Loumac Plumbing & Heating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05085835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2018 TO 30 APRIL 2019

FOR

LOUMAC PLUMBING & HEATING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Hicks

D Wadsworth

SECRETARY:

D Wadsworth

REGISTERED OFFICE:

Unit 18

The Timber Yard Industrial Estate

Cardiff

CF24 5EE

REGISTERED NUMBER:

05085835 (England and Wales)

ACCOUNTANTS:

Lucentum Business Services Ltd

Kingfisher House

11 Hoffmanns Way

Chelmsford

Essex

CM1 1GU

FIXED ASSETS

Tangible assets

4

32,432

28,286

CURRENT ASSETS

Stocks

6,000

3,000

Debtors

5

471,398

243,991

Cash at bank

68,890

45,494

546,288

292,485

CREDITORS

Amounts falling due within one year

6

196,760

137,259

NET CURRENT ASSETS

349,528

155,226

TOTAL ASSETS LESS CURRENT LIABILITIES

381,960

183,512

CREDITORS

Amounts falling due after more than one year

7

6,060

-

NET ASSETS

375,900

183,512

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

375,898

183,510

SHAREHOLDERS' FUNDS

375,900

183,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 January 2020 and were signed on its behalf by:

C Hicks - Director

1.	STATUTORY INFORMATION

Loumac Plumbing & Heating Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and

value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering

of services. Turnover from the sale of goods is recognised when the significant risks and rewards of

ownership of the goods have transferred to the buyer. Turnover from the rendering of services is

recognised by reference to the stage of completion of the contract. The stage of completion of a

contract is measured by comparing the costs incurred for work performed to date to the total estimated

contract costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Cost is determined using the first in first out method. The carrying amount of stock sold is recognised

as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the period end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to

ownership. All other leases are classified as operating leases. The rights of use and obligations under

finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the

leased assets or, if lower, the present value of the minimum lease payments. Minimum lease

payments are apportioned between the finance charge and the reduction in the outstanding liability

using the effective interest rate method. The finance charge is allocated to each period during the

lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If

there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset

is depreciated over the lower of the lease term and its useful life. Operating lease payments are

recognised as an expense on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

1,577

15,579

65,990

83,146

Additions

-

-

11,690

11,690

Disposals

-

-

(1,308

)

(1,308

)

At 30 April 2019

1,577

15,579

76,372

93,528

DEPRECIATION

At 1 April 2018

-

13,439

41,421

54,860

Charge for period

-

428

7,116

7,544

Eliminated on disposal

-

-

(1,308

)

(1,308

)

At 30 April 2019

-

13,867

47,229

61,096

NET BOOK VALUE

At 30 April 2019

1,577

1,712

29,143

32,432

At 31 March 2018

1,577

2,140

24,569

28,286

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

11,690

At 30 April 2019

11,690

DEPRECIATION

Charge for period

974

At 30 April 2019

974

NET BOOK VALUE

At 30 April 2019

10,716

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

250,764

216,898

Other debtors

220,634

27,093

471,398

243,991

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

1,616

3,274

Trade creditors

90,487

74,829

Taxation and social security

98,298

47,353

Other creditors

6,359

11,803

196,760

137,259

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

6,060

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 April 2019 and

the year ended 31 March 2018:

2019

2018

£

£

C Hicks

Balance outstanding at start of period

8,059

(157

)

Amounts advanced

191,129

69,466

Amounts repaid

(90,000

)

(61,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

109,188

8,059

D Wadsworth

Balance outstanding at start of period

(8,374

)

23,469

Amounts advanced

189,895

29,407

Amounts repaid

(90,000

)

(61,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

91,521

(8,374

)

During the year interest of £5,118 was charged on the Director's loan accounts.

10.	ULTIMATE CONTROLLING PARTY

There is no controlling party.