Registration number:
Marshall & McCourt Plumbing & Heating Contractors Limited
for the Year Ended 30 September 2024
Marshall & McCourt Plumbing & Heating Contractors Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Marshall & McCourt Plumbing & Heating Contractors Limited
(Registration number: 06696717)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
616,833 |
466,389 |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Marshall & McCourt Plumbing & Heating Contractors Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Marshall & McCourt Plumbing & Heating Contractors Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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Disposals |
- |
( |
( |
( |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
- |
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Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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Disposals |
( |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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
Stocks |
2024 |
2023 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Marshall & McCourt Plumbing & Heating Contractors Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Marshall & McCourt Plumbing & Heating Contractors Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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 £
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.
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.
Ultimate controlling party |
The ultimate controlling party is