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Registration number: 07408056

Steve Smith Plumbing & Heating Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Steve Smith Plumbing & Heating Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Steve Smith Plumbing & Heating Limited

(Registration number: 07408056)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

63,154

76,046

Current assets

 

Debtors

6

59,407

70,700

Cash at bank and in hand

 

76,216

47,812

 

135,623

118,512

Creditors: Amounts falling due within one year

7

(82,053)

(69,763)

Net current assets

 

53,570

48,749

Total assets less current liabilities

 

116,724

124,795

Creditors: Amounts falling due after more than one year

7

(7,333)

(29,219)

Provisions for liabilities

(12,124)

(15,347)

Net assets

 

97,267

80,229

Capital and reserves

 

Called up share capital

1

1

Retained earnings

97,266

80,228

Shareholders' funds

 

97,267

80,229

 

Steve Smith Plumbing & Heating Limited

(Registration number: 07408056)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 21 May 2025
 

.........................................
Mr S Smith
Director

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have ben 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.

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Depreciation

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance basis

Plant and Machinery

25% Reducing balance basis

Office equipment

25% Reducing balance basis

Short leasehold land & buildings

Nil

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

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

Trade creditors

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

Leases

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.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

12,000

12,000

At 31 October 2024

12,000

12,000

Amortisation

At 1 November 2023

12,000

12,000

At 31 October 2024

12,000

12,000

Carrying amount

At 31 October 2024

-

-

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

14,660

31,611

2,825

96,059

145,155

Additions

-

2,622

-

-

2,622

At 31 October 2024

14,660

34,233

2,825

96,059

147,777

Depreciation

At 1 November 2023

-

21,466

897

46,746

69,109

Charge for the year

-

2,703

482

12,329

15,514

At 31 October 2024

-

24,169

1,379

59,075

84,623

Carrying amount

At 31 October 2024

14,660

10,064

1,446

36,984

63,154

At 31 October 2023

14,660

10,145

1,928

49,313

76,046

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

6

Debtors

2024
£

2023
£

Trade debtors

28,959

59,517

Prepayments

2,033

1,867

Other debtors

28,415

9,316

59,407

70,700

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

21,885

22,530

Trade creditors

 

27,860

19,341

Taxation and social security

 

27,969

27,109

Other creditors

 

4,339

783

 

82,053

69,763

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,333

29,219

 

Steve Smith Plumbing & Heating Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,462

10,612

Hire purchase contracts

11,423

11,918

21,885

22,530

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,835

17,297

Hire purchase contracts

498

11,922

7,333

29,219

9

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr S Smith

(281)

38

(1,060)

(1,303)

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr S Smith

(5,398)

6,397

(1,280)

(281)