Company registration number 11908057 (England and Wales)
CHRIS JONES PLUMBING & HEATING CO LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHRIS JONES PLUMBING & HEATING CO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CHRIS JONES PLUMBING & HEATING CO LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,691
87,637
Current assets
Stocks
1,100
940
Debtors
4
101,949
39,565
Cash at bank and in hand
64,933
117,650
167,982
158,155
Creditors: amounts falling due within one year
5
(50,946)
(55,530)
Net current assets
117,036
102,625
Total assets less current liabilities
196,727
190,262
Creditors: amounts falling due after more than one year
6
(34,433)
(41,290)
Provisions for liabilities
(19,923)
(21,895)
Net assets
142,371
127,077
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
142,361
127,067
Total equity
142,371
127,077

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 2 December 2024
Mr C Jones
Director
Company Registration No. 11908057
CHRIS JONES PLUMBING & HEATING CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Chris Jones Plumbing & Heating Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Pontymister Industrial Estate, Risca, NP11 6NP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.

 

Revenue from contracts for the provision of plumbing services are recognised when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
3 years straight line
Motor vehicles
20% written down value
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CHRIS JONES PLUMBING & HEATING CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CHRIS JONES PLUMBING & HEATING CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
4,859
1,226
1,793
103,079
110,957
Additions
-
0
-
0
383
11,201
11,584
At 31 March 2024
4,859
1,226
2,176
114,280
122,541
Depreciation and impairment
At 1 April 2023
2,317
314
-
0
20,689
23,320
Depreciation charged in the year
972
246
715
17,597
19,530
At 31 March 2024
3,289
560
715
38,286
42,850
Carrying amount
At 31 March 2024
1,570
666
1,461
75,994
79,691
At 31 March 2023
2,542
912
1,793
82,390
87,637
CHRIS JONES PLUMBING & HEATING CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,233
36,339
Other debtors
68,015
-
0
Prepayments and accrued income
4,701
3,226
101,949
39,565
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,435
28,775
Corporation tax
12,784
7,343
Other taxation and social security
2,109
990
Other creditors
23,618
18,422
50,946
55,530

Included in other creditors above is an amount of £6,857 (2023 - £6,857) in relation to hire purchase contracts. These are secured over the related motor vehicles.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
34,433
41,290

Included in other creditors above is an amount of £34,433 (2023 - £41,290) in relation to hire purchase contracts. These are secured over the related motor vehicles.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
CHRIS JONES PLUMBING & HEATING CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Directors' transactions

Dividends totalling £20,000 (2023 - £25,000) were paid in the year in respect of shares held by the company's director.

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
(229)
107,825
(39,581)
68,015
(229)
107,825
(39,581)
68,015
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