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Registration number: 05946086

Morpeth Plumbing & Heating Limited
(formerly The Solar Energy Centre Limited)


Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Morpeth Plumbing & Heating Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Morpeth Plumbing & Heating Limited

Company Information

Director

D. Pollard

Company secretary

K.A. Pollard

Registered office

8 South Side
North Seaton
Ashington
Northumberland
NE63 9YE

 

Morpeth Plumbing & Heating Limited

(Registration number: 05946086)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,855

22,971

Current assets

 

Stocks

1,500

1,500

Debtors

5

31,171

22,205

Cash at bank and in hand

 

34,253

20,345

 

66,924

44,050

Creditors: Amounts falling due within one year

6

(66,975)

(29,360)

Net current (liabilities)/assets

 

(51)

14,690

Total assets less current liabilities

 

32,804

37,661

Creditors: Amounts falling due after more than one year

6

(51,200)

(97,404)

Net liabilities

 

(18,396)

(59,743)

Capital and Reserves

 

Called up share capital

2

2

Profit and loss account

(18,398)

(59,745)

Shareholders' deficit

 

(18,396)

(59,743)

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 December 2024
 

.........................................
D. Pollard
Director

 

Morpeth Plumbing & Heating Limited

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 company was formerly known as The Solar Energy Centre Limited.

The address of its registered office is:
8 South Side
North Seaton
Ashington
Northumberland
NE63 9YE

These financial statements were authorised for issue by the director on 24 December 2024.

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

At the balance sheet date the comapny has net deficit position. The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existance for the foreseeable future. The validity of this basis dependes on the following:-

The company meets its day to day working capital requirements through cash generated from operations and external and shareholder borrowings.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 

Morpeth Plumbing & Heating Limited

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

2

Accounting policies (continued)

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.

Government grants

Government grants relating to the costs incurred by the company are recognised in the income statement over the period necessary to match them with costs that they are intended to compensate. Government grants are presented separately and disclosed in Other operating income in the income statement.

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

Motor Vehicles

25% reducing balance

Fixture & Fittings

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Morpeth Plumbing & Heating Limited

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

2

Accounting policies (continued)

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.

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 the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

7,017

27,795

34,812

Additions

-

17,999

17,999

Disposals

-

(3,300)

(3,300)

At 31 March 2024

7,017

42,494

49,511

Depreciation

At 1 April 2023

6,902

4,939

11,841

Charge for the year

29

7,401

7,430

Eliminated on disposal

-

(2,615)

(2,615)

At 31 March 2024

6,931

9,725

16,656

Carrying amount

At 31 March 2024

86

32,769

32,855

At 31 March 2023

115

22,856

22,971

 

Morpeth Plumbing & Heating Limited

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

5

Debtors

2024
£

2023
£

Trade debtors

25,436

19,648

Other debtors

5,735

2,557

31,171

22,205

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

12,499

9,255

Trade creditors

 

17,660

7,796

Taxation and social security

 

7,126

4,583

Other creditors

 

29,690

7,726

 

66,975

29,360


Creditors net obligations under hire purchase contracts which are secured over the assets to which they relate of £6,944 (2023 - £3,699).

The Director, D.Pollard has given personal guarantees to some trade creditors.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

51,200

48,452

Other non-current financial liabilities

 

-

48,952

 

51,200

97,404


Creditors include net obligations under hire purchase contracts which are secured of £21,764 (2023 - £13,563).

 

Morpeth Plumbing & Heating Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,436

34,889

Hire purchase contracts

21,764

13,563

51,200

48,452

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,555

5,556

Hire purchase contracts

6,944

3,699

12,499

9,255