North Devon Bathrooms & Heating Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

North Devon Bathrooms & Heating Ltd

(Registration number: 13406501)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2024 £
Fixed assets
Tangible assets	4	42,599	27,526
Current assets
Stocks		5,000	5,000
Debtors	5	69,657	75,012
Cash at bank and in hand		81,361	27,931
		156,018	107,943
Creditors: Amounts falling due within one year	6	(116,117)	(55,176)
Net current assets		39,901	52,767
Total assets less current liabilities		82,500	80,293
Creditors: Amounts falling due after more than one year	6	(19,509)	(7,533)
Provisions for liabilities		(10,650)	(6,882)
Net assets		52,341	65,878
Capital and reserves
Called up share capital		100	100
Profit and loss account		52,241	65,778
Shareholders' funds		52,341	65,878

For the financial period ending 31 December 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 period 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr P J Acers Director

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 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:
Phoenix House
Bucks Cross
Bideford
Devon
EX39 5DT

Principal activity

The principal activity of the company is that of plumbing and heating installation.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024 (continued)

2	Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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
Fixtures and fittings	25% straight line
Motor vehicles	25% straight line

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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.

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

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

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2024 - 5).

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024 (continued)

4	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2024	2,856	62,164	65,020
Additions	-	28,748	28,748
At 31 December 2024	2,856	90,912	93,768
Depreciation
At 1 June 2024	1,771	35,723	37,494
Charge for the period	417	13,258	13,675
At 31 December 2024	2,188	48,981	51,169
Carrying amount
At 31 December 2024	668	41,931	42,599
At 31 May 2024	1,085	26,441	27,526

5

Debtors

	2024 £	2024 £
Trade debtors	51,376	68,480
Other debtors	17,553	1,275
Prepayments	728	5,257
	69,657	75,012

North Devon Bathrooms & Heating Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2024 £
Due within one year
Loans and borrowings	22,760	18,259
Trade creditors	36,823	21,490
Taxation and social security	12,952	8,638
Accruals and deferred income	4,050	2,025
Other creditors	39,532	4,764
	116,117	55,176

Creditors: amounts falling due after more than one year

	2024 £	2024 £
Due after one year
Loans and borrowings	19,509	7,533

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Related party transactions

Transactions with directors

2024	At 1 June 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
The Directors	100	2,190	(5,000)	(2,710)

2024	At 1 June 2023 £	Advances to director £	At 31 May 2024 £
The Directors	(9,900)	10,000	100