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Registration number: 06696717

Marshall & McCourt Plumbing & Heating Contractors Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Marshall & McCourt Plumbing & Heating Contractors Limited

(Registration number: 06696717)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

341,744

244,950

Current assets

 

Stocks

5

34,634

46,792

Debtors

6

274,773

470,050

Cash at bank and in hand

 

903,208

498,376

 

1,212,615

1,015,218

Creditors: Amounts falling due within one year

7

(700,746)

(577,049)

Net current assets

 

511,869

438,169

Total assets less current liabilities

 

853,613

683,119

Creditors: Amounts falling due after more than one year

7

(156,867)

(215,730)

Provisions for liabilities

(78,913)

-

Net assets

 

617,833

467,389

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

616,833

466,389

Shareholders' funds

 

617,833

467,389

For the financial year ending 30 September 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 


Mr Ryan Marshall
Company secretary and director

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
3 Diamond Court
Douglas Close
Preston Farm Industrial Estate
Stockton-On-Tees
TS18 3SB
England

These financial statements were authorised for issue by the Board on 20 January 2025.

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.

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Contract revenue recognition

The company deals with long term contracts and in arriving at a value for these contracts the company uses the percentage of completion method with reference to the incurred costs on the job at that date against the total expected costs. This percentage is applied to the contract value and amounts invoiced are deducted from the calculation to arrive at either amounts payable on contracts (recorded in creditors) or amounts recoverable on contracts (recorded in debtors). The company performs these calculations monthly and continually reviews the details of each job when applying the estimate of costs expected, as the job progresses the most up to date knowledge of the job is applied which can vary each month.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Showroom Equipment

10% Straight line

Plant and Tools

25% Reducing balance

Motor Vehicles

20% Reducing balance

Office Equipment

25% Straight line

Fixtures and Fittings

15% Reducing balance

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leasehold improvements

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

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

Trade debtors are recognised initially at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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 at the transaction price.

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 20 (2023 - 20).

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 October 2023

-

54,603

311,294

12,245

Additions

58,242

50,218

67,384

3,082

Disposals

-

(35,481)

(28,734)

(2,325)

At 30 September 2024

58,242

69,340

349,944

13,002

Depreciation

At 1 October 2023

-

37,480

92,431

3,281

Charge for the year

3,633

11,938

53,628

2,439

Eliminated on disposal

-

(30,495)

(24,315)

(1,236)

At 30 September 2024

3,633

18,923

121,744

4,484

Carrying amount

At 30 September 2024

54,609

50,417

228,200

8,518

At 30 September 2023

-

17,123

218,863

8,964

Total
£

Cost or valuation

At 1 October 2023

378,142

Additions

178,926

Disposals

(66,540)

At 30 September 2024

490,528

Depreciation

At 1 October 2023

133,192

Charge for the year

71,638

Eliminated on disposal

(56,046)

At 30 September 2024

148,784

Carrying amount

At 30 September 2024

341,744

At 30 September 2023

244,950

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £54,609 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Work in progress

29,634

41,792

Other inventories

5,000

5,000

34,634

46,792

6

Debtors

Current

2024
£

2023
£

Trade debtors

243,051

428,762

Prepayments

28,145

23,988

Other debtors

3,577

17,300

 

274,773

470,050

 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

112,767

103,744

Trade creditors

 

120,030

156,511

Taxation and social security

 

111,972

63,757

Accruals and deferred income

 

235,251

216,246

Other creditors

 

120,726

36,791

 

700,746

577,049


Creditors include unsecured bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £106,043 (2023 - £103,744). Hire purchase contracts are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

156,867

215,730


Creditors include unsecured bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £143,822 (2023 - £215,730). Hire purchase contracts are secured on the assets concerned.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Marshall & McCourt Plumbing & Heating Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £73,733 (2023 - £22,960). The company has a short term lease on the business premises. The total amount disclosed of £63,750 (2023: £nil) is the total amount due to the expiration of the lease in December 2029.

The company has an opreating lease on a business vehicle. The total amount disclosed of £9,983 (2023: £21,962) is the total amount due to the expiration of the lease in August 2025.

10

Related party transactions

Other transactions with directors

At the balance sheet date, the company owed Mr R Marshall, director & shareholder £1 (2023: £nil). This loan is interest free and there are no terms for repayment.

11

Ultimate controlling party

The ultimate controlling party is Ryan Marshall, by virtue of his shareholding.