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COMPANY REGISTRATION NUMBER: 06977255
CS Heating & Plumbing Limited
Filleted Unaudited Financial Statements
31 March 2024
CS Heating & Plumbing Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
CS Heating & Plumbing Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
338,668
374,069
Current assets
Stocks
32,400
27,450
Debtors
6
250,224
154,681
Cash at bank and in hand
180,427
349,414
---------
---------
463,051
531,545
Creditors: amounts falling due within one year
7
355,778
367,031
---------
---------
Net current assets
107,273
164,514
---------
---------
Total assets less current liabilities
445,941
538,583
Creditors: amounts falling due after more than one year
8
133,971
198,106
Provisions
Taxation including deferred tax
50,139
55,313
---------
---------
Net assets
261,831
285,164
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
261,731
285,064
---------
---------
Shareholders funds
261,831
285,164
---------
---------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CS Heating & Plumbing Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr C E Smith
Director
Company registration number: 06977255
CS Heating & Plumbing Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 27 Maple Leaf Business Park, Manston, Ramsgate, Kent, England, CT12 5GD.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Land and buildings
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 23 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
167,765
27,595
23,312
329,551
548,223
Additions
42,718
42,718
Disposals
( 39,159)
( 39,159)
---------
--------
--------
---------
---------
At 31 March 2024
167,765
70,313
23,312
290,392
551,782
---------
--------
--------
---------
---------
Depreciation
At 1 April 2023
14,950
8,572
11,950
138,682
174,154
Charge for the year
3,355
11,875
2,840
43,607
61,677
Disposals
( 22,717)
( 22,717)
---------
--------
--------
---------
---------
At 31 March 2024
18,305
20,447
14,790
159,572
213,114
---------
--------
--------
---------
---------
Carrying amount
At 31 March 2024
149,460
49,866
8,522
130,820
338,668
---------
--------
--------
---------
---------
At 31 March 2023
152,815
19,023
11,362
190,869
374,069
---------
--------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
223,718
136,715
Other debtors
26,506
17,966
---------
---------
250,224
154,681
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,945
14,759
Trade creditors
79,058
122,435
Corporation tax
24,886
21,514
Social security and other taxes
114,052
94,028
Net wages due
13
Pension liablity
2,764
2,221
Other creditors
119,073
112,061
---------
---------
355,778
367,031
---------
---------
National Westminster Bank PLC hold fixed and floating charges over all the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,395
87,127
Other creditors
63,576
110,979
---------
---------
133,971
198,106
---------
---------
Bank loans are secured on the land and buildings of the company.
9. Directors' advances, credits and guarantees
At the year end the company owed the directors £1,779 (2023: £2,473). During the year dividends of £75,000 (2023: £60,000) were paid to the directors of the company.
10. Related party transactions
At the balance sheet date, the company was owed £7,400 (2023: £8,000) by companies connected by common control.