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REGISTERED NUMBER: 04620160 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Kingstown Plumbing Services Limited

Kingstown Plumbing Services Limited (Registered number: 04620160)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kingstown Plumbing Services Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: P C Thompson





SECRETARY: Mrs K Thompson





REGISTERED OFFICE: 758 Spring Bank West
Hull
East Yorkshire
HU5 5AA





REGISTERED NUMBER: 04620160 (England and Wales)






Kingstown Plumbing Services Limited (Registered number: 04620160)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 46,906 49,354

CURRENT ASSETS
Stocks 26,094 25,000
Debtors 5 380,578 333,092
Cash at bank 622,383 658,264
1,029,055 1,016,356
CREDITORS
Amounts falling due within one year 6 332,244 421,968
NET CURRENT ASSETS 696,811 594,388
TOTAL ASSETS LESS CURRENT
LIABILITIES

743,717

643,742

CREDITORS
Amounts falling due after more than one
year

7

(34,856

)

(31,752

)

PROVISIONS FOR LIABILITIES (11,678 ) (12,338 )
NET ASSETS 697,183 599,652

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 697,082 599,551
697,183 599,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Kingstown Plumbing Services Limited (Registered number: 04620160)

Balance Sheet - continued
29 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2024 and were signed by:





P C Thompson - Director


Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Kingstown Plumbing Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of goods and services, excluding value added tax.

Revenue recognition
Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on their fair value of the right to consideration at the balance sheet date. The value is included in debtors as Amounts Recoverable on Contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated at an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 17 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 222,415
Additions 24,336
At 29 February 2024 246,751
DEPRECIATION
At 1 March 2023 173,061
Charge for year 40,964
Eliminated on disposal (14,180 )
At 29 February 2024 199,845
NET BOOK VALUE
At 29 February 2024 46,906
At 28 February 2023 49,354

Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 113,416
Additions 23,337
Transfer to ownership (20,291 )
At 29 February 2024 116,462
DEPRECIATION
At 1 March 2023 52,214
Charge for year 39,406
Transfer to ownership (20,291 )
At 29 February 2024 71,329
NET BOOK VALUE
At 29 February 2024 45,133
At 28 February 2023 61,202

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 299,092 288,664
Other debtors 81,486 44,428
380,578 333,092

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 8) 13,619 14,501
Trade creditors 147,816 197,067
Taxation and social security 91,026 70,284
Other creditors 79,783 140,116
332,244 421,968

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 8) 34,856 31,752

Kingstown Plumbing Services Limited (Registered number: 04620160)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

29.2.24 28.2.23
£    £   
Gross obligations repayable:
Within one year 14,993 15,875
Between one and five years 36,011 34,280
51,004 50,155

Finance charges repayable:
Within one year 1,374 1,374
Between one and five years 1,155 2,528
2,529 3,902

Net obligations repayable:
Within one year 13,619 14,501
Between one and five years 34,856 31,752
48,475 46,253

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Hire purchase contracts 48,475 46,253

Amounts included within hire purchase are secured on the assets they relate to.

10. RELATED PARTY DISCLOSURES

At the year end, the related party balances were:
29.2.24 28.2.23
£ £
Balance owed from related parties at the year end 26,022 24,180

The related party is a company which is under common control.

The company has paid the director rent in the sum of £14,400 (2023 - £14,400), in relation to property occupied. This is a commercial rent based on the current market rate.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P C Thompson.