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REGISTERED NUMBER: 06432976 (England and Wales)





NEWARK PLUMBING & HEATING SUPPLIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEWARK PLUMBING & HEATING SUPPLIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr N G Kime
Mr L G Heaton



REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



REGISTERED NUMBER: 06432976 (England and Wales)



ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Santander
301 Vincent Street
Glasgow
G2 5NT

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 26,609 33,218

CURRENT ASSETS
Stocks 88,000 84,000
Debtors 6 340,200 383,313
Cash at bank and in hand 24,060 31,199
452,260 498,512
CREDITORS
Amounts falling due within one year 7 395,454 400,362
NET CURRENT ASSETS 56,806 98,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,415

131,368

CREDITORS
Amounts falling due after more than one
year

8

(16,667

)

(28,248

)

PROVISIONS FOR LIABILITIES (6,652 ) (6,311 )
NET ASSETS 60,096 96,809

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 59,996 96,709
SHAREHOLDERS' FUNDS 60,096 96,809

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

BALANCE SHEET - continued
30 SEPTEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:




Mr N G Kime - Director



Mr L G Heaton - Director


NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Newark Plumbing & Heating Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value excluding Value Added Tax of plumbing and heating installations and services provided to customers during the year.
In respect of all products and services provided to customers, the income is charged to profit and loss at the point when the goods or service is provided to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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


NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Debtors and creditors receivable/payable within one year
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022
and 30 September 2023 25,807 8,494 75,780 5,743 115,824
DEPRECIATION
At 1 October 2022 11,856 6,477 58,720 5,553 82,606
Charge for year 1,976 303 4,267 63 6,609
At 30 September 2023 13,832 6,780 62,987 5,616 89,215
NET BOOK VALUE
At 30 September 2023 11,975 1,714 12,793 127 26,609
At 30 September 2022 13,951 2,017 17,060 190 33,218

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 334,255 383,240
Amounts recoverable on contract 5,377 -
Prepayments and accrued income 568 73
340,200 383,313

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 70,740
Hire purchase contracts 1,581 5,984
Trade creditors 268,993 179,782
Corporation tax 16,554 48,480
Social security and other taxes 1,505 2,119
Pension 328 328
VAT 22,047 26,257
Other creditors 41,398 39,996
Wages control account 1,079 -
Directors' current accounts 24,633 22,243
Accruals and deferred income 7,336 4,433
395,454 400,362

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 16,667 26,667
Hire purchase contracts - 1,581
16,667 28,248

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 60,740
Bank loans 26,667 36,667
Hire purchase contracts 1,581 7,565
28,248 104,972

The bank overdraft relates to invoice factoring, which is secured by a fixed and floating charge over the assets.
The hire purchase agreements are secured on the assets that they relate to.

NEWARK PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 06432976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have given a personal guarantee is respect of the invoice factoring agreement amounting to £60,740 the balance of the outstanding debt.The balance at the end of the year in respect of the invoice factoring was £60,740.

12. RELATED PARTY DISCLOSURES

Key management personnel remuneration in the year totalled £20,791. (2022: £19,068.)