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Powells Plumbing and Heating Limited
Financial Statements
For The Year Ended 31 August 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08792762
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 550 1,375
550 1,375
CURRENT ASSETS
Debtors 5 113,267 117,586
Cash at bank and in hand 5,702 2,968
118,969 120,554
Creditors: Amounts Falling Due Within One Year 6 (81,037 ) (78,038 )
NET CURRENT ASSETS (LIABILITIES) 37,932 42,516
TOTAL ASSETS LESS CURRENT LIABILITIES 38,482 43,891
Creditors: Amounts Falling Due After More Than One Year 7 (34,592 ) (39,923 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (138 ) (261 )
NET ASSETS 3,752 3,707
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 3,652 3,607
SHAREHOLDERS' FUNDS 3,752 3,707
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Powell
Director
27 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Powells Plumbing and Heating Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08792762 . The registered office is 13 Boevey Path, Belvedere, Kent, DA17 5RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. Due to the financial position of the company, the validity of this basis is conditional on the support of the companys directors and shareholders. 
On this basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of their support.
2.3. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight line
Motor Vehicles 20% Straight Line
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2023 562 5,500 6,062
As at 31 August 2024 562 5,500 6,062
Depreciation
As at 1 September 2023 562 4,125 4,687
Provided during the period - 825 825
As at 31 August 2024 562 4,950 5,512
Net Book Value
As at 31 August 2024 - 550 550
As at 1 September 2023 - 1,375 1,375
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,168 24,617
Other debtors 17,473 36,107
Director's loan account 71,705 56,862
102,346 117,586
Due after more than one year
Corporation tax recoverable assets 10,921 -
113,267 117,586
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,808 6,906
Corporation tax 44,709 26,227
Other taxes and social security - 9,495
VAT 18,303 24,900
Net wages - 1,460
Other creditors 1,309 -
Pension liability 511 390
Accruals and deferred income 10,397 8,660
81,037 78,038
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,192 34,523
Other loans 5,400 5,400
34,592 39,923
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr David Powell 56,862 56,143 41,300 - 71,705
The above loan is unsecured, repayable on demand and has interest charged at the HMRC official rate of 2.25%.
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