6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,500 22,500 xbrli:pure xbrli:shares iso4217:GBP 04295912 2022-05-01 2023-04-30 04295912 2023-04-30 04295912 2022-04-30 04295912 2021-05-01 2022-04-30 04295912 2022-04-30 04295912 2021-04-30 04295912 core:NetGoodwill 2022-05-01 2023-04-30 04295912 core:PlantMachinery 2022-05-01 2023-04-30 04295912 core:FurnitureFittings 2022-05-01 2023-04-30 04295912 core:MotorVehicles 2022-05-01 2023-04-30 04295912 bus:Director3 2022-05-01 2023-04-30 04295912 core:NetGoodwill 2023-04-30 04295912 core:PlantMachinery 2022-04-30 04295912 core:FurnitureFittings 2022-04-30 04295912 core:PlantMachinery 2023-04-30 04295912 core:FurnitureFittings 2023-04-30 04295912 core:WithinOneYear 2023-04-30 04295912 core:WithinOneYear 2022-04-30 04295912 core:AfterOneYear 2023-04-30 04295912 core:AfterOneYear 2022-04-30 04295912 core:ShareCapital 2023-04-30 04295912 core:ShareCapital 2022-04-30 04295912 core:RetainedEarningsAccumulatedLosses 2023-04-30 04295912 core:RetainedEarningsAccumulatedLosses 2022-04-30 04295912 core:PlantMachinery 2022-04-30 04295912 core:FurnitureFittings 2022-04-30 04295912 bus:SmallEntities 2022-05-01 2023-04-30 04295912 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04295912 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04295912 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04295912 bus:FullAccounts 2022-05-01 2023-04-30 04295912 bus:Director3 1 2022-05-01 2023-04-30 04295912 core:AllAssociates 2022-05-01 2023-04-30
COMPANY REGISTRATION NUMBER: 04295912
Kent Plumbing Supplies Limited
Filleted Unaudited Financial Statements
30 April 2023
Kent Plumbing Supplies Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kent Plumbing Supplies Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
7,855
9,319
Current assets
Stocks
94,600
94,600
Debtors
7
174,920
125,107
Cash at bank and in hand
156,837
132,901
---------
---------
426,357
352,608
Creditors: amounts falling due within one year
8
244,487
220,993
---------
---------
Net current assets
181,870
131,615
---------
---------
Total assets less current liabilities
189,725
140,934
Creditors: amounts falling due after more than one year
9
21,591
31,567
---------
---------
Net assets
168,134
109,367
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
167,134
108,367
---------
---------
Shareholders funds
168,134
109,367
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 April 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 .
Kent Plumbing Supplies Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
R J Lewis
Director
Company registration number: 04295912
Kent Plumbing Supplies Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Longley Road, Rainham, Gillingham, ME8 7RU, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
22,500
--------
Amortisation
At 1 May 2022 and 30 April 2023
22,500
--------
Carrying amount
At 30 April 2023
--------
At 30 April 2022
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022
6,730
46,584
53,314
Additions
994
994
-------
--------
--------
At 30 April 2023
7,724
46,584
54,308
-------
--------
--------
Depreciation
At 1 May 2022
5,021
38,974
43,995
Charge for the year
427
2,031
2,458
-------
--------
--------
At 30 April 2023
5,448
41,005
46,453
-------
--------
--------
Carrying amount
At 30 April 2023
2,276
5,579
7,855
-------
--------
--------
At 30 April 2022
1,709
7,610
9,319
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
69,658
17,761
Other debtors
105,262
107,346
---------
---------
174,920
125,107
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,974
9,727
Trade creditors
154,559
152,096
Corporation tax
62,819
35,174
Social security and other taxes
12,645
19,066
Other creditors
4,490
4,930
---------
---------
244,487
220,993
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,591
31,567
--------
--------
10. Directors' advances, credits and guarantees
At the year end the company owed the Directors £590 (2022: £1,030). During the year dividends of £52,400 (2022: £49,400) were paid to the Directors of the company.
11. Related party transactions
At the year end the company was owed £78,000 (2022: £78,000) by companies related by virtue of common control.