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REGISTERED NUMBER: SC423608 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Plumb Parts Glasgow Ltd

Plumb Parts Glasgow Ltd (Registered number: SC423608)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Plumb Parts Glasgow Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTOR: P Singh Bal





REGISTERED OFFICE: 555 South Street
Glasgow
G14 0QX





REGISTERED NUMBER: SC423608 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , 37 Rosyth Road
Morris Park
Glasgow
G5 0YE

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,500 3,500
Tangible assets 5 105,193 76,096
108,693 79,596

CURRENT ASSETS
Stocks 6 791,520 722,298
Debtors 7 48,483 103,259
Cash at bank and in hand 794 1,574
840,797 827,131
CREDITORS
Amounts falling due within one year 8 165,164 130,874
NET CURRENT ASSETS 675,633 696,257
TOTAL ASSETS LESS CURRENT
LIABILITIES

784,326

775,853

CREDITORS
Amounts falling due after more than one
year

9

698,413

717,617
NET ASSETS 85,913 58,236

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 85,912 58,235
SHAREHOLDERS' FUNDS 85,913 58,236

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 director acknowledges his 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.

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 April 2024 and were signed by:





P Singh Bal - Director


Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Plumb Parts Glasgow Ltd is a private company, limited by shares , registered in Scotland. 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.

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.
Premises costs - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2022
and 31 May 2023 3,500
NET BOOK VALUE
At 31 May 2023 3,500
At 31 May 2022 3,500

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Premises Plant and and Computer
costs machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 31,075 4,017 88,149 11,782 135,023
Additions - - 42,175 - 42,175
At 31 May 2023 31,075 4,017 130,324 11,782 177,198
DEPRECIATION
At 1 June 2022 - 2,792 51,283 4,852 58,927
Charge for year - 183 11,856 1,039 13,078
At 31 May 2023 - 2,975 63,139 5,891 72,005
NET BOOK VALUE
At 31 May 2023 31,075 1,042 67,185 5,891 105,193
At 31 May 2022 31,075 1,225 36,866 6,930 76,096

6. STOCKS
31.5.23 31.5.22
£    £   
Stocks 696,345 627,123
Work-in-progress 95,175 95,175
791,520 722,298

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 43,068 96,929
Rent Deposit 5,415 5,415
VAT - 915
48,483 103,259

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 61,328 50,191
M.Ilyas 5,000 5,000
Tax 20,029 10,645
Social security and other taxes 146 -
VAT 1,697 -
Other creditors 1,625 1,625
Plumb parts loan 26,300 12,300
73K Loan 11,480 11,480
Accrued expenses 37,559 39,633
165,164 130,874

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 10) 698,413 717,617

10. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due between one and two years:
HSBC loan 32,020 41,019
Loan - Dr R.K Buttar 530,091 530,091
562,111 571,110

Amounts falling due between two and five years:
P Bal Loan 3,290 13,495
A R Buttar Loan 59,012 59,012
Clintec International Loan 51,000 51,000
Yatin Loan 23,000 23,000
136,302 146,507

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Retained
earnings
£   

At 1 June 2022 58,235
Profit for the year 55,370
Dividends (27,693 )
At 31 May 2023 85,912