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REGISTERED NUMBER: 07167224 (England and Wales)















PLUMBITS (STAFFORD) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PLUMBITS (STAFFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: A J Wheeler





REGISTERED OFFICE: 200 North Walls
Stafford
Staffordshire
ST16 3AD





REGISTERED NUMBER: 07167224 (England and Wales)

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,512,740 1,529,222
Investments 6 500 500
1,513,240 1,529,722

CURRENT ASSETS
Stocks 48,256 62,465
Debtors 7 986,225 1,596,597
Cash at bank and in hand 344,314 270,627
1,378,795 1,929,689
CREDITORS
Amounts falling due within one year 8 (286,918 ) (362,739 )
NET CURRENT ASSETS 1,091,877 1,566,950
TOTAL ASSETS LESS CURRENT LIABILITIES 2,605,117 3,096,672

CREDITORS
Amounts falling due after more than one
year

9

-

(3,998

)

PROVISIONS FOR LIABILITIES (14,296 ) (17,978 )
NET ASSETS 2,590,821 3,074,696

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 2,590,820 3,074,695
SHAREHOLDERS' FUNDS 2,590,821 3,074,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





A J Wheeler - Director


PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Plumbits (Stafford) Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Turnover from the sale of plumbing supplies is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date of sale of the goods.

Interest receivable
Interest income is recognised using the effective interest method.

Intangible assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 33% on reducing balance
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1,000,000
AMORTISATION
At 1 April 2023
and 31 March 2024 1,000,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 1,447,585 172,449 1,620,034
Additions - 1,013 1,013
Disposals - (188 ) (188 )
At 31 March 2024 1,447,585 173,274 1,620,859
DEPRECIATION
At 1 April 2023 - 90,812 90,812
Charge for year - 17,495 17,495
Eliminated on disposal - (188 ) (188 )
At 31 March 2024 - 108,119 108,119
NET BOOK VALUE
At 31 March 2024 1,447,585 65,155 1,512,740
At 31 March 2023 1,447,585 81,637 1,529,222

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 500
NET BOOK VALUE
At 31 March 2024 500
At 31 March 2023 500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 123,154 124,810
Bad debt provision (5,160 ) (5,419 )
Amounts owed by associates 135,370 334,953
Other debtors - 15,475
Directors' loan accounts 248,748 718,832
Tax 465,046 403,973
Prepayments and accrued income 19,067 3,973
986,225 1,596,597

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 136,448 155,663
Corporation tax 81,172 143,814
Social security and other taxes 8,132 7,831
VAT 50,085 37,630
Pension creditor 1,399 1,336
Accrued expenses 9,682 16,465
286,918 362,739

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors - 3,998

PLUMBITS (STAFFORD) LIMITED (REGISTERED NUMBER: 07167224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A J Wheeler
Balance outstanding at start of year 718,832 641,775
Amounts advanced 270,504 77,057
Amounts repaid (740,588 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 248,748 718,832

The company is levying interest at a rate of 2.25% (2023 2%) on the outstanding balance. The loan is repayable on demand.

12. RELATED PARTY DISCLOSURES

At the year end, the company was owed £135,370 (2023 £334,953) from a company in which A J Wheeler is a director and shareholder.

13. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £588 (2023 £1,176).