Caldew Plumbing & Heating Contractors Limited - Period Ending 2020-11-30

Caldew Plumbing & Heating Contractors Limited

Contents

Pages

Balance sheet	1 to 2
Notes to the financial statements	3 to 8

Caldew Plumbing & Heating Contractors Limited

Balance Sheet as at 30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	9,662	9,847
Investment property	5	83,118	83,118
		92,780	92,965
Current assets
Stocks		17,814	25,382
Debtors	6	453,750	476,989
Cash at bank and in hand		35,625	232
		507,189	502,603
Creditors: Amounts falling due within one year	7	(505,821)	(518,986)
Net current assets/(liabilities)		1,368	(16,383)
Total assets less current liabilities		94,148	76,582
Creditors: Amounts falling due after more than one year	7	(12,949)	(36,801)
Provisions for liabilities		(1,836)	(1,871)
Net assets		79,363	37,910
Capital and reserves
Called up share capital		105	105
Other reserves		10	10
Profit and loss account		79,248	37,795
Shareholders' funds		79,363	37,910

Caldew Plumbing & Heating Contractors Limited

Balance Sheet as at 30 November 2020 (continued)

For the financial year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2021 and signed on its behalf by:
 

.........................................

Mr S D Gilchrist
Director

Company registration number: 04310440

Caldew Plumbing & Heating Contractors Limited

Notes to the financial statements for the Year Ended 30 November 2020

1	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Michael Thompson Buildings
St Ninians Road
Carlisle
CA2 4NE

These financial statements were authorised for issue by the Board on 25 August 2021.

2	ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Caldew Plumbing & Heating Contractors Limited

Notes to the financial statements for the Year Ended 30 November 2020 (continued)

2	ACCOUNTING POLICIES (continued)

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Hand tools	20% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	25% Straight line
Plant and machinery	20% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Caldew Plumbing & Heating Contractors Limited

Notes to the financial statements for the Year Ended 30 November 2020 (continued)

2	ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

3	STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 25 (2019 - 27).

Caldew Plumbing & Heating Contractors Limited

Notes to the financial statements for the Year Ended 30 November 2020 (continued)

5	INVESTMENT PROPERTIES

	2020 £
Investment properties	83,118

On the 30 November 2020, the carrying amount of the property was £83,118 (2019 - £83,118). The directors consider this to be the fair value of the property.

6

DEBTORS

	2020 £	2019 £
Trade debtors	308,354	371,100
Prepayments	20,766	24,940
Other debtors	124,630	80,949
	453,750	476,989

7

CREDITORS

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Loans and borrowings	3,726	61,004
Trade creditors	399,513	397,360
Taxation and social security	100,582	46,103
Accruals and deferred income	2,000	2,000
Other creditors	-	12,519
	505,821	518,986

Creditors include bank loans and overdrafts which are secured of £3,726 (2019 - £61,004).

Creditors: amounts falling due after more than one year

	2020 £	2019 £
Due after one year
Loans and borrowings	12,949	36,801

Creditors include bank loans which are secured of £12,949 (2019 - £36,801).

Caldew Plumbing & Heating Contractors Limited

Notes to the financial statements for the Year Ended 30 November 2020 (continued)

8	RELATED PARTY TRANSACTIONS

Transactions with directors

2020	At 1 December 2019 £	Advances to directors £	At 30 November 2020 £
Mr M Wilson
Director's loan account	-	14,060	14,060
Mr S D Gilchrist
Director's loan account	-	19,621	19,621