2023-04-012024-03-312024-03-31false06967298AMG PLUMBING & HEATING 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AMG PLUMBING & HEATING LIMITED

Registered Number
06967298
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

AMG PLUMBING & HEATING LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Adam GILBERT

Company Secretary

Lisa GILBERT

Registered Address

Brunswick House
86/88 Carholme Road
Lincoln
LN1 1SP

Registered Number

06967298 (England and Wales)
AMG PLUMBING & HEATING LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets334,11945,493
34,11945,493
Current assets
Stocks437,500205,179
Debtors536,515116,230
Cash at bank and on hand413,934418,397
487,949739,806
Creditors amounts falling due within one year6(93,348)(161,675)
Net current assets (liabilities)394,601578,131
Total assets less current liabilities428,720623,624
Creditors amounts falling due after one year7(30,833)(35,833)
Provisions for liabilities8(6,483)(8,644)
Net assets391,404579,147
Capital and reserves
Called up share capital2626
Profit and loss account391,378579,121
Shareholders' funds391,404579,147
The financial statements were approved and authorised for issue by the Director on 20 September 2024, and are signed on its behalf by:
Adam GILBERT
Director
Registered Company No. 06967298
AMG PLUMBING & HEATING LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 232,44061,7071,79465,941
At 31 March 242,44061,7071,79465,941
Depreciation and impairment
At 01 April 232,01017,80363520,448
Charge for year30010,92415011,374
At 31 March 242,31028,72778531,822
Net book value
At 31 March 2413032,9801,00934,119
At 31 March 2343043,9041,15945,493
4.Stocks

2024

2023

££
Raw materials and consumables7,5007,500
Work in progress30,000197,679
Total37,500205,179
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables18,55958,229
Other debtors17,82357,869
Prepayments and accrued income133132
Total36,515116,230
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables35,77732,187
Bank borrowings and overdrafts5,0005,000
Taxation and social security41,054104,536
Finance lease and HP contracts7,08816,773
Other creditors1,379174
Accrued liabilities and deferred income3,0503,005
Total93,348161,675
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts30,83335,833
Total30,83335,833
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)6,4838,644
Total6,4838,644