Mid Wales Plumbing &Heating Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08921406 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Mid Wales Plumbing and Heating Supplies

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Burrows

Mrs R D Burrows

REGISTERED OFFICE:

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

REGISTERED NUMBER:

08921406 (England and Wales)

ACCOUNTANTS:

Morgan Griffiths LLP

Chartered Accountants

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

37,929

42,652

37,929

42,652

CURRENT ASSETS

Stocks

62,346

80,200

Debtors

7

10,263

17,107

Cash at bank

77,103

35,754

149,712

133,061

CREDITORS

Amounts falling due within one year

8

128,715

137,646

NET CURRENT ASSETS/(LIABILITIES)

20,997

(4,585

)

TOTAL ASSETS LESS CURRENT LIABILITIES

58,926

38,067

PROVISIONS FOR LIABILITIES

3,071

7,373

NET ASSETS

55,855

30,694

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

55,755

30,594

SHAREHOLDERS' FUNDS

55,855

30,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 5 May 2020 and were signed on its behalf by:

R Burrows - Director

1.	STATUTORY INFORMATION

Mid Wales Plumbing and Heating Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

9,600

AMORTISATION

At 1 April 2019

and 31 March 2020

9,600

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

64,340

Additions

291

At 31 March 2020

64,631

DEPRECIATION

At 1 April 2019

21,688

Charge for year

5,014

At 31 March 2020

26,702

NET BOOK VALUE

At 31 March 2020

37,929

At 31 March 2019

42,652

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

-

3,780

Other debtors

10,263

13,327

10,263

17,107

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

9,740

12,215

Trade creditors

82,938

95,299

Taxation and social security

33,721

28,355

Other creditors

2,316

1,777

128,715

137,646

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

R Burrows

Balance outstanding at start of year

(20

)

8,813

Amounts advanced

21,737

31,667

Amounts repaid

(22,000

)

(40,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(283

)

(20

)

Mrs R D Burrows

Balance outstanding at start of year

(7

)

8,814

Amounts advanced

21,724

4,679

Amounts repaid

(22,000

)

(13,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(283

)

(7

)

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £44,000 (2019 - £54,000) were paid to the directors .

The company is under the control of Mr R Burrows and Mrs R D Burrows the directors and shareholders of the company.