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Registration number: 11190212

Exmouth Plumbing Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Company Information

Directors

Mr S Stannard

Mr D Biggs

Registered office

12 Elm Lane
Exmouth
Devon
EX8 2RR

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

40,603

53,766

Current assets

 

Debtors

5

18,789

28,462

Cash at bank and in hand

 

54,525

39,101

 

73,314

67,563

Creditors: Amounts falling due within one year

6

(62,228)

(43,657)

Net current assets

 

11,086

23,906

Total assets less current liabilities

 

51,689

77,672

Creditors: Amounts falling due after more than one year

6

(20,417)

(30,217)

Provisions for liabilities

(7,715)

(10,216)

Net assets

 

23,557

37,239

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

23,555

37,237

Total equity

 

23,557

37,239

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Balance Sheet as at 31 March 2024

.........................................
Mr S Stannard
Director

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Elm Lane
Exmouth
Devon
EX8 2RR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Motor vehicles

20% straight line basis

Plant and machinery

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,213

67,151

3,692

72,056

Additions

316

-

-

316

At 31 March 2024

1,529

67,151

3,692

72,372

Depreciation

At 1 April 2023

1,168

13,430

3,692

18,290

Charge for the year

49

13,430

-

13,479

At 31 March 2024

1,217

26,860

3,692

31,769

Carrying amount

At 31 March 2024

312

40,291

-

40,603

At 31 March 2023

45

53,721

-

53,766

5

Debtors

2024
£

2023
£

Trade debtors

4,561

12,963

Other debtors

14,025

15,412

Prepayments and accrued income

203

87

Total current trade and other debtors

18,789

28,462

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

9,800

9,800

Trade creditors

 

26,964

23,810

Taxation and social security

 

17,241

5,063

Other creditors

 

6,230

1,407

Accrued expenses

 

1,993

3,577

 

62,228

43,657

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

20,417

30,217

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,800

9,800

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

20,417

30,217

 

Exmouth Plumbing Limited
(Registration number: 11190212)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr S Stannard

Interest free loan repayable on demand

3,483

25,240

(28,723)

-

         
       

Mr D Biggs

Interest free loan repayable on demand

3,483

7,605

(11,088)

-

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr S Stannard

Interest free loan repayable on demand

-

6,982

(3,499)

3,483

         
       

Mr D Biggs

Interest free loan repayable on demand

-

6,528

(3,045)

3,483