Registered number
11728553
HPS (Hargreaves Plumbing Supplies) Ltd
Filleted Accounts
31 December 2023
HPS (Hargreaves Plumbing Supplies) Ltd
Registered number: 11728553
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 50,769 37,359
Current assets
Stocks 115,557 89,464
Debtors 4 122,052 64,475
Cash at bank and in hand 123,246 118,767
360,855 272,706
Creditors: amounts falling due within one year 5 (182,774) (139,948)
Net current assets 178,081 132,758
Total assets less current liabilities 228,850 170,117
Creditors: amounts falling due after more than one year 6 (46,220) (50,916)
Provisions for liabilities (12,692) (7,102)
Net assets 169,938 112,099
Capital and reserves
Called up share capital 120 120
Profit and loss account 169,818 111,979
Shareholders' funds 169,938 112,099
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.
P Hargreaves
Director
Approved by the board on 25 March 2024
HPS (Hargreaves Plumbing Supplies) Ltd
Notes to the Accounts
for the year ended 31 December 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, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,489 57,916 59,405
Additions 3,879 26,161 30,040
At 31 December 2023 5,368 84,077 89,445
Depreciation
At 1 January 2023 998 21,048 22,046
Charge for the year 874 15,756 16,630
At 31 December 2023 1,872 36,804 38,676
Net book value
At 31 December 2023 3,496 47,273 50,769
At 31 December 2022 491 36,868 37,359
4 Debtors 2023 2022
£ £
Trade debtors 122,052 64,475
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,316 5,316
Obligations under finance lease and hire purchase contracts 19,692 12,662
Trade creditors 122,801 96,723
Taxation and social security costs 33,390 23,747
Other creditors 1,575 1,500
182,774 139,948
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,406 13,320
Obligations under finance lease and hire purchase contracts 37,814 37,596
46,220 50,916
7 Other information
HPS (Hargreaves Plumbing Supplies) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
233 Wigan Road
Ashton in Makerfield
Wigan
WN4 9SL
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