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REGISTERED NUMBER: SC288312 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

MFS Plumbing and Heating Specialists
Limited

MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MFS Plumbing and Heating Specialists
Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: M Faskin
S Faskin





SECRETARY: Add Accountancy Limited





REGISTERED OFFICE: 40 Cairn Wynd
Inverurie
Aberdeenshire
AB51 5HQ





REGISTERED NUMBER: SC288312 (Scotland)





ACCOUNTANTS: Add Accountancy Limited
6 Market Square
Oldmeldrum
Aberdeenshire
AB51 0AA

MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,021 57,081

CURRENT ASSETS
Stocks 3,350 3,350
Debtors 5 239,504 291,089
Cash at bank 329,147 282,334
572,001 576,773
CREDITORS
Amounts falling due within one year 6 204,356 270,605
NET CURRENT ASSETS 367,645 306,168
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,666

363,249

PROVISIONS FOR LIABILITIES 13,591 -
NET ASSETS 409,075 363,249

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 408,875 363,049
SHAREHOLDERS' FUNDS 409,075 363,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by:




M Faskin - Director



S Faskin - Director


MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

MFS Plumbing and Heating Specialists Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 13,006 140 131,458 5,250 149,854
Additions 4,552 - 11,203 525 16,280
At 31 July 2024 17,558 140 142,661 5,775 166,134
DEPRECIATION
At 1 August 2023 11,515 140 76,375 4,743 92,773
Charge for year 1,511 - 16,571 258 18,340
At 31 July 2024 13,026 140 92,946 5,001 111,113
NET BOOK VALUE
At 31 July 2024 4,532 - 49,715 774 55,021
At 31 July 2023 1,491 - 55,083 507 57,081

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 206,794 255,213
VAT 32,710 35,876
239,504 291,089

MFS Plumbing and Heating Specialists
Limited (Registered number: SC288312)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts 9,916 6,813
Trade creditors 129,790 167,020
Tax 42,590 34,295
Social security and other taxes 7,289 4,141
Other creditors 5,346 455
Directors' current accounts 7,402 52,291
Accrued expenses 2,023 5,590
204,356 270,605