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Company registration number: 05262024
SW1 PLUMBING AND HEATING SUPPLIES LTD
Unaudited filleted financial statements
31 March 2023
SW1 PLUMBING AND HEATING SUPPLIES LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
SW1 PLUMBING AND HEATING SUPPLIES LTD
Directors and other information
Directors A Desira
S Kennedy
J Ruiz
S Desira
K Kennedy
K Ruiz
Secretary A Desira
Company number 05262024
Registered office 35 Moreton Street
London
SW1V 2NY
Business address 35 Moreton Street
London
SW1V 2NY
Accountants Pritchard Fellows & Co Ltd
Avery House
8 Avery Hill Road
New Eltham
London
SE9 2BD
Bankers National Westminster Bank plc
SW1 PLUMBING AND HEATING SUPPLIES LTD
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 11,613 13,863
_______ _______
11,613 13,863
Current assets
Stocks 190,507 216,742
Debtors 6 171,077 213,458
Cash at bank and in hand 20,904 179,310
_______ _______
382,488 609,510
Creditors: amounts falling due
within one year 7 ( 198,766) ( 266,584)
_______ _______
Net current assets 183,722 342,926
_______ _______
Total assets less current liabilities 195,335 356,789
Creditors: amounts falling due
after more than one year 8 ( 40,292) ( 80,041)
_______ _______
Net assets 155,043 276,748
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 155,040 276,745
_______ _______
Shareholders funds 155,043 276,748
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2023 , and are signed on behalf of the board by:
A Desira
Director
Company registration number: 05262024
SW1 PLUMBING AND HEATING SUPPLIES LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in London. The address of the registered office is 35 Moreton Street, London, SW1V 2NY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 3 years Straight Line
Fittings fixtures and equipment - 15% Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 2,439 21,858 96,014 120,311
_______ _______ _______ _______
Depreciation
At 1 April 2022 1,952 21,858 82,638 106,448
Charge for the year 244 - 2,006 2,250
_______ _______ _______ _______
At 31 March 2023 2,196 21,858 84,644 108,698
_______ _______ _______ _______
Carrying amount
At 31 March 2023 243 - 11,370 11,613
_______ _______ _______ _______
At 31 March 2022 487 - 13,376 13,863
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 168,375 210,510
Other debtors 2,702 2,948
_______ _______
171,077 213,458
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 40,000 40,000
Trade creditors 123,004 156,491
Corporation tax 66 37,582
Social security and other taxes 28,710 25,688
Other creditors 6,986 6,823
_______ _______
198,766 266,584
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 22,387 32,094
Other creditors 17,905 47,947
_______ _______
40,292 80,041
_______ _______
9. Related party transactions
Warwick Electrical Wholesalers Ltd - -
Included in Creditors amounts SW1 owed to Wawick was £Nil (2022 : £Nil).