Company Registration No. 06504946 (England and Wales)
Joy Plumbing Limited
Unaudited accounts
for the year ended 31 March 2021
Joy Plumbing Limited
Unaudited accounts
Contents
Joy Plumbing Limited
Company Information
for the year ended 31 March 2021
Company Number
06504946 (England and Wales)
Registered Office
62 Cobham Road
Ferndown Industrial Estate
Ferndown
Dorset
BH21 7QH
Accountants
Mawgan Accounting
Joy Plumbing Limited
Statement of financial position
as at
31 March 2021
Tangible assets
54,220
72,352
Inventories
40,000
51,200
Cash at bank and in hand
(20,001)
12,559
Creditors: amounts falling due within one year
(291,568)
(254,734)
Net current liabilities
(70,279)
(11,558)
Total assets less current liabilities
(16,059)
60,794
Creditors: amounts falling due after more than one year
(145,103)
(184,308)
Provisions for liabilities
Net liabilities
(168,886)
(123,514)
Called up share capital
1,000
1,000
Profit and loss account
(169,886)
(124,514)
Shareholders' funds
(168,886)
(123,514)
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 December 2021 and were signed on its behalf by
S Joy
Director
Company Registration No. 06504946
Joy Plumbing Limited
Notes to the Accounts
for the year ended 31 March 2021
Joy Plumbing Limited is a private company, limited by shares, registered in England and Wales, registration number 06504946. The registered office is 62 Cobham Road, Ferndown Industrial Estate, Ferndown, Dorset, BH21 7QH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
There were net current liabilities at the balance sheet date. These financial statements have been prepared on the going concern basis which is dependent upon the continued support of the Directors and finance providers.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Computer equipment
33.3% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Joy Plumbing Limited
Notes to the Accounts
for the year ended 31 March 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill
Joy Plumbing Limited
Notes to the Accounts
for the year ended 31 March 2021
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2020
157,277
14,112
171,389
At 31 March 2021
157,277
14,112
171,389
At 1 April 2020
86,652
12,385
99,037
Charge for the year
17,656
476
18,132
At 31 March 2021
104,308
12,861
117,169
At 31 March 2021
52,969
1,251
54,220
At 31 March 2020
70,625
1,727
72,352
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
80,586
113,340
Accrued income and prepayments
50,000
55,615
Other debtors
70,704
10,462
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Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
8,333
-
Obligations under finance leases and hire purchase contracts
19,349
19,349
Trade creditors
166,010
167,500
Taxes and social security
28,873
14,887
Other creditors
68,932
40,004
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Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
46,956
106,648
Other creditors
56,480
77,660
Joy Plumbing Limited
Notes to the Accounts
for the year ended 31 March 2021
9
Deferred taxation
2021
2020
Accelerated capital allowances
7,724
-
Charged to the profit and loss account
7,724
-
Provision at end of year
7,724
-
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Operating lease commitments
2021
2020
At 31 March 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
58,348
75,232
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans at 2.5% interest
10,462
21,613
-
32,075
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Average number of employees
During the year the average number of employees was 21 (2020: 19).