Loumac Plumbing & Heating Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05085835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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

37,243

31,581

CURRENT ASSETS

Stocks

9,500

9,500

Debtors

5

98,572

250,709

Cash at bank

234,834

123,351

342,906

383,560

CREDITORS

Amounts falling due within one year

6

140,056

193,476

NET CURRENT ASSETS

202,850

190,084

TOTAL ASSETS LESS CURRENT LIABILITIES

240,093

221,665

CREDITORS

Amounts falling due after more than one year

7

7,184

5,890

NET ASSETS

232,909

215,775

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

232,907

215,773

SHAREHOLDERS' FUNDS

232,909

215,775

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 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 6 January 2023 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.

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

Amounts are rounded to the nearest Pound Sterling (£).

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

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure.

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 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

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.

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 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2021

1,577

16,278

58,710

-

76,565

Additions

-

-

14,599

2,252

16,851

Disposals

-

-

(11,890

)

-

(11,890

)

At 30 April 2022

1,577

16,278

61,419

2,252

81,526

DEPRECIATION

At 1 May 2021

-

14,525

30,459

-

44,984

Charge for year

-

351

8,862

36

9,249

Eliminated on disposal

-

-

(9,950

)

-

(9,950

)

At 30 April 2022

-

14,876

29,371

36

44,283

NET BOOK VALUE

At 30 April 2022

1,577

1,402

32,048

2,216

37,243

At 30 April 2021

1,577

1,753

28,251

-

31,581

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

Motor

vehicles

£

COST

At 1 May 2021

13,750

Additions

14,599

At 30 April 2022

28,349

DEPRECIATION

At 1 May 2021

2,865

Charge for year

5,005

At 30 April 2022

7,870

NET BOOK VALUE

At 30 April 2022

20,479

At 30 April 2021

10,885

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

98,572

230,378

Other debtors

-

20,331

98,572

250,709

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

6,329

3,062

Trade creditors

71,580

59,407

Taxation and social security

15,234

17,906

Other creditors

46,913

113,101

140,056

193,476

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

7,184

5,890

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the directors C Hicks £7,845 (2021 £43,490) and D Wadsworth £30,626 (2021 £66,372)

During the year interest of £59 (2021 - £534) was charged on the Director's loan accounts at the HMRC approved rates.

10.	ULTIMATE CONTROLLING PARTY

There is no controlling party.