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K TAYLOR PLUMBING & HEATING LIMITED

Registered Number
04858362
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

K TAYLOR PLUMBING & HEATING LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

TAYLOR, Kevin William

Company Secretary

TAYLOR, Julie Ann

Registered Address

4 Killiebrigs
Heddon-On-The-Wall
Newcastle Upon Tyne
NE15 0DD

Registered Number

04858362 (England and Wales)
K TAYLOR PLUMBING & HEATING LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks42,6002,600
Debtors6,8614,873
Cash at bank and on hand-409
9,4617,882
Creditors amounts falling due within one year5(9,451)(7,874)
Net current assets (liabilities)108
Total assets less current liabilities108
Net assets108
Capital and reserves
Called up share capital44
Profit and loss account64
Shareholders' funds108
The financial statements were approved and authorised for issue by the Director on 28 April 2025, and are signed on its behalf by:
TAYLOR, Kevin William
Director
Registered Company No. 04858362
K TAYLOR PLUMBING & HEATING LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery5
Fixtures and fittings5
Vehicles5
Office Equipment5
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 August 2313,5581,42514,983
At 31 July 2413,5581,42514,983
Depreciation and impairment
At 01 August 2313,5581,42514,983
At 31 July 2413,5581,42514,983
Net book value
At 31 July 24---
At 31 July 23---
4.Stocks

2024

2023

££
Work in progress2,6002,600
Total2,6002,600
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,0752,354
Bank borrowings and overdrafts2,282-
Taxation and social security4,2544,819
Accrued liabilities and deferred income840701
Total9,4517,874
6.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.