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Registration number: SC446677

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Company Information

Directors

Mrs Karen McCarron

Mr Christopher Mccarron

Registered office

19 Stewart Street
Milngavie
Glasgow
Lanarkshire
G62 6BW

Accountants

GF Sheridan Accountants Ltd
40 Helensburgh Drive
Glasgow
Lanarkshire
G13 1RS

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

(Registration number: SC446677)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

28,503

16,359

Current assets

 

Stocks

6

24,250

30,000

Debtors

7

2,165

1,549

Cash at bank and in hand

 

405,229

314,606

 

431,644

346,155

Creditors: Amounts falling due within one year

8

(89,710)

(72,015)

Net current assets

 

341,934

274,140

Total assets less current liabilities

 

370,437

290,499

Creditors: Amounts falling due after more than one year

8

(791)

(1,335)

Provisions for liabilities

-

(1,251)

Net assets

 

369,646

287,913

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

369,636

287,903

Shareholders' funds

 

369,646

287,913

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

(Registration number: SC446677)
Balance Sheet as at 31 May 2024

.........................................
Mr Christopher Mccarron
Director

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The address of its registered office is:
19 Stewart Street
Milngavie
Glasgow
Lanarkshire
G62 6BW
Scotland

These financial statements were authorised for issue by the Board on 10 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

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:

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.

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 directors) during the year, was 6 (2023 - 6).

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

20,000

20,000

At 31 May 2024

20,000

20,000

Amortisation

At 1 June 2023

20,000

20,000

At 31 May 2024

20,000

20,000

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

7,281

57,524

64,805

Additions

-

14,990

14,990

Disposals

-

(5,274)

(5,274)

At 31 May 2024

7,281

67,240

74,521

Depreciation

At 1 June 2023

5,568

42,878

48,446

Charge for the year

428

9,072

9,500

Eliminated on disposal

-

(11,928)

(11,928)

At 31 May 2024

5,996

40,022

46,018

Carrying amount

At 31 May 2024

1,285

27,218

28,503

At 31 May 2023

1,713

14,646

16,359

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other inventories

24,250

30,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

900

562

Prepayments

1,265

987

 

2,165

1,549

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

24,254

19,028

Taxation and social security

56,470

44,982

Accruals and deferred income

3,880

8,005

Other creditors

5,106

-

89,710

72,015

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

791

1,335

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

791

1,335

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £3,000.00 per each Ordinary

30,000

30,000

 

 
 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

12

Related party transactions

 

Boundary Heating and Plumbing Services Ltd

trading as Boundary Heating and Plumbing Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

29,369

24,222