Company registration number 03205505 (England and Wales)
PLUMBLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PLUMBLINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PLUMBLINE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,187
21,655
Current assets
Stocks
662,963
761,340
Debtors
4
482,595
649,722
Cash at bank and in hand
232,159
21,521
1,377,717
1,432,583
Creditors: amounts falling due within one year
5
(852,288)
(968,867)
Net current assets
525,429
463,716
Total assets less current liabilities
539,616
485,371
Creditors: amounts falling due after more than one year
6
(10,503)
(21,961)
Provisions for liabilities
(3,349)
(5,172)
Net assets
525,764
458,238
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
525,664
458,138
Total equity
525,764
458,238

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

PLUMBLINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mr C A Dean
Director
Company registration number 03205505 (England and Wales)
PLUMBLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Plumbline Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, England, NG13 8AQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Equally over the period of the lease
Plant and equipment
25% on cost and 25% on reducing balance
Fixtures and fittings
25% on cost and 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PLUMBLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
17
PLUMBLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
50,000
297,751
3,645
351,396
Additions
-
0
5,500
900
6,400
At 30 June 2024
50,000
303,251
4,545
357,796
Depreciation and impairment
At 1 July 2023
50,000
276,096
3,645
329,741
Depreciation charged in the year
-
0
13,718
150
13,868
At 30 June 2024
50,000
289,814
3,795
343,609
Carrying amount
At 30 June 2024
-
0
13,437
750
14,187
At 30 June 2023
-
0
21,655
-
0
21,655
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
422,408
600,308
Other debtors
60,187
49,414
482,595
649,722
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,458
11,458
Trade creditors
677,561
655,724
Corporation tax
40,836
29,347
Other taxation and social security
74,423
63,318
Other creditors
48,010
209,020
852,288
968,867
The following secured debts are included within creditors:
2024
2023
£
£
Invoice discounting facility
-
123,963
PLUMBLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
The HSBC invoice discounting facility is secured by way of a charge over the book debts of the company.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,503
21,961
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
60,455
23,136
8
Prior period adjustment

Internal stock transfers are booked as internal sales, with a corresponding sale and purchase. In the previous period, the debit entry was incorrectly allocated to costs of sales, when it should have been allocated to turnover to effectively net off these transfers.

This has now been corrected in the current and prior period. The effect of which has been a decrease in comparative turnover by £209,526 and a decrease in costs of sales by the same amount. Given the areas affected, there is no impact on the overall result or reserves.

Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
Adjustments to profit for the previous financial period
2023
£
Adjustments to prior year
Turnover
(209,526)
Cost of sales
209,526
Total adjustments
-
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