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Registrar

Registration number: 05864333

LKG Daughters Plumbing & Heating Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

LKG Daughters Plumbing & Heating Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

LKG Daughters Plumbing & Heating Ltd

Company Information

Directors

L A Wild

Registered office

Tweenbends West Hanningfield Road
Great Baddow
Chelmsford
Essex
CM2 7SY

Bankers

National Westminster Bank
PO Box 6118
Chelmsford
Essex
CM1 1BL

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

LKG Daughters Plumbing & Heating Ltd

(Registration number: 05864333)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,708

23,754

Investment property

5

380,000

380,000

 

430,708

403,754

Current assets

 

Stocks

6

5,720

4,850

Debtors

7

4,712

4,181

Cash at bank and in hand

 

235,358

194,071

 

245,790

203,102

Creditors: Amounts falling due within one year

8

(45,774)

(49,462)

Net current assets

 

200,016

153,640

Total assets less current liabilities

 

630,724

557,394

Provisions for liabilities

(32,510)

(20,723)

Net assets

 

598,214

536,671

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

64,260

64,260

Retained earnings

533,854

472,311

Shareholders' funds

 

598,214

536,671

For the financial year ending 31 July 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 her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 March 2025
 

L A Wild
Director

 

LKG Daughters Plumbing & Heating Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Tweenbends West Hanningfield Road, Great Baddow, Chelmsford, Essex, CM2 7SY, England.

These financial statements were authorised for issue by the director on 1 March 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of plumbing and heating services in the ordinary course of the company’s activities. Turnover is shown net of value added tax 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.

Tax

Current Tax is recognised in the profit and loss account, 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

LKG Daughters Plumbing & Heating Ltd

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

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Plant and machinery

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 merchandise sold or services performed in the ordinary course of business.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

LKG Daughters Plumbing & Heating Ltd

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Share capital

Ordinary shares are classified as equity.

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 the director) during the year, was 4 (2023 - 4).

 

LKG Daughters Plumbing & Heating Ltd

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

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

4,067

33,850

2,682

40,599

Additions

-

36,307

-

36,307

At 31 July 2024

4,067

70,157

2,682

76,906

Depreciation

At 1 August 2023

2,571

12,089

2,185

16,845

Charge for the year

7

9,222

124

9,353

At 31 July 2024

2,578

21,311

2,309

26,198

Carrying amount

At 31 July 2024

1,489

48,846

373

50,708

At 31 July 2023

1,496

21,761

497

23,754

5

Investment properties

2024
£

At 1 August

380,000

At 31 July

380,000

The fair value of the investment property has been estimated by the director using their knowledge of the property, local area and open market. The property was last revaluation made was on 31 July 2022.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

5,720

4,850

7

Debtors

2024
£

2023
£

Prepayments

240

1,277

Other debtors

4,472

2,904

4,712

4,181

 

LKG Daughters Plumbing & Heating Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

2,281

Trade creditors

 

100

228

Taxation and social security

 

34,478

35,455

Accruals and deferred income

 

2,080

2,005

Other creditors

 

9,116

9,493

 

45,774

49,462


Creditors include net obligations under hire purchase contracts which are secured of £nil (2023 - £2,281).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

1

1

1

1

Ordinary shares of £1 each

99

99

99

99

100

100

100

100

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

2,281