Watson Plumbing & Heating Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC594387 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2022

for

Watson Plumbing & Heating Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Watson

REGISTERED OFFICE:

Unit 3 Nivens Quay

Port Street

Annan

Dumfries & Galloway

DG12 6BN

REGISTERED NUMBER:

SC594387 (Scotland)

ACCOUNTANTS:

CMCA Accounting

25A Buccleuch Street

Dumfries

Dumfries & Galloway

DG1 2AT

FIXED ASSETS

31,590

Tangible assets

4

24,995

CURRENT ASSETS

55,000

Stocks

55,000

101,038

Debtors

5

166,644

2,507

Cash in hand

1,854

158,545

223,498

CREDITORS

143,475

Amounts falling due within one year

6

214,388

15,070

NET CURRENT ASSETS

9,110

46,660

TOTAL ASSETS LESS CURRENT LIABILITIES

34,105

CREDITORS

48,282

Amounts falling due after more than one year

7

38,439

(1,622

)

NET LIABILITIES

(4,334

)

CAPITAL AND RESERVES

10

Called up share capital

10

(1,632

)

Retained earnings

(4,344

)

(1,622

)

(4,334

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 19 July 2022 and were signed by:

P Watson - Director

1.	STATUTORY INFORMATION

Watson Plumbing & Heating Services Ltd is a private company, limited by shares , registered in Scotland. 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, excluding discounts, rebates, value added tax and other sales taxes.

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 15% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

62,860

Additions

1,112

At 30 April 2022

63,972

DEPRECIATION

At 1 May 2021

31,270

Charge for year

7,707

At 30 April 2022

38,977

NET BOOK VALUE

At 30 April 2022

24,995

At 30 April 2021

31,590

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

Plant and

machinery

etc

£

COST

At 1 May 2021

and 30 April 2022

40,028

DEPRECIATION

At 1 May 2021

21,348

Charge for year

4,670

At 30 April 2022

26,018

NET BOOK VALUE

At 30 April 2022

14,010

At 30 April 2021

18,680

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

161,560

98,173

Other debtors

5,084

2,865

166,644

101,038

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

33,537

11,444

Hire purchase contracts

8,001

14,772

Trade creditors

152,817

91,776

Taxation and social security

18,198

24,062

Other creditors

1,835

1,421

214,388

143,475

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans

31,667

40,000

Hire purchase contracts

6,772

8,282

38,439

48,282

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2022 and 30 April 2021:

30.4.22

30.4.21

£

£

P Watson

Balance outstanding at start of year

121

1,283

Amounts advanced

314

-

Amounts repaid

-

(1,162

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

435

121