Registered number
11129191
Plumbing Solutions U.K Ltd
Filleted Accounts
31 January 2023
Plumbing Solutions U.K Ltd
Registered number: 11129191
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 23,791 14,665
Current assets
Stocks 5,005 3,680
Debtors 4 72,841 34,088
Cash at bank and in hand 9,975 23,245
87,821 61,013
Creditors: amounts falling due within one year 5 (64,620) (41,295)
Net current assets 23,201 19,718
Total assets less current liabilities 46,992 34,383
Creditors: amounts falling due after more than one year 6 (17,354) (15,277)
Net assets 29,638 19,106
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,538 19,006
Shareholders' funds 29,638 19,106
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Arron Roberts
Director
Approved by the board on 26 June 2023
Plumbing Solutions U.K Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, using the reducing balance method, as follows:
Plant and machinery 20% per annum
Motor Vehicles 25% per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 6,258 13,791 20,049
Additions 3,069 13,495 16,564
At 31 January 2023 9,327 27,286 36,613
Depreciation
At 1 February 2022 1,936 3,448 5,384
Charge for the year 1,478 5,960 7,438
At 31 January 2023 3,414 9,408 12,822
Net book value
At 31 January 2023 5,913 17,878 23,791
At 31 January 2022 4,322 10,343 14,665
4 Debtors 2023 2022
£ £
Trade debtors 61,386 20,788
Other debtors 11,455 13,300
72,841 34,088
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,470 4,341
Obligations under finance lease and hire purchase contracts 2,299 -
Trade creditors 27,174 20,706
Taxation and social security costs 16,204 16,248
Other creditors 14,473 -
64,620 41,295
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,842 15,277
Obligations under finance lease and hire purchase contracts 6,512 -
17,354 15,277
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 8,958 16,677
8 Related party transactions
During the year ended 31st January 2023, Plumbing Solutions U.K Limited raised sales invoices for work carried out on behalf of Promech Systems Limited to the value of £267,897 (2022: £173,490). Plumbing Solutions U.K Limited and Promech Systems Limited are related due to Mr A Roberts being a director and 50% shareholder in both companies. The balance due from Promech Servies Limited as at 31st January 2023 is £45,736 (2022: £11,790).
.
9 Other information
Plumbing Solutions U.K Ltd is a private company limited by shares and incorporated in England. Its registered office is:
74 Clos Rhys Meurug
Capel Llanilltern
Cardiff
CF5 6GA
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