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Registration number: 13083465

LB Heating & Plumbing LTD

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

LB Heating & Plumbing LTD

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

LB Heating & Plumbing LTD

(Registration number: 13083465)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

987

1,987

Current assets

 

Stocks

5

500

3,500

Debtors

6

3,203

2,575

Cash at bank and in hand

 

99,678

85,933

 

103,381

92,008

Creditors: Amounts falling due within one year

7

(28,588)

(29,194)

Net current assets

 

74,793

62,814

Total assets less current liabilities

 

75,780

64,801

Provisions for liabilities

(239)

(267)

Net assets

 

75,541

64,534

Capital and reserves

 

Called up share capital

100

100

Retained earnings

75,441

64,434

Shareholders' funds

 

75,541

64,534

For the financial year ending 31 December 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 8 January 2025 and signed on its behalf by:
 

 

LB Heating & Plumbing LTD

(Registration number: 13083465)
Balance Sheet as at 31 December 2024

Mr Lewis Michael Brown
Director

   
     
 

LB Heating & Plumbing LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
78 Elmroyd Avenue
Potters Bar
Hertfordshire
EN6 2EF
United Kingdom

These financial statements were authorised for issue by the Board on 8 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 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.

 

LB Heating & Plumbing LTD

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

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

Plant and Machinery

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed annually for bad debts and any adjustment is made through the profit and loss.

 

LB Heating & Plumbing LTD

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

LB Heating & Plumbing LTD

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

4,000

4,000

At 31 December 2024

4,000

4,000

Depreciation

At 1 January 2024

2,013

2,013

Charge for the year

1,000

1,000

At 31 December 2024

3,013

3,013

Carrying amount

At 31 December 2024

987

987

At 31 December 2023

1,987

1,987

5

Stocks

2024
£

2023
£

Other inventories

500

3,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,193

2,151

Prepayments

10

17

Other debtors

-

407

 

3,203

2,575

 

LB Heating & Plumbing LTD

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

115

435

Taxation and social security

22,751

22,363

Accruals and deferred income

1,250

3,910

Other creditors

4,472

2,486

28,588

29,194

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Dividends

2024

2023

£

£

Interim dividend of £377 (2023 - £350) per ordinary share

37,700

35,035

 

 

10

Related party transactions

Transactions with directors

At the balance sheet date, the company owed the directors £2,588 (2023: £660). There are no terms for repayment and interest is not being charged.

11

Ultimate controlling party

The ultimate controlling party is Mr Lewis Michael Brown, by virtue of his shareholding.