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REGISTERED NUMBER: 02937893 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Wearside Plumbing Supplies Limited

Wearside Plumbing Supplies Limited (Registered number: 02937893)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Wearside Plumbing Supplies Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: B R Sanderson
M J Smith





SECRETARY: M Stewart





REGISTERED OFFICE: 14 Wilson Street North
Monkwearmouth
Sunderland
Tyne & Wear
SR5 1BB





REGISTERED NUMBER: 02937893 (England and Wales)





ACCOUNTANTS: TTR Barnes
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Wearside Plumbing Supplies Limited (Registered number: 02937893)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 226,346 222,632

CURRENT ASSETS
Stocks 474,119 240,346
Debtors 5 513,871 358,533
Cash at bank and in hand 122,700 458,343
1,110,690 1,057,222
CREDITORS
Amounts falling due within one year 6 487,855 476,945
NET CURRENT ASSETS 622,835 580,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

849,181

802,909

CREDITORS
Amounts falling due after more than one
year

7

(1,584

)

(7,498

)

PROVISIONS FOR LIABILITIES (3,783 ) (6,128 )
NET ASSETS 843,814 789,283

CAPITAL AND RESERVES
Called up share capital 550 550
Capital redemption reserve 450 450
Retained earnings 842,814 788,283
SHAREHOLDERS' FUNDS 843,814 789,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Wearside Plumbing Supplies Limited (Registered number: 02937893)

Statement of Financial Position - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:





B R Sanderson - Director


Wearside Plumbing Supplies Limited (Registered number: 02937893)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Wearside Plumbing Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded at market rate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% Straight line

Freehold land included within freehold property, does not have a limited useful life, so is not depreciated.

Government grants
Revenue based grants are credited to the profit and loss account in the period to which they relate. Capital grants are initially deferred to the balance sheet and released to the profit and loss account inline with asset depreciation.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in last out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.


Wearside Plumbing Supplies Limited (Registered number: 02937893)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

Wearside Plumbing Supplies Limited (Registered number: 02937893)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 225,574 330,862 556,436
Additions - 21,950 21,950
At 31 May 2023 225,574 352,812 578,386
DEPRECIATION
At 1 June 2022 54,583 279,221 333,804
Charge for year 3,412 14,824 18,236
At 31 May 2023 57,995 294,045 352,040
NET BOOK VALUE
At 31 May 2023 167,579 58,767 226,346
At 31 May 2022 170,991 51,641 222,632

The net book value of tangible assets includes £12,387 (2022 - £23,448) in respect of assets held under hire purchase contracts and finance leases.

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 409,981 357,282
Amounts owed by group undertakings 22,790 -
Other debtors 745 1,251
433,516 358,533

Amounts falling due after more than one year:
Amounts owed by group undertakings 80,355 -

Aggregate amounts 513,871 358,533

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases (see note 8)
5,956

7,622
Trade creditors 229,818 251,304
Taxation and social security 142,620 137,658
Other creditors 109,461 80,361
487,855 476,945

Wearside Plumbing Supplies Limited (Registered number: 02937893)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases (see note 8)
1,584

7,498

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 5,956 6,986 - 636
Between one and five years 1,584 7,498 - -
7,540 14,484 - 636

Non-cancellable operating leases
2023 2022
£    £   
Within one year 87,500 87,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 7,540 15,120

Hire purchase contracts are secured on the assets to which they relate.

10. ULTIMATE PARENT COMPANY

The ultimate parent company is Barry Sanderson (Property) Limited, a company registered in the United Kingdom at Unit 5 Frontier Court, Leechmere Industrial Estate, Sunderland, SR2 9TX.