Company registration number 05302003 (England and Wales)
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
152
Tangible assets
5
12,228
18,631
12,228
18,783
Current assets
Debtors
7
328,298
358,925
Investments
8
324,098
379,062
Cash at bank and in hand
196,516
178,237
848,912
916,224
Creditors: amounts falling due within one year
9
(259,193)
(320,247)
Net current assets
589,719
595,977
Net assets
601,947
614,760
Reserves
Income and expenditure account
601,947
614,760
Members' funds
601,947
614,760
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
R E Price - Accounting Officer
Director
Company Registration No. 05302003
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Income and expenditure
£
Balance at 1 January 2021
575,072
Year ended 31 December 2021:
Profit and total comprehensive income for the year
39,688
Balance at 31 December 2021
614,760
Year ended 31 December 2022:
Loss and total comprehensive income for the year
(12,813)
Balance at 31 December 2022
601,947
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Association of Plumbing and Heating Contractors Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 12 The Pavilions, Cranmore Drive, Solihull, West Midlands, B90 4SB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website Development Costs
33% Straight Line
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and Fittings
10% - 25% on cost
Computer equipment
20% - 50% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.11
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits
Defined benefit schemes are funded, with the assets held separately from the company in separate trustee administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years.
The company's share of the assets and liabilities held by the scheme cannot be separately identified. In accordance with FRS 102, the scheme is treated for financial statements purposes, as if it is a defined contribution scheme with the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits being the estimated regular cost of providing the benefits accrued in the year adjusted to reflect variations from that cost.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Management Charge
The company receives a management charge to The Association of Plumbers and Heating Contractors Limited for use of the building and staff costs. The rate at which the costs are recharged depends on the usage in the year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2021 - 9).
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
65,908
Amortisation and impairment
At 1 January 2022
65,756
Amortisation charged for the year
152
At 31 December 2022
65,908
Carrying amount
At 31 December 2022
At 31 December 2021
152
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
450,932
Additions
614
Disposals
(17,730)
At 31 December 2022
433,816
Depreciation and impairment
At 1 January 2022
432,301
Depreciation charged in the year
7,017
Eliminated in respect of disposals
(17,730)
At 31 December 2022
421,588
Carrying amount
At 31 December 2022
12,228
At 31 December 2021
18,631
6
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through surplus or deficit
324,098
379,062
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Service charges due
268,458
335,185
Other debtors
59,840
23,740
328,298
358,925
8
Current asset investments
2022
2021
£
£
Other investments
324,098
379,062
9
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
7,459
24,024
Taxation and social security
71,184
75,705
Service charges paid in arrears
75,856
78,410
Other creditors
104,694
142,108
259,193
320,247
10
Members' liability
The company is limited by guarantee and does not have share capital. In the event of winding up, if there is any property of the Company remaining after all the company's debts and liabilities have been settled, it shall be transferred to one or more companies, organisations or institutions that exist for purposes similar to the objects of the company. The companies, organisations or institutions will be nominated by the Directors of the Company and approved by the Members of the Company at or before the winding up or dissolution.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Richard Alan Horton FCCA
Statutory Auditor:
Jerroms Business Solutions Limited
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
16,848
2,961
13
Related party transactions
Association of Plumbing and Heating (Certification) Limited
During 2022, Association of Plumbing and Heating Contractors Limited invoiced Association of Plumbing and Heating Contractors (Certification) Limited £141,243 (2021: £130,398 ) in respect of building running costs and salary recharges, and a further £103,379 in respect of costs associated with members and certain gas works.
Within other creditors as at 31 December 2022, the company owed £81,649 (2021: £78,813 ) to the Association of Plumbing and Heating Contractors Limited, a company under common control.
Within trade debtors, as at 31 December 2022, the company was owed £199,072 (2021: £253,164 ) from the Association of Plumbing and Heating Contractors Limited, a company under common control.
Association of Plumbing and Heating (Holdings) Limited
As at 31 December 2022, the company owed £0 (2021: £42,242) to the Association of Plumbing and Heating Contractors Limited, a company under common control.
As at 31 December 2022, the company was owed £39,005 (2021: £0) to the Association of Plumbing and Heating Contractors Limited, a company under common control.
ASSOCIATION OF PLUMBING AND HEATING CONTRACTORS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
14
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15
Auditor's liability limitation agreement
The company has, by resolution, waived the need for approval of the auditors' limitation liability, which has been set at £2,000,000 within the letter of engagement dated 23 September 2020. This approval has been confirmed in the letter of representation dated 14 September 2023.
2022-12-312022-01-01false15 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedR E Price - Accounting OfficerA N CrookesE B ParkerR L PerrinsJ L French - PresidentA Colbert - ChairmanM AntrobusM D PurnellH ReedMr A JamesMr R NicholasMr C B HoltM Antrobus2023-03-30053020032022-01-012022-12-31053020032022-12-31053020032021-12-3105302003core:IntangibleAssetsOtherThanGoodwill2022-12-3105302003core:IntangibleAssetsOtherThanGoodwill2021-12-3105302003core:OtherPropertyPlantEquipment2022-12-3105302003core:OtherPropertyPlantEquipment2021-12-3105302003core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105302003core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105302003core:CurrentFinancialInstruments2022-12-3105302003core:CurrentFinancialInstruments2021-12-3105302003core:RetainedEarningsAccumulatedLosses2022-12-3105302003core:RetainedEarningsAccumulatedLosses2021-12-3105302003core:RetainedEarningsAccumulatedLosses2020-12-3105302003bus:Director12022-01-012022-12-3105302003core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3105302003core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105302003core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3105302003core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-012022-12-3105302003core:FurnitureFittings2022-01-012022-12-3105302003core:ComputerEquipment2022-01-012022-12-3105302003core:IntangibleAssetsOtherThanGoodwill2021-12-3105302003core:OtherPropertyPlantEquipment2021-12-3105302003core:OtherPropertyPlantEquipment2022-01-012022-12-3105302003core:WithinOneYear2022-12-3105302003core:WithinOneYear2021-12-3105302003core:CurrentFinancialInstruments12022-12-3105302003core:CurrentFinancialInstruments12021-12-3105302003bus:CompanyLimitedByGuarantee2022-01-012022-12-3105302003bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105302003bus:FRS1022022-01-012022-12-3105302003bus:Audited2022-01-012022-12-3105302003bus:Director22022-01-012022-12-3105302003bus:Director32022-01-012022-12-3105302003bus:Director42022-01-012022-12-3105302003bus:Director52022-01-012022-12-3105302003bus:Director62022-01-012022-12-3105302003bus:Director72022-01-012022-12-3105302003bus:Director82022-01-012022-12-3105302003bus:Director92022-01-012022-12-3105302003bus:Director102022-01-012022-12-3105302003bus:Director112022-01-012022-12-3105302003bus:Director122022-01-012022-12-3105302003bus:CompanySecretary12022-01-012022-12-3105302003bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP