REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTOR'S REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTOR'S REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Director's Report | 3 |
Independent Auditors' Report | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditor |
1 & 2 Mercia Village |
Torwood Close |
Westwood Business Park |
Coventry |
West Midlands |
CV4 8HX |
BANKERS: |
118 Walsgrave Road |
Coventry |
West Midlands |
CV2 4ZZ |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The director presents her strategic report for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
The company is a retailer of plumbing and heating products to both trade customers and the general public through its two branches in Coventry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company monitors and manages risk as part of its normal operating management. The principal risks and uncertainties facing the company are broadly as follows: |
Competitive risk |
The company operates in a competitive environment with a range of local and global competitors, local economic fluctuations can be limited due to a broad customer base, improving and adapting new technologies. |
Stock management |
The company reviews and maintain a tight control on the volume and value of stock held, as well as having stock managers to oversee operations on a day to day basis. |
Credit risk |
The company only trades with recognised, credit worthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the accounts receivable balances are monitored on regular basis and based on historic results the company's exposure to bad debts is not significant. |
The director considers revenue, gross profit margin and net profit to be the key financial indicators for the performance review. |
The director is encouraged by the results shown for the year and by how this had lead to the retention of an extremely strong Balance Sheet at the year end. Despite operating in extremely competitive environment, the company continually aims to improve efficiency in all areas of operations, including cost reduction and effective stock management. They do recognise however the customer service will always remain their top priority. |
KEY PERFORMANCE INDICATORS |
The Key Performance Indicators are turnover and profit margins which are monitored closely throughout the year. |
The results are as follows; |
2024 | 2023 |
£ | £ |
Turnover | 18,770,374 | 18,639,915 |
Gross profit | 3,305,327 | 3,335,158 |
Profit before taxation | 462,453 | 1,012,220 |
The director has a clear plan to achieve year on year turnover growth which she hopes to achieve by continuing to offer a large range of the latest products whilst ensuring prices are competitive. |
ON BEHALF OF THE BOARD: |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
DIRECTOR'S REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The director presents her report with the financial statements of the company for the year ended 31 January 2024. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
Ordinary £1 | - | £ |
Ordinary B £1 | - | £ |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
DIRECTORS |
The beneficial interests of the director holding office at 31 January 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
1.2.23 |
or date of |
appointment |
31.1.24 | if later |
Ordinary shares of £1 each |
- | - |
She did not hold any beneficial interests in the Ordinary B shares of £1 each. |
He did not hold any non-beneficial interests in any of the shares of the company. |
DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
DIRECTOR'S REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
AUDITORS |
The auditors, Armstrongs Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
Opinion |
We have audited the financial statements of Coventry Plumbing & Heating Supplies Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
COVENTRY PLUMBING & HEATING SUPPLIES LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the industry, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting unusual journal entries to increase revenue and profits or the manipulation of accounting estimates which could be subject to management bias. Audit procedures performed by the engagement team included: |
-Enquiry with management, those charged with governance around actual and potential litigation and claims; |
-Enquiry of entity staff to identify any instances of non-compliance with laws and regulations; |
-Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
-Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
-Performing audit work over the risk of understatement of turnover including analytical review and obtaining corroborated explanations from management. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
1 & 2 Mercia Village |
Torwood Close |
Westwood Business Park |
Coventry |
West Midlands |
CV4 8HX |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
462,453 | 1,012,721 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | 140,650 | 29,676 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,749,785 |
Cash and cash equivalents at end of year | 2 | 4,961,193 | 3,152,705 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | - | 501 |
Finance income | (11,310 | ) | (1,791 | ) |
483,478 | 1,058,364 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 4,961,193 | 3,152,705 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 3,152,705 | 2,749,785 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,152,705 | 1,808,488 | 4,961,193 |
3,152,705 | 4,961,193 |
Total | 3,152,705 | 1,808,488 | 4,961,193 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
ERROR MESSAGES FROM THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
** | LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CASH FLOW STATEMENT | = | 402,919 |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS | = | 402,920 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Coventry Plumbing & Heating Supplies Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis 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 on the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods 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 dispatch of goods. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stock is valued at the standard by cost system, which is based on the cost of goods purchased from suppliers and is updated in consistently with any increases in price. Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for damaged, obsolete and slow-moving stock where appropriate |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | 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. |
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. |
Going concern |
The director has considered working capital requirements of the company for the period of 12 months from the date of this report.She is confident that the company has sufficient resources to continue its operations for the foreseeable future. Accordingly, the director continue to adopt the going concern basis for the preparation of the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales & management staff |
2024 | 2023 |
£ | £ |
Directors' remuneration |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
The balance due from Kenilworth Town Limited being £352,044 has been written off this current year as the balance was irrecoverable. K Harris is a director and shareholder of both Kenilworth Town Ltd and coventry Plumbing & Heating Supplies Limited. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on overdue taxation |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 90,992 |
Prepayments |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Pension Control Account | 4,936 | 5,064 |
VAT | 151,060 | 109,528 |
Other creditors |
Directors' current accounts | 49,658 | - |
Accrued expenses |
14. | LEASING AGREEMENTS |
Ms K Harris (director) owns the business premises at 160 Swan Lane, Coventry CV2 4GB, and Unit 1 Curriers Close, Coventry CV4 8AW. The Company is on a rent free period for both of these premises. |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 8,564 | 8,782 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 January 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
19. | RELATED PARTY DISCLOSURES |
K Harris - Director and shareholder of Coventry Plumbing & Heating Supplies (Nuneaton) Limited |
The trading activity between Coventry Plumbing & Heating Supplies Limited and Coventry Plumbing & Heating Supplies (Nuneaton) Limited is as follows: |
2024 | 2023 |
£ | £ |
Sales | 1,154,516 | 1,240,470 |
Amounts receivable at the year end | 148,927 | 272,343 |
Purchases | 9,646 | 7,330 |
Amounts payable at the year end | 1,350 | 385 |
All transactions were at normal price and on normal business terms. |
K Harris - Director and shareholder of Plumbsave Limited |
The trading activity between Coventry Plumbing & Heating Supplies Limited and Plumbsave Limited is as follows: |
2024 | 2023 |
£ | £ |
Sales | 1,307,444 | 1,998,378 |
Amounts receivable at the year end | 216,726 | 261,321 |
Purchases | 58,903 | 78,291 |
Amounts payable at the year end | 3,219 | 14,355 |
All transactions were at normal price and on normal business terms. |
At 31st January 2024 there was a nil loan balance (2023: £323,696) K Harris is a director and shareholder of both Kenilworth Town Limited and Coventry Plumbing & Heating Supplies Limited. |