance lease and hire purchase contracts 25,985 16,349
Trade creditors 89,729 98,096
Taxation and social security costs 56,848 96,564
Other creditors 62,735 71,460
274,863 322,708
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 64,626 104,192
Obligations under finance lease and hire purchase contracts 56,431 17,748
121,057 121,940
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A Gardner-Morrison
Overdrawn DLA included in Other Debtors 121,031 96,569 (135,000) 82,600
S Gardner-Morrison
Overdrawn DLA included in Other Debtors 121,031 96,569 (135,000) 82,600
242,062 193,138 (270,000) 165,200
9 Other information
AGM Plumbing & Heating Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 High Street
Drayton
Abingdon
OX14 4JL
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