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Registered number: 11031788
Absolute Plumbing-Heating Solutions Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Air Accounting Ltd
Park View Business Centre
Combermere
Whitchurch
Cheshire
SY13 4AL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11031788
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,271 25,885
19,271 25,885
CURRENT ASSETS
Debtors 5 2,643 12,406
Cash at bank and in hand 30,359 32,670
33,002 45,076
Creditors: Amounts Falling Due Within One Year 6 (33,997 ) (37,975 )
NET CURRENT ASSETS (LIABILITIES) (995 ) 7,101
TOTAL ASSETS LESS CURRENT LIABILITIES 18,276 32,986
Creditors: Amounts Falling Due After More Than One Year 7 (10,971 ) (27,168 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,662 ) (4,975 )
NET ASSETS 3,643 843
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 3,642 842
SHAREHOLDERS' FUNDS 3,643 843
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Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Edmunds
Director
28th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Absolute Plumbing-Heating Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11031788 . The registered office is 6 George Wood Avenue, Oldbury, West Midlands, B69 2GG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 3 year straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 8,281 81,692 3,766 93,739
As at 31 October 2024 8,281 81,692 3,766 93,739
Depreciation
As at 1 November 2023 4,539 60,480 2,835 67,854
Provided during the period 749 5,303 562 6,614
As at 31 October 2024 5,288 65,783 3,397 74,468
Net Book Value
As at 31 October 2024 2,993 15,909 369 19,271
As at 1 November 2023 3,742 21,212 931 25,885
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,281 6,156
Prepayments and accrued income 362 228
Corporation tax recoverable assets - 1,520
Directors' loan accounts - 4,502
2,643 12,406
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,067
Bank loans and overdrafts 16,198 16,279
Corporation tax 12,174 13,010
VAT 5,212 5,619
Directors' loan accounts 413 -
33,997 37,975
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,971 27,168
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Michael Edmunds 2,251 - 2,251 - -
Mrs Hayley Edmunds 2,251 - 2,251 - -
The above loan is unsecured, is interest-free and is repayable on demand.
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