BGX Plumbing & Heating Limited 30/11/2018 iXBRL

BGX Plumbing & Heating Limited 30/11/2018 iXBRL

BGX PLUMBING & HEATING LIMITED - Company Information

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30/11/2018 2018-11-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-11-21 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 11074743 2017-11-21 2018-11-30 11074743 2018-11-30 11074743 core:MotorVehicles 2017-11-21 2018-11-30 11074743 bus:RegisteredOffice 2017-11-21 2018-11-30 11074743 bus:OrdinaryShareClass1 2017-11-21 2018-11-30 11074743 bus:LeadAgentIfApplicable 2017-11-21 2018-11-30 11074743 bus:Director1 2017-11-21 2018-11-30 11074743 bus:Director2 2017-11-21 2018-11-30 11074743 core:MotorVehicles 2018-11-30 11074743 core:WithinOneYear 2018-11-30 11074743 core:AfterOneYear 2018-11-30 11074743 bus:AllOrdinaryShares 2017-11-21 2018-11-30 11074743 core:ShareCapital 2018-11-30 11074743 core:RetainedEarningsAccumulatedLosses 2018-11-30 11074743 bus:OrdinaryShareClass1 core:ShareCapital 2018-11-30 11074743 core:AcceleratedTaxDepreciationDeferredTax 2018-11-30 11074743 bus:Director1 2018-11-30 11074743 bus:Director2 2018-11-30 11074743 bus:SmallEntities 2017-11-21 2018-11-30 11074743 bus:AuditExempt-NoAccountantsReport 2017-11-21 2018-11-30 11074743 bus:FullAccounts 2017-11-21 2018-11-30 11074743 bus:SmallCompaniesRegimeForAccounts 2017-11-21 2018-11-30 11074743 bus:PrivateLimitedCompanyLtd 2017-11-21 2018-11-30
Company registration number: 11074743
BGX Plumbing & Heating Limited
Unaudited filleted financial statements
30 November 2018
BGX Plumbing & Heating Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
BGX Plumbing & Heating Limited
Directors and other information
Directors Mr J Warren
Mr W Steele
Company number 11074743
Registered office Ivy Mill
Crown Street
Failsworth
Manchester
M35 9BG
Accountant J P Gallagher & Co
1st Floor Ivy Business Centre
Crown Street
Failsworth
Manchester
M35 9BG
BGX Plumbing & Heating Limited
Statement of financial position
30 November 2018
30/11/18
Note £ £
Fixed assets
Tangible assets 6 15,390
_______
15,390
Current assets
Cash at bank and in hand 6,133
_______
6,133
Creditors: amounts falling due
within one year 7 ( 10,671)
_______
Net current liabilities ( 4,538)
_______
Total assets less current liabilities 10,852
Creditors: amounts falling due
after more than one year 8 ( 4,585)
Provisions for liabilities ( 3,898)
_______
Net assets 2,369
_______
Capital and reserves
Called up share capital 10 2
Profit and loss account 2,367
_______
Shareholders funds 2,369
_______
For the period ending 30 November 2018 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2019 , and are signed on behalf of the board by:
Mr J Warren
Director
Company registration number: 11074743
BGX Plumbing & Heating Limited
Notes to the financial statements
Period ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ivy Mill, Crown Street, Failsworth, Manchester, M35 9BG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25% % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the period amounted to 3
The aggregate payroll costs incurred during the period were:
Year
ended
30/11/18
£
Wages and salaries 13,942
_______
5. Dividends
Equity dividends
Year
ended
30/11/18
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) 20,000
_______
6. Tangible assets
Motor vehicles Total
£ £
Cost
At 21 November 2017 - -
Additions 20,520 20,520
_______ _______
At 30 November 2018 20,520 20,520
_______ _______
Depreciation
At 21 November 2017 - -
Charge for the year 5,130 5,130
_______ _______
At 30 November 2018 5,130 5,130
_______ _______
Carrying amount
At 30 November 2018 15,390 15,390
_______ _______
7. Creditors: amounts falling due within one year
30/11/18
£
Corporation tax 2,551
Other creditors 8,120
_______
10,671
_______
8. Creditors: amounts falling due after more than one year
30/11/18
£
Other creditors 4,585
_______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30/11/18
£
Included in provisions (note ) 3,898
_______
The deferred tax account consists of the tax effect of timing differences in respect of:
30/11/18
£
Accelerated capital allowances 3,898
_______
10. Called up share capital
Authorised share capital
30/11/18
No £
Ordinary shares of £ 1.00 each 1,000 1,000
_______ _______
Issued, called up and fully paid
30/11/18
No £
Ordinary shares of £ 1.00 each 2 2
_______ _______
On incorporation of the company on 21 November 2017 there were two ordinary shares issued at par value.
11. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Year ended 30/11/18
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J Warren - 5,612 ( 10,000) ( 4,388)
Mr W Steele - 8,898 ( 10,000) ( 1,102)
_______ _______ _______ _______
- 14,510 ( 20,000) ( 5,490)
_______ _______ _______ _______