Company registration number SC267319 (Scotland)
DGS PLUMBING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DGS PLUMBING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 5
DGS PLUMBING SERVICES LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,467
205,989
Current assets
Stocks
306,368
443,733
Debtors
4
1,189,841
1,239,566
Cash at bank and in hand
52,007
164,345
1,548,216
1,847,644
Creditors: amounts falling due within one year
5
(1,336,342)
(1,249,719)
Net current assets
211,874
597,925
Total assets less current liabilities
537,341
803,914
Creditors: amounts falling due after more than one year
6
(274,902)
(521,651)
Provisions for liabilities
(48,650)
(38,928)
Net assets
213,789
243,335
Capital and reserves
Called up share capital
201
201
Profit and loss reserves
213,588
243,134
Total equity
213,789
243,335

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

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

The directors acknowledge their 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.

DGS PLUMBING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
David Stewart Cree
Director
Company Registration No. SC267319
DGS PLUMBING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

DGS Plumbing Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Square, Ayr, Ayrshire, United Kingdom, KA7 1EN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

 

Work in progress is valued at cost. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

 

1.5
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.

DGS PLUMBING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 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.

1.6
Retirement benefits

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

2
Employees

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

2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
42,852
248,243
291,095
Additions
2,663
267,372
270,035
Disposals
-
0
(114,153)
(114,153)
At 31 May 2024
45,515
401,462
446,977
Depreciation and impairment
At 1 June 2023
34,675
50,431
85,106
Depreciation charged in the year
2,510
55,740
58,250
Eliminated in respect of disposals
-
0
(21,846)
(21,846)
At 31 May 2024
37,185
84,325
121,510
Carrying amount
At 31 May 2024
8,330
317,137
325,467
At 31 May 2023
8,177
197,812
205,989
DGS PLUMBING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
110,055
Other debtors
1,189,841
1,129,511
1,189,841
1,239,566
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
541,774
762,500
Taxation and social security
281,059
181,337
Other creditors
513,509
305,882
1,336,342
1,249,719
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Taxation and social security
-
0
297,752
Other creditors
274,902
223,899
274,902
521,651
7
Secured debts

Bank of Scotland plc holds a floating charge over all assets of the company for amounts due or becoming due to the bank.

8
Related party transactions

At the balance sheet date, the company was owed £581,842 by the directors (2023: £739,275). No interest was charged on this balance.

 

Also, included within other debtors is a balance of £134,025 owed to the company by other related parties (2023: £138,496). No interest was charged on this balance.

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