K & A Plumbing & Heating Limited - Limited company - abbreviated - 11.0.0

K & A PLUMBING & HEATING LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

K D Drinkwater

SECRETARY:

K D Drinkwater

REGISTERED OFFICE:

34 Boulevard

Weston-super-Mare

North Somerset

BS23 1NF

REGISTERED NUMBER:

04021957 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

North Somerset

BS23 1NF

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

14,271

12,256

14,271

12,256

CURRENT ASSETS

Stocks

1,650

1,650

Debtors

20,114

24,311

Cash at bank

7,321

871

29,085

26,832

CREDITORS

Amounts falling due within one year

4

25,858

46,133

NET CURRENT ASSETS/(LIABILITIES)

3,227

(19,301

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,498

(7,045

)

CREDITORS

Amounts falling due after more than one year

4

61,168

59,531

NET LIABILITIES

(43,670

)

(66,576

)

CAPITAL AND RESERVES

Called up share capital

5

500

500

Share premium

34,362

34,362

Profit and loss account

(78,532

)

(101,438

)

SHAREHOLDERS' FUNDS

(43,670

)

(66,576

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 19 September 2014 and were signed by:

K D Drinkwater - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, which assumes that the

company will continue to trade in operational existence for the foreseeable future. As at the

balance sheet date the company had net current assets of £3,227 (2013 - net current liabilities of

£19,301) and net liabilities of £43,670 (2013 - £66,576). The director has considered the position of

the company with respect to its obligations to ensure the business can continue in operational

existence for the foreseeable future, and confirms his approval to adopt the going concern basis for

preparing the accounts.

The assumptions the director has made in reaching this conclusion may be summarised as follows:

- the Company has increased profitability in 2014 and

- the Director is of the opinion that there is no reason to believe that the continued support of the

Company's bankers will not be forthcoming.

On the basis of the above, and all other information, the director considers that the company will

continue to operate within the facilities currently agreed. On this basis, the director considers it

appropriate to prepare the financial statements on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, except in

respect of service contracts where turnover is recognised when the company obtains the right to

consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office and computer equipment

-

33% on cost and 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.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual

arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2013

and 31 January 2014

150,000

AMORTISATION

At 1 February 2013

and 31 January 2014

150,000

NET BOOK VALUE

At 31 January 2014

-

At 31 January 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2013

26,436

Additions

7,500

Disposals

(2,800

)

At 31 January 2014

31,136

DEPRECIATION

At 1 February 2013

14,180

Charge for year

4,304

Eliminated on disposal

(1,619

)

At 31 January 2014

16,865

NET BOOK VALUE

At 31 January 2014

14,271

At 31 January 2013

12,256

4.

CREDITORS

Creditors include an amount of £ 65,625 (2013 - £ 62,084 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

42,053

46,177

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

500

Ordinary

£1

500

500

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2014

and 31 January 2013:

2014

2013

£

£

K D Drinkwater

Balance outstanding at start of year

(11,138

)

(15,781

)

Amounts advanced

24,375

10,728

Amounts repaid

(12,769

)

(6,085

)

Balance outstanding at end of year

468

(11,138

)

Section 455 tax has been provided for on the overdrawn directors loan account, as the outstanding

amount will not be repaid within 9 months of the year end.