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COMPANY REGISTRATION NUMBER: SC700578
Scott Turnbull Plumbing and Heating Limited
Filleted Unaudited Financial Statements
30 June 2024
Scott Turnbull Plumbing and Heating Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
20,332
26,577
Current assets
Stocks
19,000
18,000
Debtors
7
48,285
26,157
Cash at bank and in hand
39,367
49,950
---------
--------
106,652
94,107
Creditors: amounts falling due within one year
8
93,557
81,759
---------
--------
Net current assets
13,095
12,348
--------
--------
Total assets less current liabilities
33,427
38,925
Creditors: amounts falling due after more than one year
9
7,451
13,170
Provisions
4,486
5,917
--------
--------
Net assets
21,490
19,838
--------
--------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
21,489
19,837
--------
--------
Shareholders funds
21,490
19,838
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Scott Turnbull Plumbing and Heating Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr S. R. Turnbull
Director
Company registration number: SC700578
Scott Turnbull Plumbing and Heating Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 Collace Crescent, Dundee, DD3 9RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
9,867
10,478
Deferred tax:
Origination and reversal of timing differences
( 1,431)
( 1,799)
-------
-------
Tax on profit
8,436
8,679
-------
-------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2023
37,315
2,187
39,502
Additions
1,249
1,249
--------
-------
--------
At 30 June 2024
37,315
3,436
40,751
--------
-------
--------
Depreciation
At 1 July 2023
11,920
1,005
12,925
Charge for the year
6,349
1,145
7,494
--------
-------
--------
At 30 June 2024
18,269
2,150
20,419
--------
-------
--------
Carrying amount
At 30 June 2024
19,046
1,286
20,332
--------
-------
--------
At 30 June 2023
25,395
1,182
26,577
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
34,079
14,337
Other debtors
14,206
11,820
--------
--------
48,285
26,157
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,696
5,785
Corporation tax
9,867
10,478
Social security and other taxes
4,919
4,595
Other creditors
76,075
60,901
--------
--------
93,557
81,759
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,451
13,170
-------
--------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
5,719
5,719
Later than 1 year and not later than 5 years
7,451
13,170
--------
--------
13,170
18,889
--------
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
4,486
5,917
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
4,487
5,917
-------
-------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Transactions with directors
The company was under the control of Mr S. Turnbull throughout the current and previous year.