North Lakes Plumbing & Heating Limited Filleted accounts for Companies House (small and micro)

NORTH LAKES PLUMBING AND HEATING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09171048

North Lakes Plumbing & Heating Limited

Filleted Unaudited Financial Statements

31 March 2019

North Lakes Plumbing & Heating Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

North Lakes Plumbing & Heating Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		405	1,087

Current assets

Stocks		300	300
Debtors	6	3,611	17,343
Cash at bank and in hand		10,128	3,985
		---------	---------
		14,039	21,628

Creditors: amounts falling due within one year	7	( 13,006)		( 11,415)
		---------		---------
Net current assets			1,033	10,213
			--------	---------
Total assets less current liabilities			1,438	11,300
			--------	---------
Net assets			1,438	11,300
			--------	---------

North Lakes Plumbing & Heating Limited

Statement of Financial Position (continued)

31 March 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,338	11,200
	--------	---------
Shareholder funds	1,438	11,300
	--------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 5 December 2019 , and are signed on behalf of the board by:

Mr R Dicks
Director

Company registration number: 09171048

North Lakes Plumbing & Heating Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Police Station, Church Street, Ambleside, Cumbria, England, LA22 0BT. The address of the principal place of business is 2 Castlegate, Cockermouth, Cumbria, England, CA13 9EU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when the significant risks and rewards of ownership of the rendered services have transferred to the buyer, usually on completion of the services, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax /recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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% reducing balance
Office equipment	-	25% straight line

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 April 2018 and 31 March 2019	2,728
	--------
Depreciation
At 1 April 2018	1,641
Charge for the year	682
	--------
At 31 March 2019	2,323
	--------
Carrying amount
At 31 March 2019	405
	--------
At 31 March 2018	1,087
	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	2,756	10,775
Other debtors	855	6,568
	--------	---------
	3,611	17,343
	--------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	4,052	2,769
Corporation tax	5,277	7,065
Social security and other taxes	1,888	–
Other creditors	1,789	1,581
	---------	---------
	13,006	11,415
	---------	---------

8. Director's advances, credits and guarantees

Mr R Dicks had a loan account at the year end amounting to £(552) (2018: £(141)). The loan account was overdrawn during the year, the maximum overdrawn balance was £2,147 (2018: £4,680). The balance has been cleared with dividends. The loans were interest free as they did not exceed £10,000 and are repayable on demand.

9. Related party transactions

No transactions with related parties were undertaken, other than those disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.