Registration number:
Dorking Plumbing Supplies Limited
for the Year Ended 31 March 2024
Dorking Plumbing Supplies Limited
Contents
Company Information |
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Director's Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Dorking Plumbing Supplies Limited
Company Information
Director |
J L Penfold |
Company secretary |
N A Shuttleworth |
Registered office |
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Accountants |
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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:
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
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Dorking Plumbing Supplies Limited
(Registration number: 5277403)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Investment property |
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- |
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Current assets |
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Inventories |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Equity |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Director
Dorking Plumbing Supplies Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024
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.
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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Dorking Plumbing Supplies Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)
Property, plant and equipment |
Furniture, fittings and equipment |
Motor vehicles |
Leasehold Improvements |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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- |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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- |
- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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- |
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Investment properties |
2024 |
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Additions |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
Inventories |
2024 |
2023 |
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Goods for resale |
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Dorking Plumbing Supplies Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)
Receivables |
2024 |
2023 |
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Trade receivables |
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Other receivables |
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Prepayments |
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Payables |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Amounts due to related parties |
- |
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Social security and other taxes |
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Corporation tax |
22,369 |
20,311 |
Other payables |
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Accruals |
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Provisions for liabilities |
Deferred tax |
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At 1 April 2023 |
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Decrease in existing provisions |
( |
At 31 March 2024 |
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Dorking Plumbing Supplies Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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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.