Company registration number 04780132 (England and Wales)
XBG PLUMBING AND HEATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
XBG PLUMBING AND HEATING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
XBG PLUMBING AND HEATING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF XBG PLUMBING AND HEATING LIMITED FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of XBG Plumbing And Heating Limited for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of XBG Plumbing And Heating Limited, as a body, in accordance with the terms of our engagement letter dated 14 January 2021. Our work has been undertaken solely to prepare for your approval the financial statements of XBG Plumbing And Heating Limited and state those matters that we have agreed to state to the board of directors of XBG Plumbing And Heating Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than XBG Plumbing And Heating Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that XBG Plumbing And Heating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of XBG Plumbing And Heating Limited. You consider that XBG Plumbing And Heating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of XBG Plumbing And Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
5 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
XBG PLUMBING AND HEATING LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,137
33,949
Current assets
Stocks
25,500
25,500
Debtors
4
104,171
101,886
Cash at bank and in hand
20,563
14,732
150,234
142,118
Creditors: amounts falling due within one year
5
(174,928)
(193,306)
Net current liabilities
(24,694)
(51,188)
Total assets less current liabilities
4,443
(17,239)
Creditors: amounts falling due after more than one year
6
(17,869)
-
0
Provisions for liabilities
(7,300)
(8,870)
Net liabilities
(20,726)
(26,109)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(20,826)
(26,209)
Total equity
(20,726)
(26,109)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

XBG PLUMBING AND HEATING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr M A Murphy
Mr L R Stafford
Director
Director
Company registration number 04780132 (England and Wales)
XBG PLUMBING AND HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

XBG Plumbing And Heating Limited is a private company limited by shares incorporated in England and Wales. The registered office is 106 Offington Lane, Worthing, West Sussex, BN14 9RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties,true and the impact of subsequent events in making their assessment. 

 

The company is reliant on the support of its creditors and has been meeting their liabilities as they arise. The financial statements do not include any adjustments that would result from a withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% p.a. straight line
Van fixtures, fittings and hand tools
15/25% p.a. diminishing balance
Motor vehicles
15/25% p.a. diminishing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

XBG PLUMBING AND HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit..

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 11).

XBG PLUMBING AND HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Tangible fixed assets
Computer equipment
Van fixtures, fittings and hand tools
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
44,251
24,632
26,198
95,081
Additions
316
-
0
-
0
316
Transfers
(38,340)
(3,210)
41,550
-
0
At 31 August 2024
6,227
21,422
67,748
95,397
Depreciation and impairment
At 1 September 2023
43,049
9,632
8,451
61,132
Depreciation charged in the year
37
2,250
2,841
5,128
Transfers
(37,149)
(3,210)
40,359
-
0
At 31 August 2024
5,937
8,672
51,651
66,260
Carrying amount
At 31 August 2024
290
12,750
16,097
29,137
At 31 August 2023
1,202
15,000
17,747
33,949
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,937
43,951
Other debtors
77,234
57,935
104,171
101,886
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,200
35,815
Trade creditors
74,073
69,233
Taxation and social security
49,945
36,907
Other creditors
41,710
51,351
174,928
193,306
XBG PLUMBING AND HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,869
-
0
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director's loan
-
18,948
(2,051)
16,897
18,948
(2,051)
16,897
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