Registered number
11129191
Plumbing Solutions U.K Ltd
Filleted Accounts
31 January 2024
Plumbing Solutions U.K Ltd
Registered number: 11129191
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,967 23,791
Current assets
Stocks 1,250 5,005
Debtors 4 24,687 72,841
Cash at bank and in hand 10,331 9,975
36,268 87,821
Creditors: amounts falling due within one year 5 (37,426) (64,620)
Net current (liabilities)/assets (1,158) 23,201
Total assets less current liabilities 24,809 46,992
Creditors: amounts falling due after more than one year 6 (6,269) (17,354)
Net assets 18,540 29,638
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,440 29,538
Shareholders' funds 18,540 29,638
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Arron Roberts
Director
Approved by the board on 1 October 2024
Plumbing Solutions U.K Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, using the reducing balance method, as follows:
Plant and machinery 20% per annum
Motor Vehicles 25% per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 9,327 27,286 36,613
Additions 1,653 18,754 20,407
Disposals - (13,495) (13,495)
At 31 January 2024 10,980 32,545 43,525
Depreciation
At 1 February 2023 3,414 9,408 12,822
Charge for the year 1,482 6,628 8,110
On disposals - (3,374) (3,374)
At 31 January 2024 4,896 12,662 17,558
Net book value
At 31 January 2024 6,084 19,883 25,967
At 31 January 2023 5,913 17,878 23,791
4 Debtors 2024 2023
£ £
Trade debtors 12,194 61,386
Other debtors 12,493 11,455
24,687 72,841
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,583 4,470
Obligations under finance lease and hire purchase contracts - 2,299
Trade creditors 11,282 27,174
Taxation and social security costs 21,561 16,204
Other creditors - 14,473
37,426 64,620
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,269 10,842
Obligations under finance lease and hire purchase contracts - 6,512
6,269 17,354
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 3,299 8,958
8 Related party transactions
During the year ended 31st January 2024, Plumbing Solutions U.K Limited raised sales invoices for work carried out on behalf of Promech Systems Limited to the value of £577,111(2023: £267,897). Plumbing Solutions U.K Limited and Promech Systems Limited are related due to Mr A Roberts being a director and 50% shareholder in both companies. The balance due from Promech Servies Limited as at 31st January 2024 is £12,201 (2023: £45,736).
.
9 Other information
Plumbing Solutions U.K Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
74 Clos Rhys Meurug
Capel Llanilltern
Cardiff
CF5 6GA
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