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Registered number: 11204723
Plumbcare Solutions Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Spicer & Co UK Limited
Chartered Accountants
Staple House
5 Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11204723
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 4,078 4,078
4,078 4,078
CURRENT ASSETS
Debtors 6 12,286 18,876
Cash at bank and in hand 1,009 9,359
13,295 28,235
Creditors: Amounts Falling Due Within One Year 7 (11,709 ) (21,120 )
NET CURRENT ASSETS (LIABILITIES) 1,586 7,115
TOTAL ASSETS LESS CURRENT LIABILITIES 5,664 11,193
Creditors: Amounts Falling Due After More Than One Year 8 (5,000 ) (9,068 )
NET ASSETS 664 2,125
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 564 2,025
SHAREHOLDERS' FUNDS 664 2,125
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Meaney
Director
24/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Plumbcare Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11204723 . The registered office is 3 Southfields Road, Dunstable, Bedfordshire, LU6 3EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
2.5. 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.
2.6. 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.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 11,500
As at 29 February 2024 11,500
Amortisation
As at 1 March 2023 11,500
As at 29 February 2024 11,500
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5. Investments
Unlisted
£
Cost
As at 1 March 2023 4,078
As at 29 February 2024 4,078
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 4,078
As at 1 March 2023 4,078
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 966 7,627
Other debtors 11,320 11,249
12,286 18,876
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (2,887 ) 8,748
Bank loans and overdrafts 4,000 3,984
Taxation and social security 10,596 8,388
11,709 21,120
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,000 9,068
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Paul Meaney 6,785 32,174 29,670 - 9,289
The above loan is unsecured, interest free and repayable on demand.
11. Reserves
The Profit and Loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.
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