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Registration number: 13672090

Active Plumbing Supplies Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Active Plumbing Supplies Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16 to 17

Notes to the Financial Statements

18 to 38

 

Active Plumbing Supplies Holdings Limited

Company Information

Directors

A Hibbard

G Satterly

Registered office

1st Floor
The Syms Building, Bumpers Way
Bumpers Farm
Chippenham
SN14 6LH

Auditors

Milsted Langdon LLP
Chartered Accountants and Statutory Auditors
4 Queen Street
Bath
BA1 1HE

 

Active Plumbing Supplies Holdings Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is the operation of Plumbing and Heating Merchants with retail bathroom showrooms.

Fair review of the business

Active Plumbing Supplies Holdings Limited was incorporated on 11 October 2021.

On 10 June 2022 the Company acquired the shareholdings of seven wholesale and hardware plumbing merchants by way of a share for share exchange. The comparatives for 2022 in these financial statements report the group results for approximately six months from acquisition of the subsidiaries to the prior year end of 31 December 2022. The results for 2023 are for a full year.

We are delighted to report that the group has opened a new branch in 2022 and by the Autumn of 2023 will have opened three further branches, bringing the total to 11 branches across the South West of England.

We have been pleased with the trading performance in 2023, with turnover of around £16.2m generating gross profit of approximately £3.8m, representing a gross margin of 23.5%, over 2% higher than reported in 2022.

EBITDA of around £950k in the year ended 31 December 2023 was more than double the EBITDA of £350k achieved by the branches in around 6 months of trading in 2022.

Principal risks and uncertainties

Economy
The plumbing supplies market is strongly linked to the general level of activity in the economy. Trading has been stable in 2023, despite the cost of living crisis, and we look forward to growth as interest rates decrease and confidence grows after a change in government. Risk is reduced by operating a portfolio of branches in separate local markets and by selling into two customer bases, both trade and retail.

Customer Credit Risk
To reduce the risk of bad debts, a credit checking service is used for new customers with credit limits applied to customer accounts, which are closely monitored and managed. Aged debtors are monitored and credit control procedures are used to collect outstanding balances.

Supply Chain Risk
The risk of supply shortages is managed by having a broad range of UK suppliers that in turn purchase from the UK, Europe and the Far East. There have been some delays in supply from the Far East during 2024, as a result of container ships diverting away from the Red Sea, but this has not had a significant impact on trading.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

 

Active Plumbing Supplies Holdings Limited

Strategic Report for the Year Ended 31 December 2023

.........................................
A Hibbard
Director

.........................................
G Satterly
Director

 

Active Plumbing Supplies Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

A Hibbard

G Satterly

Financial instruments

Objectives and policies

The Group is financed from bank debt and internally generated cash and monitors its performance regularly. The Directors expect the Group to continue to perform in line with expectations.

Price risk, credit risk, liquidity risk and cash flow risk

Price Risk
The Group is exposed to inflationary pressures in the general economy with regards to material prices which have risen sharply. These price increases are passed on to its customers immediately.

Credit Risk
The Group is exposed to credit risk from its customers. These risks are monitored regularly to ensure the Group is not impacted significantly.

Liquidity Risk
The Group actively manages its cash and debt finance to ensure sufficient funds are available.

Cashflow Risk
Cash flow risk within the group is considered minimal due to the Directors regularly reviewing the cash position of the Group with cash forecasts.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 5 September 2024 and signed on its behalf by:

A Hibbard
Director

G Satterly
Director

 
     
 

Active Plumbing Supplies Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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). 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 group and the company and of the profit or loss of the group 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Active Plumbing Supplies Holdings Limited

Independent Auditor's Report to the Members of Active Plumbing Supplies Holdings Limited

Opinion

We have audited the financial statements of Active Plumbing Supplies Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

 

Active Plumbing Supplies Holdings Limited

Independent Auditor's Report to the Members of Active Plumbing Supplies Holdings Limited

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

 

Active Plumbing Supplies Holdings Limited

Independent Auditor's Report to the Members of Active Plumbing Supplies Holdings Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 the directors 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

identified and tested journal entries, in particular any journal entries posted with unusual account combinations; and

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Active Plumbing Supplies Holdings Limited

Independent Auditor's Report to the Members of Active Plumbing Supplies Holdings Limited

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.

......................................
Ian Lloyd (Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP, Statutory Auditor

4 Queen Street
Bath
BA1 1HE

5 September 2024

 

Active Plumbing Supplies Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

12 months ended 31 December
2023
£

(As restated)

11 October 2021 to 31 December
2022
£

Turnover

3

16,182,211

8,502,898

Cost of sales

 

(12,383,848)

(6,702,610)

Gross profit

 

3,798,363

1,800,288

Administrative expenses

 

(3,078,711)

(1,572,506)

Operating profit

4

719,652

227,782

Other interest receivable and similar income

745

-

Interest payable and similar expenses

5

(16,118)

(11,551)

   

(15,373)

(11,551)

Profit before tax

 

704,279

216,231

Tax on profit

9

(218,720)

(56,051)

Profit for the financial year

 

485,559

160,180

Profit/(loss) attributable to:

 

Owners of the company

 

485,559

160,180

The group has no recognised gains or losses for the year other than the results above.

 

Active Plumbing Supplies Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

12 months ended 31 December
2023
£

(As restated)

11 October 2021 to 31 December
2022
£

Profit for the year

485,559

160,180

Total comprehensive income for the year

485,559

160,180

Total comprehensive income attributable to:

Owners of the company

485,559

160,180

 

Active Plumbing Supplies Holdings Limited

(Registration number: 13672090)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

10

1,210,712

1,310,367

Tangible assets

11

227,248

255,759

Investments

12

1,300

1,300

 

1,439,260

1,567,426

Current assets

 

Stocks

13

1,272,940

1,223,503

Debtors

14

2,611,570

2,687,370

Cash at bank and in hand

15

1,109,307

1,066,553

 

4,993,817

4,977,426

Creditors: Amounts falling due within one year

16

(2,847,809)

(2,753,626)

Net current assets

 

2,146,008

2,223,800

Total assets less current liabilities

 

3,585,268

3,791,226

Creditors: Amounts falling due after more than one year

16

(27,157)

(55,228)

Provisions for liabilities

17

(48,849)

(40,192)

Net assets

 

3,509,262

3,695,806

Capital and reserves

 

Called up share capital

19

1,100

1,100

Other reserves

3,823,408

3,823,408

Profit and loss account

(315,246)

(128,702)

Equity attributable to owners of the company

 

3,509,262

3,695,806

Total equity

 

3,509,262

3,695,806

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

A Hibbard
Director

G Satterly
Director

 
     
 

Active Plumbing Supplies Holdings Limited

(Registration number: 13672090)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

12

900

700

Current assets

 

Debtors

14

14,597

19,400

Cash at bank and in hand

15

10,557

-

 

25,154

19,400

Creditors: Amounts falling due within one year

16

(24,954)

(19,000)

Net current assets

 

200

400

Net assets

 

1,100

1,100

Capital and reserves

 

Called up share capital

19

1,100

1,100

Total equity

 

1,100

1,100

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes.

The company made a profit after tax for the financial year of £533,404 (2022 - £288,882).

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

A Hibbard
Director

G Satterly
Director

 
     
 

Active Plumbing Supplies Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Other
reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

1,100

3,823,408

(128,702)

3,695,806

3,695,806

Profit for the year

-

-

485,559

485,559

485,559

Dividends

-

-

(533,404)

(533,404)

(533,404)

Other movements on reserves

-

-

(138,699)

(138,699)

(138,699)

At 31 December 2023

1,100

3,823,408

(315,246)

3,509,262

3,509,262

Share capital
£

Other
reserves
£

Retained earnings
£

Total
£

Total equity
£

Profit for the year

-

-

160,180

160,180

160,180

Dividends

-

-

(288,882)

(288,882)

(288,882)

New share capital subscribed

1,100

-

-

1,100

1,100

Other reserve adjustment, increase in equity

-

3,823,408

-

3,823,408

3,823,408

At 31 December 2022

1,100

3,823,408

(128,702)

3,695,806

3,695,806

 

Active Plumbing Supplies Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,100

-

1,100

Profit for the year

-

533,404

533,404

Dividends

-

(533,404)

(533,404)

At 31 December 2023

1,100

-

1,100

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

288,882

288,882

Dividends

-

(288,882)

(288,882)

New share capital subscribed

1,100

-

1,100

At 31 December 2022

1,100

-

1,100

 

Active Plumbing Supplies Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

(As restated)

2022
£

Cash flows from operating activities

Profit for the year

 

485,559

160,180

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

219,265

121,803

Finance income

(745)

-

Finance costs

5

16,118

11,551

Income tax expense

9

218,720

56,051

 

938,917

349,585

Working capital adjustments

 

(Increase)/decrease in stocks

13

(49,437)

330,816

Increase in trade debtors

14

(62,900)

(18,658)

Increase in trade creditors

16

167,666

317,603

Cash generated from operations

 

994,246

979,346

Income taxes paid

9

(350,624)

(123,002)

Net cash flow from operating activities

 

643,622

856,344

Cash flows from investing activities

 

Interest received

745

-

Acquisitions of tangible assets

(49,060)

(2,661)

Acquisition of intangible assets

10

(42,039)

-

Purchase of subsidiary (net of cash acquired)

 

-

563,496

Net cash flows from investing activities

 

(90,354)

560,835

Cash flows from financing activities

 

Interest paid

5

(16,118)

(11,551)

Proceeds from issue of ordinary shares, net of issue costs

 

-

1,100

Proceeds from bank borrowing draw downs

 

-

(110,212)

Repayment of bank borrowing

 

(23,727)

72,321

Repayment of other borrowing

 

-

(198,818)

Payments to finance lease creditors

 

(14,435)

(13,402)

Dividends paid

(533,404)

(288,882)

Net cash flows from financing activities

 

(587,684)

(549,444)

Net (decrease)/increase in cash and cash equivalents

 

(34,416)

867,735

Cash and cash equivalents at 1 January

 

867,735

-

Cash and cash equivalents at 31 December

 

833,319

867,735

 

Active Plumbing Supplies Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

The company is a qualifying entity for the purposes of FRS 102 and have elected to have exemption under FRS 102 paragraph 1.12(b) not to present the Company Statement of Cash Flows.

 

Active Plumbing Supplies Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
The Syms Building, Bumpers Way
Bumpers Farm
Chippenham
SN14 6LH

These financial statements were authorised for issue by the Board on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

Active Plumbing Supplies Holdings Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At the balance sheet date, the group had net assets of £3,509,262. The directors have prepared the accounts on a going concern basis having made an assessment of the expected cash that will be generated from operating activities, and the committed loan facilities available to the group and considering that the group will generate sufficient returns to cover the central overhead costs and service its debt repayments. Based on budgets and forecasts prepared, the directors are confident that the group will be able to meet lenders covenants and settle liabilities as they fall due.

 

Active Plumbing Supplies Holdings Limited

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

Prior period errors

Following the submission of the consolidated accounts, the subsidiary accounts were adjusted for additional depreciation, rebates received post year end and consequent changes to corporation tax. The accounts have also been adjusted to recognise management charges payable in the subsidiary accounts.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Other debtors

-

138,705

-

Corporation tax payable

-

(23,810)

-

Computer equipment depreciation charge

-

204

-

Amounts due to related parties

-

(19,000)

-

   

During the audit, we discovered that some items within debtors and creditors had been misallocated within the notes to the accounts and therefore this year we have amended for this. There has been no profit affect of this adjustment as it was purely presentational within the narrative of the notes.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
- The amount of revenue can be reliably measured
- It is probable that future economic benefits will flow to the entity
- Specific criteria have been met for each of the group's activities.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Active Plumbing Supplies Holdings Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

10% straight line

Short leasehold land and buildings

10% and 20% straight line

Furniture, fittings and equipment

25% straight line

Plant and machinery

25% straight line

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Active Plumbing Supplies Holdings Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Active Plumbing Supplies Holdings Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Active Plumbing Supplies Holdings Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

 Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors including loan to the subsidiary company, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Interest is recognised by applying the effective interest rate, except for short-term debtors when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

16,182,211

8,502,898

 

Active Plumbing Supplies Holdings Limited

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

4

Operating profit

Arrived at after charging/(crediting):

2023
£

(As restated)

2022
£

Depreciation expense

77,571

46,760

Amortisation expense

141,694

75,043

Operating lease expense - property

263,051

142,918

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

14,599

10,382

Interest on obligations under finance leases and hire purchase contracts

1,519

1,169

16,118

11,551

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,548,516

814,912

Social security costs

129,663

71,140

Pension costs, defined contribution scheme

223,805

12,308

Other employee expense

32,000

13,017

1,933,984

911,377

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

4

4

Other departments

55

52

59

56

 

Active Plumbing Supplies Holdings Limited

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

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

40,000

21,667

Contributions paid to money purchase schemes

199,587

863

239,587

22,530

8

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

17,840

15,000

Other fees to auditors

All other non-audit services

2,157

4,000


 

9

Taxation

Tax charged/(credited) in the income statement:

2023
£

(As restated)

2022
£

Current taxation

UK corporation tax

210,062

53,139

Deferred taxation

Arising from origination and reversal of timing differences

8,658

2,912

Tax expense in the income statement

218,720

56,051

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 24% (2022 - 19%).

The differences are reconciled below:

 

Active Plumbing Supplies Holdings Limited

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

2023
£

(As restated)

2022
£

Profit before tax

704,279

216,231

Corporation tax at standard rate

195,094

53,139

Tax increase from effect of capital allowances and depreciation

13,039

146

Tax increase from other short-term timing differences

8,659

2,684

Effect of expense not deductible in determining taxable profit (tax loss)

2,903

1,163

Effect of tax losses

(975)

(1,081)

Total tax charge

218,720

56,051

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

48,849

-

48,849

2022

Asset
£

Liability
£

Accelerated capital allowances

-

40,192

-

40,192

 

Active Plumbing Supplies Holdings Limited

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

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1,385,410

1,385,410

Additions acquired separately

42,039

42,039

At 31 December 2023

1,427,449

1,427,449

Amortisation

At 1 January 2023

75,043

75,043

Amortisation charge

141,694

141,694

At 31 December 2023

216,737

216,737

Carrying amount

At 31 December 2023

1,210,712

1,210,712

At 31 December 2022

1,310,367

1,310,367

 

Active Plumbing Supplies Holdings Limited

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

11

Tangible assets

Group

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

194,402

14,167

45,413

80,189

82,858

164,775

581,804

Additions

2,060

2,294

14,583

10,800

16,323

3,000

49,060

Transfers

-

-

4,648

-

-

(4,648)

-

At 31 December 2023

196,462

16,461

64,644

90,989

99,181

163,127

630,864

Depreciation

At 1 January 2023

91,996

6,213

39,365

40,236

60,433

87,802

326,045

Charge for the year

15,687

1,269

9,437

13,704

18,642

18,832

77,571

At 31 December 2023

107,683

7,482

48,802

53,940

79,075

106,634

403,616

Carrying amount

At 31 December 2023

88,779

8,979

15,842

37,049

20,106

56,493

227,248

At 31 December 2022

102,406

7,954

6,048

39,953

22,425

76,973

255,759

Included within the net book value of land and buildings above is £88,779 (2022 - £102,406) in respect of long leasehold land and buildings and £8,979 (2022 - £7,954) in respect of short leasehold land and buildings.
 

 

Active Plumbing Supplies Holdings Limited

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2023
£

2022
£

Motor vehicles

-

55,132

   

12

Investments

Group

2023

2022

£

£

Other investments at 1 January

1,300

-

Acquired through business combinations

-

1,300

Other investments at 31 December

1,300

1,300

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

ACTIVE PLUMBING SUPPLIES (CIRENCESTER) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (FARINGDON) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (MALMESBURY) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (MARLBOROUGH) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

 

Active Plumbing Supplies Holdings Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

ACTIVE PLUMBING SUPPLIES (PLYMOUTH) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (TROWBRIDGE) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (WITNEY) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

100%

ACTIVE PLUMBING SUPPLIES (SWINDON) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

0%

ACTIVE PLUMBING SUPPLIES (TEWKESBURY) LIMITED

1st Floor, The Syms Building Bumpers Way, Bumpers Farm, Chippenham, United Kingdom, SN14 6LH

Ordinary

100%

0%

The proportion of voting rights and shares held in relation to Active Plumbing Supplies (Swindon) Limited and Active Plumbing Supplies (Tewkesbury) Limited above is shown as 0% for the year ended 31 December 2022 as the companies had not been incorporated at the year end.

 

Active Plumbing Supplies Holdings Limited

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

Subsidiary undertakings

ACTIVE PLUMBING SUPPLIES (CIRENCESTER) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (CIRENCESTER) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (FARINGDON) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (FARINGDON) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (MALMESBURY) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (MALMESBURY) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (MARLBOROUGH) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (MARLBOROUGH) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (PLYMOUTH) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (PLYMOUTH) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (TROWBRIDGE) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (TROWBRIDGE) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (WITNEY) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (WITNEY) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (SWINDON) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (SWINDON) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

ACTIVE PLUMBING SUPPLIES (TEWKESBURY) LIMITED

The principal activity of ACTIVE PLUMBING SUPPLIES (TEWKESBURY) LIMITED is Wholesale of hardware, plumbing and heating equipment and supplies

 

Active Plumbing Supplies Holdings Limited

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

For the year ending 31 December 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

ACTIVE PLUMBING SUPPLIES (CIRENCESTER) LIMITED - COMPANY NUMBER 07233915

ACTIVE PLUMBING SUPPLIES (FARINGDON) LIMITED - COMPANY NUMBER 08543269

ACTIVE PLUMBING SUPPLIES (MALMESBURY) LIMITED - COMPANY NUMBER 07823010

ACTIVE PLUMBING SUPPLIES (MARLBOROUGH) LIMITED - COMPANY NUMBER 12977201

ACTIVE PLUMBING SUPPLIES (PLYMOUTH) LIMITED - COMPANY NUMBER 10967048

ACTIVE PLUMBING SUPPLIES (TROWBRIDGE) LIMITED - COMPANY NUMBER 08820228

ACTIVE PLUMBING SUPPLIES (WITNEY) LIMITED - COMPANY NUMBER 12773970

ACTIVE PLUMBING SUPPLIES (SWINDON) LIMITED - COMPANY NUMBER 14603196

ACTIVE PLUMBING SUPPLIES (TEWKESBURY) LIMITED - COMPANY NUMBER 15246039

Company

2023
£

2022
£

Investments in subsidiaries

900

700

In the year ended 31 December 2023 Active Plumbing Supplies Holdings Limited purchased Active Plumbing Supplies (Swindon) Limited and Active Plumbing Supplies (Tewkesbury) Limited.

13

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other inventories

1,272,940

1,223,503

-

-

14

Debtors

   

Group

Company

Note

2023
£

(As restated)

2022
£

2023
£

(As restated)

2022
£

Trade debtors

 

2,174,795

2,181,418

-

-

Amounts owed by related parties

25

579

400

14,597

19,400

Other debtors

 

149,085

347,671

-

-

Prepayments

 

287,111

157,881

-

-

 

2,611,570

2,687,370

14,597

19,400

 

Active Plumbing Supplies Holdings Limited

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

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

8,626

19,532

-

-

Cash at bank

1,100,681

1,047,021

10,557

-

1,109,307

1,066,553

10,557

-

Bank overdrafts

(275,988)

(198,818)

-

-

Cash and cash equivalents in statement of cash flows

833,319

867,735

10,557

-

16

Creditors

   

Group

Company

Note

2023
£

(As restated)

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

20

355,447

288,368

-

-

Trade creditors

 

1,739,561

1,719,084

-

-

Amounts due to related parties

25

20,260

16,169

-

-

Social security and other taxes

 

234,019

207,440

4,957

-

Other creditors

 

174,275

152,399

-

-

Accruals

 

232,937

138,294

19,997

19,000

Corporation tax liability

9

91,310

231,872

-

-

 

2,847,809

2,753,626

24,954

19,000

Due after one year

 

Loans and borrowings

20

27,157

55,228

-

-

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

40,192

40,192

Increase/(decrease) in existing provisions

8,657

8,657

At 31 December 2023

48,849

48,849

 

Active Plumbing Supplies Holdings Limited

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

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £223,805 (2022 - £12,308).

19

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,100

1,100

1,100

1,100

       

20

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

18,642

41,166

-

-

Hire purchase contracts

8,515

14,062

-

-

27,157

55,228

-

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

67,843

69,046

-

-

Bank overdrafts

275,988

198,818

-

-

Hire purchase contracts

11,616

20,504

-

-

355,447

288,368

-

-

 

Active Plumbing Supplies Holdings Limited

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

Bank borrowings during the year totalling £78,491 are repayable in less then 2 years. Interest is charged at 3.85% over base and the loans are secured by way of a fixed and floating charge over the assets of the Group.

Other bank borrowings totalling £7,993 are repayable within 5 years. Interest is charged at 3.85% over base and there is no security against the loan amount.

Hire purchase contracts are secured by the asset to which the liability relates, and are repayable within 5 years.

21

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

200,176

217,676

Later than one year and not later than five years

657,224

800,704

Later than five years

230,336

419,609

1,087,736

1,437,989

The amount of non-cancellable operating lease payments recognised as an expense during the year was £263,051 (2022 - £142,918).

22

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £484.91 (2022 - £262.62) per each Ordinary shares

533,404

288,882

 

 

23

Commitments

Group

Other financial commitments

Operating commitments relate to the lease of units.
The total amount of other financial commitments not provided in the financial statements was £1,087,737 (2022 - £1,437,989).

 

Active Plumbing Supplies Holdings Limited

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

24

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

At 31 December 2023
£

Cash and cash equivalents

Cash

1,066,553

42,754

1,109,307

Overdrafts

(198,818)

(77,170)

(275,988)

867,735

(34,416)

833,319

 

867,735

(34,416)

833,319

25

Related party transactions

Group

Loans to related parties

2023

Key management
£

Total
£

At start of period

400

400

Advanced

378

378

Repaid

(199)

(199)

At end of period

579

579

2022

Key management
£

(As restated)

Total
£

Advanced

400

400

At end of period

400

400

Terms of loans to related parties

Loans with key management are interest free and repayable on demand.
 

 

Active Plumbing Supplies Holdings Limited

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

Loans from related parties

2023

Key management
£

Total
£

At start of period

16,169

16,169

Advanced

101,160

101,160

Repaid

(97,069)

(97,069)

At end of period

20,260

20,260

2022

Key management
£

(As restated)

Total
£

On acquisition of business combinations

39,224

39,224

Advanced

81,315

81,315

Repaid

(104,370)

(104,370)

At end of period

16,169

16,169

Terms of loans from related parties

Loans with key management are interest free and repayable on demand.
 

Company

Summary of transactions with subsidiaries

The group has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 and has not disclosed transactions between wholly owned members of the same group.
 

26

Financial instruments

Group

Categorisation of financial instruments

31 December 2023
 £

31 December 2022
 £

Financial assets measured at fair value through profit or loss

2,463,158

2,529,489

Financial liabilities measured at fair value through profit or loss

(2,870,009)

(2,808,854)

27

Parent and ultimate parent undertaking

The ultimate controlling party is G Satterly and A Hibbard by virtue of their equity shareholding in Active Plumbing Supplies Holdings Limited.