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Registration number: 08189724

Chivers Plumbing & Heating Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Chivers Plumbing & Heating Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Chivers Plumbing & Heating Limited

Company Information

Directors

Mrs B Chivers

Mr J Chivers

Mr R Chivers

Mr S Chivers

Registered office

Unit 6
The Regent Centre Pent Road
Shearway Business Park
Folkestone
Kent
CT19 4FL

 

Chivers Plumbing & Heating Limited

(Registration number: 08189724)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

169,514

192,278

Current assets

 

Stocks

5

1,800

1,800

Debtors

6

30,836

58,743

Cash at bank and in hand

 

218,805

115,057

 

251,441

175,600

Creditors: Amounts falling due within one year

7

(168,489)

(135,942)

Net current assets

 

82,952

39,658

Total assets less current liabilities

 

252,466

231,936

Creditors: Amounts falling due after more than one year

7

(101,828)

(114,177)

Provisions for liabilities

(8,981)

-

Net assets

 

141,657

117,759

Capital and reserves

 

Called up share capital

100

100

Retained earnings

141,557

117,659

Shareholders' funds

 

141,657

117,759

 

Chivers Plumbing & Heating Limited

(Registration number: 08189724)
Balance Sheet as at 31 August 2024 (continued)

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Mr S Chivers
Director

   
     
 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Unit 6
The Regent Centre Pent Road
Shearway Business Park
Folkestone
Kent
CT19 4FL
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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Freehold property

50 years straight line

Motor vehicles

3 years straight line

Plant & machinery

25% reducing balance

Office equipment

25% reducing balance

Fixtures & fittings

10 years straight line

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

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.

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 directors) during the year, was 11 (2023 - 11).

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

150,000

20,036

4,481

9,354

75,029

258,900

At 31 August 2024

150,000

20,036

4,481

9,354

75,029

258,900

Depreciation

At 1 September 2023

14,250

9,495

2,228

3,966

36,683

66,622

Charge for the year

3,000

2,004

563

1,347

15,850

22,764

At 31 August 2024

17,250

11,499

2,791

5,313

52,533

89,386

Carrying amount

At 31 August 2024

132,750

8,537

1,690

4,041

22,496

169,514

At 31 August 2023

135,750

10,541

2,253

5,388

38,346

192,278

Included within the net book value of land and buildings above is £132,750 (2023 - £135,750) in respect of freehold land and buildings.
 

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Stocks

2024
£

2023
£

Raw materials and consumables

1,800

1,800

6

Debtors

Current

2024
£

2023
£

Trade debtors

25,849

49,020

Prepayments

4,987

9,723

 

30,836

58,743

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

33,277

31,711

Trade creditors

 

25,147

68,028

Taxation and social security

 

71,212

34,173

Accruals and deferred income

 

650

630

Other creditors

 

38,203

1,400

 

168,489

135,942

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

101,828

114,177

 

Chivers Plumbing & Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

101,828

114,177

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,744

9,744

Directors current account

23,533

21,967

33,277

31,711

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £805.00 (2023 - £729.00) per each Ordinary dividends

80,500

72,900

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,800

29,920