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Registered number: 10051376
m Davies Plumbing & Heating Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10051376
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 39,000 42,000
Tangible Assets 5 57,002 76,029
96,002 118,029
CURRENT ASSETS
Stocks 6 12,805 12,805
Debtors 7 206,931 196,687
Cash at bank and in hand 30,963 19,226
250,699 228,718
Creditors: Amounts Falling Due Within One Year 8 (216,731 ) (249,405 )
NET CURRENT ASSETS (LIABILITIES) 33,968 (20,687 )
TOTAL ASSETS LESS CURRENT LIABILITIES 129,970 97,342
Creditors: Amounts Falling Due After More Than One Year 9 (71,455 ) (10,990 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,113 ) (16,585 )
NET ASSETS 46,402 69,767
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 46,302 69,667
SHAREHOLDERS' FUNDS 46,402 69,767
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Matthew Davies
Director
24 December 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
m Davies Plumbing & Heating Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10051376 . The registered office is Unit 6.3 Parc Melin, Glanyrafon Industrial Estate, Aberystwyth, SY23 3JQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity
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.
Revenue from plumbing and electrical services is recognised once the service has been completed and approved.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Leasehold Nil
Plant & Machinery 10% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. 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 years 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 assets reflect 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 60,000
As at 31 March 2024 60,000
Amortisation
As at 1 April 2023 18,000
Provided during the period 3,000
As at 31 March 2024 21,000
Net Book Value
As at 31 March 2024 39,000
As at 1 April 2023 42,000
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 11,399 18,332 90,577 13,981 134,289
Additions - 1,700 - 219 1,919
Disposals - - - (1,510 ) (1,510 )
As at 31 March 2024 11,399 20,032 90,577 12,690 134,698
Depreciation
As at 1 April 2023 1,710 7,263 40,075 9,212 58,260
Provided during the period 1,140 1,862 15,656 2,288 20,946
Disposals - - - (1,510 ) (1,510 )
As at 31 March 2024 2,850 9,125 55,731 9,990 77,696
Net Book Value
As at 31 March 2024 8,549 10,907 34,846 2,700 57,002
As at 1 April 2023 9,689 11,069 50,502 4,769 76,029
6. Stocks
2024 2023
£ £
Finished goods 12,805 12,805
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 57,684 67,387
Amounts owed by group undertakings 47,372 45,918
Other debtors 101,875 83,382
206,931 196,687
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,069 7,332
Trade creditors 120,106 72,130
Other creditors 1,654 676
Taxation and social security 89,902 169,267
216,731 249,405
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,922 -
Bank loans - 10,990
Taxation and social security 65,533 -
71,455 10,990
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,069 7,332
Later than one year and not later than five years 5,922 -
10,991 7,332
10,991 7,332
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Matthew Davies 61,447 42,540 40,301 - 63,686
The above loan is unsecured, interest free and repayable on demand.
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