Relate AccountsProduction v2.7.2 v2.7.2 2022-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity is the sale of pumps and pump related products plus the supply and installation of water and sewerage treatment systems and associated products. 27 November 2023 0 0 SC097840 2023-03-31 SC097840 2022-03-31 SC097840 2021-03-31 SC097840 2022-04-01 2023-03-31 SC097840 2021-04-01 2022-03-31 SC097840 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC097840 uk-curr:PoundSterling 2022-04-01 2023-03-31 SC097840 uk-bus:FullAccounts 2022-04-01 2023-03-31 SC097840 uk-bus:Director1 2022-04-01 2023-03-31 SC097840 uk-bus:Director2 2022-04-01 2023-03-31 SC097840 uk-bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 SC097840 uk-bus:Director4 2022-04-01 2023-03-31 SC097840 uk-bus:Director5 2022-04-01 2023-03-31 SC097840 uk-bus:CompanySecretaryDirector2 2022-04-01 2023-03-31 SC097840 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 SC097840 uk-bus:RegisteredOffice 2022-04-01 2023-03-31 SC097840 uk-bus:Agent1 2022-04-01 2023-03-31 SC097840 uk-bus:Audited 2022-04-01 2023-03-31 SC097840 uk-core:ShareCapital 2023-03-31 SC097840 uk-core:ShareCapital 2022-03-31 SC097840 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 SC097840 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 SC097840 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 SC097840 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 SC097840 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 SC097840 uk-core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC097840 uk-bus:FRS102 2022-04-01 2023-03-31 SC097840 uk-core:LandBuildings 2022-04-01 2023-03-31 SC097840 uk-core:PlantMachinery 2022-04-01 2023-03-31 SC097840 uk-core:MotorVehicles 2022-04-01 2023-03-31 SC097840 uk-core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC097840 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-04-01 2023-03-31 SC097840 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2021-04-01 2022-03-31 SC097840 uk-core:CurrentFinancialInstruments 2023-03-31 SC097840 uk-core:CurrentFinancialInstruments 2022-03-31 SC097840 uk-core:WithinOneYear 2023-03-31 SC097840 uk-core:WithinOneYear 2022-03-31 SC097840 uk-bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC097840 uk-bus:OrdinaryShareClass1 2023-03-31 SC097840 uk-core:ParentEntities 2022-04-01 2023-03-31 SC097840 uk-core:UltimateParent 2022-04-01 2023-03-31 SC097840 uk-countries:Ireland 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: SC097840
 
 
Ferrier Pumps Limited
 
Reports and Financial Statements
 
for the financial year ended 31 March 2023
Ferrier Pumps Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Denis C Buckley
Patrick Buckley
Dale Callander
Patrick McFeeley
James Palmer
Thomas Palmer
 
 
Company Secretary Thomas Palmer
 
 
Company Registration Number SC097840
 
 
Registered Office and Business Address Burlington Street
Leith
Edinburgh
EH65JL
 
 
Independent Auditors Thos. Goodall and Son
Link  House
Boreenmanna Road
Cork
Co. Cork
Republic of Ireland
 
 
Bankers Virgin Money
  83 George Street
  Edinburgh
  EH23ES



Ferrier Pumps Limited
STRATEGIC REPORT
for the financial year ended 31 March 2023

 
The directors present their strategic report on the company for the financial year ended 31 March 2023.
 
Review of the Company's Business
The company is a retailer of electrical water pumps and pump related products operating principally in Scotland.

The current year shows a net profit margin of 5% compared with a prior year net profit margin of 6%.
       
Development and Performance
It is anticipated that the synergies associated by being a part of the Irish group shall continue to be achieved between group companies as Ferrier Pumps Limited expands its market in the United Kingdom and Scotland.

The directors are satisfied that the company is in a strong position to develop and grow their market share.
       
Financial Key Performance Indicators
key performance indications for the company during the year were as follows:

Gross Profit: 33.80% versus 33.52% in 2022

Net profit: 5% versus 6% in 2022

Solvency ratio: 1.39 versus 2.72  in 2022
       
       
On behalf of the board
       
___________________________ ___________________________
Dale Callander Patrick McFeeley
Director Director
       
27 November 2023 27 November 2023



Ferrier Pumps Limited
DIRECTORS' REPORT
for the financial year ended 31 March 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 March 2023.
 
Principal Activity
The principal activity is the sale of pumps and pump related products plus the supply and installation of water and sewerage treatment systems and associated products.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £605,816 (2022 - £680,555).
The directors do not recommend payment of a dividend.
     
Directors
The directors who served during the financial year are as follows:
     
Denis C Buckley
Patrick Buckley
Dale Callander
Patrick McFeeley
James Palmer
Thomas Palmer
   
There were no changes in shareholdings between 31 March 2023 and the date of signing the financial statements.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-select suitable accounting policies and apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, Thos. Goodall and Son have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
___________________________ ___________________________
Dale Callander Patrick McFeeley
Director Director
     
27 November 2023 27 November 2023



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Ferrier Pumps Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Ferrier Pumps Limited ('the company') for the financial year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We obtain an understanding of the legal and regulatory frameworks that are applicable to the Company and determine the most relevant of these to be FRS102 and the Companies Act. We consider the size and complexity of transactions and the level of judgement attaching to certain transactions.

Enquiries are made of management regarding fraud or suspected fraud during the year as well as enquiry of subsequent events which may bring to light fraud post balance sheet.

Our audit methodology is substantive and analytical. If a fraud or other irregularity comes to light in our testing it may necessitate further enquiry or testing.
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
__________________________________
Thomas Dunlea (Senior Statutory Auditor)
for and on behalf of
THOS. GOODALL AND SON
Link  House
Boreenmanna Road
Cork
Co. Cork
Republic of Ireland
 
27 November 2023



Ferrier Pumps Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Ferrier Pumps Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 March 2023
2023 2022
Notes £ £

Turnover 3 12,290,526 11,110,867
 
Cost of sales (8,136,445) (7,386,810)
───────── ─────────
Gross profit 4,154,081 3,724,057
 
Administrative expenses (3,410,599) (2,875,773)
───────── ─────────
Operating profit 4 743,482 848,284
 
Interest receivable and similar income 5 1,414 136
Interest payable and similar expenses 6 (27,871) -
───────── ─────────
Profit before taxation 717,025 848,420
 
Tax on profit 8 (111,209) (167,865)
───────── ─────────
Profit for the financial year 605,816 680,555
───────── ─────────
Total comprehensive income 605,816 680,555
    ═════════   ═════════



Ferrier Pumps Limited
Company Registration Number: SC097840
BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 10 2,092,238 73,541
───────── ─────────
 
Current Assets
Stocks 11 813,831 721,313
Debtors 12 3,287,100 2,766,745
Cash and cash equivalents 13 339,116 700,896
───────── ─────────
4,440,047 4,188,954
───────── ─────────
Creditors: amounts falling due within one year 14 (3,197,112) (1,533,138)
───────── ─────────
Net Current Assets 1,242,935 2,655,816
───────── ─────────
Total Assets less Current Liabilities 3,335,173 2,729,357
═════════ ═════════
 
Capital and Reserves
Called up share capital 16 10,000 10,000
Retained earnings 3,325,173 2,719,357
───────── ─────────
Equity attributable to owners of the company 3,335,173 2,729,357
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 27 November 2023 and signed on its behalf by
           
________________________________     ________________________________
Dale Callander     Patrick McFeeley
Director     Director
           



Ferrier Pumps Limited
STATEMENT OF CHANGES IN EQUITY
as at 31 March 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 April 2021 10,000 2,188,802 2,198,802
───────── ───────── ─────────
Profit for the financial year - 680,555 680,555
───────── ───────── ─────────
Payment of dividends - (150,000) (150,000)
  ───────── ───────── ─────────
At 31 March 2022 10,000 2,719,357 2,729,357
  ───────── ───────── ─────────
Profit for the financial year - 605,816 605,816
  ───────── ───────── ─────────
At 31 March 2023 10,000 3,325,173 3,335,173
  ═════════ ═════════ ═════════



Ferrier Pumps Limited
STATEMENT OF CASH FLOWS
for the financial year ended 31 March 2023
2023 2022
Notes £ £

Cash flows from operating activities
Profit for the financial year 605,816 680,555
Adjustments for:
Interest receivable and similar income (1,414) (136)
Interest payable and similar expenses 27,871 -
Tax on profit on ordinary activities 111,209 167,865
Depreciation 52,290 37,831
Profit/loss on disposal of tangible assets (27,409) 6,910
───────── ─────────
768,363 893,025
Movements in working capital:
Movement in stocks (92,518) (84,643)
Movement in debtors (522,017) (270,287)
Movement in creditors 293,395 (71,320)
───────── ─────────
Cash generated from operations 447,223 466,775
Tax paid (228,660) -
Tax repaid - 19,420
───────── ─────────
Net cash generated from operating activities 218,563 486,195
───────── ─────────
Cash flows from investing activities
Interest received   1,414 136
Payments to acquire tangible assets   (2,070,987) (44,483)
Receipts from sales of tangible assets   27,409 (6,910)
    ───────── ─────────
Net cash used in investment activities   (2,042,164) (51,257)
    ───────── ─────────
Cash flows from financing activities
Advances from subsidiaries/group companies   1,461,821 -
Dividends paid   - (150,000)
    ───────── ─────────
Net cash generated from/(used in) financing activities   1,461,821 (150,000)
    ───────── ─────────
       
Net (decrease)/increase in cash and cash equivalents   (361,780) 284,938
Cash and cash equivalents at beginning of financial year   700,896 415,958
    ───────── ─────────
Cash and cash equivalents at end of financial year 13 339,116 700,896
    ═════════ ═════════



Ferrier Pumps Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Ferrier Pumps Limited is a company limited by shares incorporated and registered in the Scotland. The registered number of the company is SC097840. The registered office of the company is Burlington Street, Leith, Edinburgh, EH65JL which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 15% Straight line
  Motor vehicles - 25% Straight line
  Computers - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of the selling of pumps and pump related products.
       
4. Operating profit 2023 2022
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 52,290 37,831
(Profit)/loss on disposal of tangible assets (27,409) 6,910
Loss/(profit) on foreign currencies 29,046 -
Auditor's remuneration
- audit services 10,000 9,000
  ═════════ ═════════
       
5. Interest receivable and similar income 2023 2022
  £ £
 
Bank interest 1,414 136
  ═════════ ═════════
       
6. Interest payable and similar expenses 2023 2022
  £ £
 
On bank loans and overdrafts 27,871 -
  ═════════ ═════════
       
7. Employees and remuneration
 
The staff costs (inclusive of directors' salaries) comprise: 2023 2022
  £ £
 
Wages and salaries 2,480,785 2,069,689
Pension costs 90,169 79,571
  ───────── ─────────
  2,570,954 2,149,260
  ═════════ ═════════
       
8. Tax on profit
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 19.00% (2022 - 19.00%) 108,495 161,000
Under/over provision in prior financial year 1,052 -
  ───────── ─────────
Total current tax 109,547 161,000
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences 1,662 6,865
  ───────── ─────────
Total deferred tax (Note 12) 1,662 6,865
  ═════════ ═════════
Tax on profit  (Note 8 (b)) 111,209 167,865
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 19.00% (2022 - 19.00%). The differences are explained below:
  2023 2022
  £ £
 
Profit taxable at 19.00% 717,025 848,420
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 19.00% (2022 - 19.00%) 136,235 161,200
Effects of:
Capital allowances for period in excess of depreciation (26,688) (200)
Deferred tax 1,662 6,865
  ───────── ─────────
Total tax charge for the financial year (Note 8 (a)) 111,209 167,865
  ═════════ ═════════
 
       
9. Dividends 2023 2022
  £ £
Dividends on equity shares:
 
Ordinary Shares - Final paid - 120,000
- Final paid - 30,000
  ───────── ─────────
  - 150,000
  ═════════ ═════════
             
10. Tangible assets
  Land and Plant and Motor Computers Total
  buildings machinery vehicles    
  freehold        
  £ £ £ £ £
Cost
At 1 April 2022 - 38,122 514,130 5,400 557,652
Additions 1,921,730 - 149,257 - 2,070,987
Disposals - - (104,046) - (104,046)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 1,921,730 38,122 559,341 5,400 2,524,593
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 - 38,122 445,313 676 484,111
Charge for the financial year - - 51,952 338 52,290
On disposals - - (104,046) - (104,046)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 - 38,122 393,219 1,014 432,355
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 1,921,730 - 166,122 4,386 2,092,238
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2022 - - 68,817 4,724 73,541
  ═════════ ═════════ ═════════ ═════════ ═════════
       
11. Stocks 2023 2022
  £ £
 
Work in progress 172,402 103,108
Finished goods and goods for resale 641,429 618,205
  ───────── ─────────
  813,831 721,313
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
12. Debtors 2023 2022
  £ £
 
Trade debtors 3,282,299 2,755,572
Deferred tax asset 4,801 6,463
Prepayments and accrued income - 4,710
  ───────── ─────────
  3,287,100 2,766,745
  ═════════ ═════════
       
13. Cash and cash equivalents 2023 2022
  £ £
 
Cash and bank balances 339,116 700,896
  ═════════ ═════════
       
14. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors 1,472,033 1,245,507
Amounts owed to group undertakings 1,461,821 -
Taxation  (Note 15) 217,426 243,242
Other creditors 22,467 21,024
Accruals 23,365 23,365
  ───────── ─────────
  3,197,112 1,533,138
  ═════════ ═════════
       
15. Taxation 2023 2022
  £ £
 
Creditors:
VAT 105,053 18,481
Corporation tax 45,927 165,040
PAYE / NI 66,446 59,721
  ───────── ─────────
  217,426 243,242
  ═════════ ═════════
           
16. Share capital     2023 2022
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary Shares 10,000 £1 each 10,000 10,000
 
      ═════════ ═════════
 
The ordinary share capital comprises 8,000 A ordinary shares and 2,000 B ordinary shares.

The rights attaching to the A and B shares are as follows:
The A shares shall be entitled to vote at the AGM.
The B shares shall not be entitled to vote at the AGM.
       
17. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2023.
       
18. Directors' remuneration 2023 2022
  £ £
 
Remuneration 147,470 164,276
Pension contributions 15,355 14,620
  ───────── ─────────
  162,825 178,896
  ═════════ ═════════
           
19. Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.
   
20. Parent and ultimate parent company
 
The company regards Electrical and Pump Services Limited as its parent company.
 
The ultimate parent company is Electrical and Pump Services Limited which is registered in Ireland.
 
The parent of the largest group in which the results are consolidated is Electrical and Pump Services Limited.
Electrical and Pump Services Limited is registered in Ireland.
 
   
21. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.