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COMPANY REGISTRATION NUMBER: 08196900
L Moran Heating Limited
Filleted Unaudited Financial Statements
31 August 2024
L Moran Heating Limited
Statement of Financial Position
31 August 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
39,669
55,285
Current assets
Debtors
6
61,330
193,532
Cash at bank and in hand
347,822
142,831
---------
---------
409,152
336,363
Creditors: amounts falling due within one year
7
105,884
68,270
---------
---------
Net current assets
303,268
268,093
---------
---------
Total assets less current liabilities
342,937
323,378
Provisions
Taxation including deferred tax
9,917
---------
---------
Net assets
333,020
323,378
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
332,920
323,278
---------
---------
Shareholders funds
333,020
323,378
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L Moran Heating Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
Mr L B Moran
Director
Company registration number: 08196900
L Moran Heating Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, Bignell Park Barns, Chesterton, Nr Bicester, Oxon, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools & Equipment
-
20% straight line
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023 (as restated)
4,827
85,611
4,818
95,256
Disposals
( 14,435)
( 14,435)
-------
--------
-------
--------
At 31 August 2024
4,827
71,176
4,818
80,821
-------
--------
-------
--------
Depreciation
At 1 September 2023
4,827
31,263
3,881
39,971
Charge for the year
13,091
544
13,635
Disposals
( 12,454)
( 12,454)
-------
--------
-------
--------
At 31 August 2024
4,827
31,900
4,425
41,152
-------
--------
-------
--------
Carrying amount
At 31 August 2024
39,276
393
39,669
-------
--------
-------
--------
At 31 August 2023
54,348
937
55,285
-------
--------
-------
--------
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
58,858
64,556
Other debtors
2,472
128,976
--------
---------
61,330
193,532
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
21,841
24,320
Corporation tax
36,423
30,406
Social security and other taxes
45,940
11,944
Other creditors
1,680
1,600
---------
--------
105,884
68,270
---------
--------
8. Prior period errors
It has been necessary to include an adjustment in respect of a prior period error that arose as a result of Director's advancements being misallocated in the accounting period ending 31st August 2021. The effect of this being that brought forward reserves as at 31.08.22 increased from £208,994 to £263,994.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L B Moran
128,976
( 296,066)
168,762
1,672
---------
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L B Moran
191,204
( 319,860)
257,632
128,976
---------
---------
---------
---------