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Registered number: 05416438 MIKE YOULD PLUMBING & HEATING LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MIKE YOULD PLUMBING & HEATING LTD COMPANY INFORMATION
Directors | M Yould
| B Yould
Registered number | 05416438
Registered office | Trent Farm
| Dozens Bank
| Pode Hole
| Spalding
| PE11 3NA
Trading Address | Trent Farm
| Dozens Bank
| Pode Hole
| Spalding
| PE11 3NA
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| 36 Tyndall Court
| Commerce Road
| Lynchwood
| Peterborough
| Cambridgeshire
| PE2 6LR
MIKE YOULD PLUMBING & HEATING LTD CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3
Independent auditors' report | 4 - 8
Statement of income and retained earnings | 9
Balance sheet | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 26
MIKE YOULD PLUMBING & HEATING LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The principal activities of the Company during the year continued to be the provision of plumbing and heating services and the development and sale of residential properties. Revenue is generated through a combination of contracting work and property development projects, allowing the Company to benefit from both recurring trade income and project-based property returns.
Business review
The Directors and key management personnel continue to maintain strong relationships with both existing customers and suppliers as well as strongly pursuing new leads within the industry. The Company delivered a strong increase in turnover, rising to £13.62m from £10.76m in the prior year, representing significant year-on-year growth driven primarily by increased plumbing and heating activity. Property development turnover remained broadly stable year on year. Gross profit for the year amounted to £2.0m (2024: £1.5m), with the gross profit margin improving to 14.8% (2024: 13.8%). Operating profit was £1.1m (2024: £1.0m). Profit after tax amounted to £836k (2024: £799k).
Principal risks and uncertainties
The main risks facing the Company relate to labour availability and costs, customer credit risk, and fluctuations in the residential property market. This together with the inflationary pressures on materials due to outside influences has proved difficult to manage. Outside influences including the ongoing issues in the Middle East have meant considerable fluctuations in raw material prices giving rise to potential issues fulfilling projects per quote. The directors continue to manage these risks through prudent financial control, strong cash reserves and ongoing monitoring of market conditions. The consistently maintained strong relationships with suppliers, enabling robust communication channels, further mitigates risk.
Financial key performance indicators
The directors monitor the following key performance indicators to assess performance: Turnover: £13.6m (2024: £10.8m) Gross profit margin: 14.8% (2024: 13.8%) Operating profit: £1.1m (2024: £1.0m) Profit after tax: £0.8m (2024: £0.8m) Cash at bank: £4.0m (2024: £3.8m) Net assets: £6.0m (2024: £5.2m) These indicators demonstrate continued profitability, improved margins and a strong liquidity position. The Company maintained a strong balance sheet, with net assets increasing to £6.0m (2024: £5.2m). Cash balances at the year end totalled £4.0m, providing substantial liquidity. The Company has no external bank borrowings. Page 1
MIKE YOULD PLUMBING & HEATING LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Future prospects and developments
After reviewing forecasts and cash flow projections, the directors consider it appropriate to prepare the financial statements on a going concern basis. The company continues to operate predominantly in the East of Anglia however the directors are not adverse to the expansion of its customer base which would be decided on a financial basis. The East of Anglia is believed by the directors to have considerable potential for income given the significant development projects by major developers. Projects will continue to be sought where the directors feel the client is better serviced. The directors are conscious of the risks involved in the new build market and we are always looking at diversity into other lines of work and potential revenue streams. Areas the directors have been assessing viability are complementing existing revenue streams and include renewable sources of energy and air conditioning. Ground source and air source heat are having to be implemented given government mandates on green technologies. The focus remains on residential sites over commercial. New Contracts Won Since March 2025, the Company has secured additional contracts, including one with a brand new customer. The majority of new work continues to be awarded by returning customers, reflecting the strong and long standing relationships maintained by the directors and key management personnel. Cost Management The Company continues to maintain close oversight of its cost base and takes proactive steps to reduce expenditure where possible. Since March 2025, several suppliers have been changed in order to secure more competitive pricing, including the Company’s fuel card provider. Following a 12 week review of week on week fuel cost increases, the directors elected to move to an alternative supplier offering improved rates. In addition, the Company has established new relationships with further suppliers, each selected on the basis of cost efficiency and commercial value. These actions form part of the Company’s ongoing commitment to prudent financial management and operational efficiency. The Company has also expanded its visibility to a wider pool of potential clients through the use of the Constructionline Marketplace, where it holds Gold level accreditation. This increased exposure has strengthened the Company’s pipeline of opportunities and is expected to support continued growth in the forthcoming year. This report was approved by the board on 2 June 2026 and signed on its behalf.
................................................ M Yould Director
Page 2
MIKE YOULD PLUMBING & HEATING LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activities of the Company during the year continued to be the provision of plumbing and heating services and the development and sale of residential properties.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year were:
M Yould
B Yould
Auditors
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ M Yould Director
Date: 2 June 2026
Page 3
MIKE YOULD PLUMBING & HEATING LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIKE YOULD PLUMBING & HEATING LTD
Qualified opinion
We have audited the financial statements of Mike Yould Plumbing & Heating Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion section the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Page 4
MIKE YOULD PLUMBING & HEATING LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIKE YOULD PLUMBING & HEATING LTD (CONTINUED)
Basis for qualified opinion
We were not appointed as auditor of the company until after 31 March 2025. The company did not undertake a counting of physical stock which is included in the balance sheet at £118k at 31 March 2025, nor were we able to attend a stock count at that date, In addition, we were not provided with stock sheets or other reliable records from which the existence and valuation of stock could be determined. The company claimed exemption from audit for the prior financial year, consequently we were also unable to observe the counting of physical stocks at 31 March 2024, nor were there available stock sheets or other records to determine the valuation of opening stock which was recorded in the financial statements at £118k at 1 April 2024 Due to the nature of the company’s stock records, we were unable to satisfy ourselves by alternative audit procedures of the stock quantities and values at the beginning and end of the financial period. As a result, we were unable to determine whether any adjustments to these amounts might have been necessary or whether there was any consequential effect on the cost of sales. Included within trade debtors are retention balances net of bad debt provision amounting to £473k (2024: £376k) relating to amounts withheld by customers under the terms of construction contracts. We were unable to obtain sufficient appropriate audit evidence regarding the recoverability of these retention balances. In particular, we were not provided with sufficient supporting documentation to support the recoverability of these amounts such as customer confirmations, subsequent receipts or historic patterns of recoverability. Alternative audit procedures could not provide sufficient assurance in respect of recoverability. As a result of this matter, we have been unable to determine whether any adjustments might have been necessary to the carrying value of trade debtors, profit for the year and net assets in the financial statements. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Other matter
The financial statements of Mike Yould Plumbing & Heating Ltd for the year ended 31 March 2024 were not audited. Page 5
MIKE YOULD PLUMBING & HEATING LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIKE YOULD PLUMBING & HEATING LTD (CONTINUED)
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. Page 6
MIKE YOULD PLUMBING & HEATING LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIKE YOULD PLUMBING & HEATING LTD (CONTINUED)
Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our report, in light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. Arising solely from the limitation on the scope of our work relating to stock and retentions, referred to above: • we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and • we were unable to determine whether adequate accounting records have been kept. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
MIKE YOULD PLUMBING & HEATING LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIKE YOULD PLUMBING & HEATING LTD (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ·We identified the laws and regulations applicable to the company through discussion with directors and our knowledge of the business; ·Performing audit work to address the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; ·Assessing whether the judgements made in accounting estimates are indicative of a potential bias; ·Enquiring of management as to actual and potential litigation and claims; and ·Making enquires of management as to their knowledge of actual and suspected fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Kerry Hilliard ACA FCCA CTA (Senior statutory auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors 36 Tyndall Court Commerce Road Lynchwood Peterborough Cambridgeshire PE2 6LR 2 June 2026 Page 8
MIKE YOULD PLUMBING & HEATING LTD STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
| £ | £
Turnover |  | 13,615,398 | 10,759,942
Cost of sales |  | (11,596,082) | (9,271,448)
Gross profit |  | 2,019,316 | 1,488,494
Administrative expenses |  | (883,482) | (455,304)
Other operating income |  | - | 1,917
Operating profit |  | 1,135,834 | 1,035,107
Interest receivable and similar income |  | 38,307 | 25,367
Interest payable and similar expenses |  | (117) | (218)
Profit before tax |  | 1,174,024 | 1,060,256
Tax on profit |  | (337,217) | (261,606)
Profit after tax |  | 836,807 | 798,650
Retained earnings at the beginning of the year |  | 5,221,574 | 4,485,924
|  | 5,221,574 | 4,485,924
Profit for the year |  | 836,807 | 798,650
Dividends |  | (63,000) | (63,000)
Retained earnings at the end of the year |  | 5,995,381 | 5,221,574
Page 9
MIKE YOULD PLUMBING & HEATING LTD REGISTERED NUMBER: 05416438 BALANCE SHEET AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 672,060 |  | 673,706
|  |  | 672,060 |  | 673,706
Current assets |  |  |  |  |
Stocks | 13 | 974,112 |  | 980,175 |
Debtors: amounts falling due after more than one year | 14 | 339,722 |  | 298,755 |
Debtors: amounts falling due within one year | 14 | 2,950,371 |  | 1,707,474 |
Cash at bank and in hand | 15 | 3,996,698 |  | 3,751,677 |
|  | 8,260,903 |  | 6,738,081 |
Creditors: amounts falling due within one year | 16 | (2,846,939) |  | (2,130,037) |
Net current assets |  |  | 5,413,964 |  | 4,608,044
Total assets less current liabilities |  |  | 6,086,024 |  | 5,281,750
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (90,543) |  | (60,076) |
|  |  | (90,543) |  | (60,076)
Net assets |  |  | 5,995,481 |  | 5,221,674
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 5,995,381 |  | 5,221,574
|  |  | 5,995,481 |  | 5,221,674
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M Yould
Director
Date: 2 June 2026
The notes on pages 13 to 26 form part of these financial statements. Page 10
MIKE YOULD PLUMBING & HEATING LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 836,807 | 798,650
Adjustments for: |  |
Rent provided | 7,200 | 7,200
Depreciation of tangible assets | 114,479 | 84,880
Loss on disposal of tangible assets | - | (19,150)
Interest received | (38,307) | (25,367)
Taxation charge | 337,217 | 261,606
Decrease/(increase) in stocks | 6,063 | (305,878)
(Increase) in debtors | (1,078,603) | (281,945)
Increase/(decrease) in creditors | 704,715 | (231,299)
Bad debt provision | 163,947 | -
Corporation tax (paid) | (265,675) | (90,171)
Net cash generated from operating activities | 787,843 | 198,526
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (224,266) | (176,525)
Sale of tangible fixed assets | - | 63,750
Interest received | 38,247 | 25,367
Net cash from investing activities | (186,019) | (87,408)
Cash flows from financing activities |  |
Loans paid to director | (293,803) | -
Loans repaid by director | - | 16,724
Dividends paid | (63,000) | (63,000)
Net cash used in financing activities | (356,803) | (46,276)
Net increase in cash and cash equivalents | 245,021 | 64,842
Cash and cash equivalents at beginning of year | 3,751,677 | 3,686,835
Cash and cash equivalents at the end of year | 3,996,698 | 3,751,677
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,996,698 | 3,751,677
| 3,996,698 | 3,751,677
The notes on pages 13 to 26 form part of these financial statements.
Page 11
MIKE YOULD PLUMBING & HEATING LTD ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 3,751,677 | 245,021 | 3,996,698
| 3,751,677 | 245,021 | 3,996,698
The notes on pages 13 to 26 form part of these financial statements.
Page 12
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Mike Yould Plumbing & Heating Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Trent Farm, Dozens Bank, Pode Hole, Spalding, PE11 3NA 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 13
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Property developments Revenue from the sale of developed properties is recognised when control of the property has transferred to the purchaser. This is typically at the point of legal completion, when the significant risks and rewards of ownership have been transferred. Amounts received in advance of completion are recognised as contract liabilities until the performance obligation is satisfied.
| 2.5 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure. Page 14
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Retirement benefits
The company operates a defined contribution, auto-enrolment compliant pension scheme for the benefit of its employees. Contributions are charged against profits as they become payable. The company also contributes to the personal retirement plan for one of its directors. Contributions are charged against profits when paid.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 15
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | 20 | years straight line
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures, fittings & equipment | - | 33% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value. Stocks include raw materials in connection with the provision of plumbing and heating services. Together with work in progress costs incurred on property developments; comprising of direct material and labour costs in bringing the properties to there current stage of development. These costs are recognised as an expense upon sale of the property when revenues can be accurately measured. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for Page 16
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.14 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors consider the bad debt provision to be the key estimate. Page 17
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plumbing and heating supplies | 11,830,398 | 8,914,942
| Property developments | 1,785,000 | 1,845,000
|  | 13,615,398 | 10,759,942
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 13,615,398 | 10,759,942
|  | 13,615,398 | 10,759,942
5. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 35,000 | -
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,894,826 | 1,624,838
| Social security costs | 182,937 | 148,937
| Cost of defined contribution scheme | 233,189 | 30,881
|  | 2,310,952 | 1,804,656
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Total | 39 | 41
Page 18
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Directors' remuneration
| The director's remuneration for the year compromised:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 102,986 | 68,236
| Social security costs | 12,517 | 7,220
| Pension costs | 201,321 | 1,210
|  | 316,824 | 76,666
| The aggregate remuneration (including pension contributions) of the highest paid director was £200,000 (2024: £Nil). Pension contributions in respect of the highest paid director amounted to £200,000 (2024: £Nil). The number of directors on a defined contribution scheme are 2 (2024: 2).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 38,307 | 25,367
|  | 38,307 | 25,367
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 117 | 218
|  | 117 | 218
Page 19
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 306,015 | 264,941
| Adjustments in respect of previous periods | 735 | 1,999
|  | 306,750 | 266,940
| Total current tax | 306,750 | 266,940
| Deferred tax |  |
| Origination and reversal of timing differences | 30,467 | (5,334)
| Total deferred tax | 30,467 | (5,334)
| Tax on profit | 337,217 | 261,606
| Factors affecting tax charge for the year
| The actual charge for the year can be reconciled to the expected charge for the year based on profit or loss and the standard rate of tax as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,174,024 | 1,060,256
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 293,506 | 265,064
| Effects of: |  |
| Tax effect of expenses that are not deductible in determining profit | 31,586 | (4,787)
| Permanent capital allowances in excess of depn | (19,077) | 4,664
| Adjustment in respect prior years | 735 | 1,999
| Origination and reversal of timing differences | 30,467 | (5,334)
| Total tax charge for the year | 337,217 | 261,606
Page 20
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 April 2024 | 200,000
| At 31 March 2025 | 200,000
| Amortisation |
| At 1 April 2024 | 200,000
| At 31 March 2025 | 200,000
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | -
Page 21
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
|  | Leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 446,488 | 678,352 | 37,503 | 1,162,343
| Additions | 70,307 | 149,705 | 4,254 | 224,266
| Reclassification | (111,433) | - | - | (111,433)
| At 31 March 2025 | 405,362 | 828,057 | 41,757 | 1,275,176
| Depreciation |  |  |  |
| At 1 April 2024 | 19,105 | 449,439 | 20,093 | 488,637
| Charge for the year | 12,675 | 94,655 | 7,149 | 114,479
| At 31 March 2025 | 31,780 | 544,094 | 27,242 | 603,116
| Net book value |  |  |  |
| At 31 March 2025 | 373,582 | 283,963 | 14,515 | 672,060
| At 31 March 2024 | 427,383 | 228,913 | 17,410 | 673,706
| In the prior period, leasehold property was presented as freehold. Following a review it has been determined that the properties are held under leasehold arrangements.
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress | 856,112 | 862,175
| Raw materials | 118,000 | 118,000
|  | 974,112 | 980,175
14. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | 339,722 | 298,755
|  | 339,722 | 298,755
Page 22
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14.Debtors (continued)
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 2,141,085 | 1,557,796
| Other debtors | 700,365 | 126,440
| Prepayments and accrued income | 15,756 | 23,238
| Tax recoverable | 93,165 | -
|  | 2,950,371 | 1,707,474
| The comparative year has been restated to correct the presentation of retentions within trade debtors. As a result, retentions totalling £298,755 as at 31 March 2024 were reclassified from debtors due within one year to debtors due after more than one year.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,996,698 | 3,751,677
|  | 3,996,698 | 3,751,677
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,146,912 | 1,483,091
| Corporation tax | 399,180 | 264,941
| Other taxation and social security | 73,162 | 70,278
| Other creditors | 100,799 | 216,070
| Accruals and deferred income | 126,886 | 95,657
|  | 2,846,939 | 2,130,037
Page 23
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (60,076) | (65,410)
| Charged to profit or loss | (30,467) | 5,334
| At end of year | (90,543) | (60,076)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (90,543) | (60,076)
|  | (90,543) | (60,076)
18. | Related party transactions
| The following amounts were outstanding at the reporting end date:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts due to related parties |  |
| Other related parties | 94,018 | 94,018
| Key management personnel | - | 122,052
|  | 94,018 | 216,070
| No interest was charged on the above amounts.
Page 24
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| The following amounts were outstanding at the reporting end date:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts due from related parties |  |
| Key management personnel | 276,044 | -
| Other related parties | 50,000 | -
|  | 326,044 | -
| At the year end, the director owed £276,044 to the company. At the 2024 year end, the company owed £122,052 to the director. Total amounts of £507,296 and £109,200 were advanced and repaid during the year. Interest was charged on this loan at 2.25% per annum. No interest was charged on the amounts owed from other related parties. During the year, the company operated from land owned by the Mike Yould, a director of the company. The rent charged for the lease of this land during the year was £7,200 (2024: £7,200). The arrangement is informal and not legally binding, however, the director has confirmed to the company that he intends the lease to continue for a period of at least 20 years.
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary Shares shares of £1.00 each | 100 | 100
20. | Prior year adjustment
As detailed in note 14, retentions due after more than one year have been reclassified in line with applicable due dates. As a result, debtors within one year as of 31 March 2024 have been restated from £2,006,229 to £1,707,474. Debtors due in more than one year have been restated from £Nil to £298,755. Furthermore, there is no impact from this correction to the net asset's of the company.
21. | Retirement benefit schemes
|  | 2025 | 2024
|  | £ | £
| Charge to profit or loss in respect of defined contribution schemes | 233,189 | 30,881
| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also contributed to the personal retirement plan of one of its directors. Contributions made are included in the charge above and amounts relating to directors are disclosed in note 7.
Page 25
MIKE YOULD PLUMBING & HEATING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Controlling party
The company is controlled by M J Yould, who holds a controlling share of the issued share capital and is considered to be the ultimate controlling party.
Page 26