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Registration number: 5277403

Dorking Plumbing Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Dorking Plumbing Supplies Limited

Contents

Company Information

1

Director's Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Dorking Plumbing Supplies Limited

Company Information

Director

J L Penfold

Company secretary

N A Shuttleworth

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA
 

 

Dorking Plumbing Supplies Limited

Director's Report for the Year Ended 31 March 2024

The director presents his annual report on the affairs of Dorking Plumbing Supplies Limited, together with the unaudited financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the company is the wholesale of hardware, plumbing and heating equipment supplies and bathrooms and the retail supply of bathrooms.

Director of the company

The director who held office during the year and up to the date of approval of this report was as follows:

J L Penfold

Going concern

The director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Small companies provision statement

The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 9 October 2024
 

.........................................
J L Penfold
Director

 

Dorking Plumbing Supplies Limited

(Registration number: 5277403)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

1,014

506

Investment property

5

433,730

-

 

434,744

506

Current assets

 

Inventories

6

116,134

112,410

Receivables

7

294,172

165,354

Cash at bank and in hand

 

313,612

835,095

 

723,918

1,112,859

Payables: Amounts falling due within one year

8

(185,853)

(215,111)

Net current assets

 

538,065

897,748

Total assets less current liabilities

 

972,809

898,254

Provisions for liabilities

9

(251)

(742)

Net assets

 

972,558

897,512

Equity

 

Called up share capital

10

100

100

Share premium reserve

10

10,834

10,834

Retained earnings

10

961,624

886,578

Shareholders' funds

 

972,558

897,512

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Dorking Plumbing Supplies Limited

(Registration number: 5277403)
Statement of Financial Position as at 31 March 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.

The financial statements of Dorking Plumbing Supplies Limited were approved and authorised for issue by the director on 9 October 2024

.........................................

J L Penfold
Director

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

Dorking Plumbing Supplies Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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 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.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable excluding value added tax, returns, rebates and discounts.

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 company operates and generates taxable income.

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Improvements to property

The period of the lease

Plant and machinery

10% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Office equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Receivables

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

Inventories

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

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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 company’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

The company operates a defined contribution pension scheme. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Motor vehicles
 £

Leasehold Improvements
£

Total
£

Cost

At 1 April 2023

19,339

16,239

33,483

69,061

Additions

1,119

-

-

1,119

At 31 March 2024

20,458

16,239

33,483

70,180

Depreciation

At 1 April 2023

18,834

16,239

33,482

68,555

Charge for the year

611

-

-

611

At 31 March 2024

19,445

16,239

33,482

69,166

Carrying amount

At 31 March 2024

1,013

-

1

1,014

At 31 March 2023

505

-

1

506

5

Investment properties

2024
£

Additions

433,730

At 31 March

433,730

There has been no valuation of investment property by an independent valuer.

6

Inventories

2024
£

2023
£

Goods for resale

116,134

112,410

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Receivables

2024
£

2023
£

Trade receivables

103,439

127,007

Other receivables

188,973

29,195

Prepayments

1,760

9,152

294,172

165,354

8

Payables

2024
£

2023
£

Due within one year

Trade payables

123,760

155,439

Amounts due to related parties

-

1,846

Social security and other taxes

24,460

24,391

Corporation tax

22,369

20,311

Other payables

9,701

9,410

Accruals

5,563

3,714

185,853

215,111

9

Provisions for liabilities

Deferred tax
£

At 1 April 2023

742

Decrease in existing provisions

(491)

At 31 March 2024

251

 

Dorking Plumbing Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

10

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

Reserves

The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.