IRIS Accounts Production v24.2.0.383 07391987 director 1.2.23 31.1.24 31.1.24 the sale of plumbing and heating products and accessories. true false true true false false false true false Ordinary 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073919872023-01-31073919872024-01-31073919872023-02-012024-01-31073919872022-01-31073919872022-02-012023-01-31073919872023-01-3107391987ns15:EnglandWales2023-02-012024-01-3107391987ns14:PoundSterling2023-02-012024-01-3107391987ns10:Director12023-02-012024-01-3107391987ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3107391987ns10:FRS1022023-02-012024-01-3107391987ns10:Audited2023-02-012024-01-3107391987ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3107391987ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3107391987ns10:FullAccounts2023-02-012024-01-310739198712023-02-012024-01-3107391987ns10:OrdinaryShareClass12023-02-012024-01-3107391987ns10:OrdinaryShareClass22023-02-012024-01-3107391987ns10:RegisteredOffice2023-02-012024-01-3107391987ns10:Director22023-02-012024-01-3107391987ns5:CurrentFinancialInstruments2024-01-3107391987ns5:CurrentFinancialInstruments2023-01-3107391987ns5:ShareCapital2024-01-3107391987ns5:ShareCapital2023-01-3107391987ns5:RetainedEarningsAccumulatedLosses2024-01-3107391987ns5:RetainedEarningsAccumulatedLosses2023-01-3107391987ns5:ShareCapital2022-01-3107391987ns5:RetainedEarningsAccumulatedLosses2022-01-3107391987ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3107391987ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3107391987ns5:NetGoodwill2023-02-012024-01-3107391987ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3107391987ns5:FurnitureFittings2023-02-012024-01-3107391987ns5:MotorVehicles2023-02-012024-01-3107391987ns5:ComputerEquipment2023-02-012024-01-3107391987ns5:OwnedAssets2023-02-012024-01-3107391987ns5:OwnedAssets2022-02-012023-01-3107391987ns5:NetGoodwill2022-02-012023-01-310739198762023-02-012024-01-310739198762022-02-012023-01-3107391987ns10:OrdinaryShareClass12022-02-012023-01-3107391987ns10:OrdinaryShareClass22022-02-012023-01-3107391987ns5:NetGoodwill2023-01-3107391987ns5:NetGoodwill2024-01-3107391987ns5:NetGoodwill2023-01-3107391987ns5:FurnitureFittings2023-01-3107391987ns5:MotorVehicles2023-01-3107391987ns5:ComputerEquipment2023-01-3107391987ns5:FurnitureFittings2024-01-3107391987ns5:MotorVehicles2024-01-3107391987ns5:ComputerEquipment2024-01-3107391987ns5:FurnitureFittings2023-01-3107391987ns5:MotorVehicles2023-01-3107391987ns5:ComputerEquipment2023-01-3107391987ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3107391987ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3107391987ns5:DeferredTaxation2023-01-3107391987ns5:DeferredTaxation2023-02-012024-01-3107391987ns5:DeferredTaxation2024-01-3107391987ns10:OrdinaryShareClass12024-01-3107391987ns10:OrdinaryShareClass22024-01-3107391987ns5:RetainedEarningsAccumulatedLosses2023-01-3107391987ns10:Director222023-01-3107391987ns10:Director222022-01-3107391987ns10:Director222023-02-012024-01-3107391987ns10:Director222022-02-012023-01-3107391987ns10:Director222024-01-3107391987ns10:Director222023-01-31073919871ns10:Director12023-01-31073919871ns10:Director12022-01-31073919871ns10:Director12023-02-012024-01-31073919871ns10:Director12022-02-012023-01-31073919871ns10:Director12024-01-31073919871ns10:Director12023-01-31
REGISTERED NUMBER: 07391987 (England and Wales)















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: Mrs K Harris



REGISTERED OFFICE: 1-2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX



REGISTERED NUMBER: 07391987 (England and Wales)



INDEPENDENT AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX



BANKERS: National Westminster Bank Plc
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:





Mrs K Harris - Director


18 October 2024

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 - £1414.60
Ordinary B £1 - £860

The total distribution of dividends for the year ended 31 January 2024 will be £ 227,460 .

DIRECTORS
G F Harris - deceased 11.8.2023

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
Mrs K Harris - appointed 12.9.2023 - -

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:





Mrs K Harris - Director


18 October 2024

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.




Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

18 October 2024

COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 18,770,374 18,639,915

Cost of sales 15,465,047 15,304,757
GROSS PROFIT 3,305,327 3,335,158

Administrative expenses 2,854,184 2,324,228
OPERATING PROFIT 4 451,143 1,010,930

Interest receivable and similar income 11,310 1,791
462,453 1,012,721

Interest payable and similar expenses 6 - 501
PROFIT BEFORE TAXATION 462,453 1,012,220

Tax on profit 7 228,841 169,065
PROFIT FOR THE FINANCIAL YEAR 233,612 843,155

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 233,612 843,155


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

233,612

843,155

COVENTRY PLUMBING & HEATING SUPPLIES LTD (REGISTERED NUMBER: 07391987)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 85,722 102,660
85,722 102,660

CURRENT ASSETS
Stocks 11 3,025,582 4,275,748
Debtors 12 1,913,606 2,366,655
Cash at bank and in hand 4,961,193 3,152,705
9,900,381 9,795,108
CREDITORS
Amounts falling due within one year 13 2,019,485 1,937,084
NET CURRENT ASSETS 7,880,896 7,858,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,966,618

7,960,684

PROVISIONS FOR LIABILITIES 15 8,564 8,782
NET ASSETS 7,958,054 7,951,902

CAPITAL AND RESERVES
Called up share capital 16 200 200
Retained earnings 17 7,957,854 7,951,702
SHAREHOLDERS' FUNDS 7,958,054 7,951,902

The financial statements were approved by the director and authorised for issue on 18 October 2024 and were signed by:





Mrs K Harris - Director


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 200 7,175,667 7,175,867

Changes in equity
Dividends - (67,120 ) (67,120 )
Total comprehensive income - 843,155 843,155
Balance at 31 January 2023 200 7,951,702 7,951,902

Changes in equity
Dividends - (227,460 ) (227,460 )
Total comprehensive income - 233,612 233,612
Balance at 31 January 2024 200 7,957,854 7,958,054

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 2,106,452 956,021
Interest paid - (501 )
Tax paid (207,067 ) (516,948 )
Net cash from operating activities 1,899,385 438,572

Cash flows from investing activities
Purchase of tangible fixed assets (15,397 ) -
Interest received 11,310 1,791
Net cash from investing activities (4,087 ) 1,791

Cash flows from financing activities
Amount withdrawn by directors 140,650 29,676
Equity dividends paid (227,460 ) (67,120 )
Net cash from financing activities (86,810 ) (37,444 )

Increase in cash and cash equivalents 1,808,488 402,919
Cash and cash equivalents at beginning of
year

2

3,152,705

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 462,453 1,012,220
Depreciation charges 32,335 47,434
Finance costs - 501
Finance income (11,310 ) (1,791 )
483,478 1,058,364
Decrease/(increase) in stocks 1,250,166 (605,840 )
Decrease/(increase) in trade and other debtors 362,057 (5,597 )
Increase in trade and other creditors 10,751 509,094
Cash generated from operations 2,106,452 956,021

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 1,808,488 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 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.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 1,445,626 1,337,693
Social security costs 131,494 125,892
Other pension costs 27,215 24,189
1,604,335 1,487,774

The average number of employees during the year was as follows:
2024 2023

Sales & management staff 47 43

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 32,335 32,435
Goodwill amortisation - 15,000
Auditors' remuneration 10,750 9,270

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 - 501

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 229,059 174,153

Deferred tax (218 ) (5,088 )
Tax on profit 228,841 169,065

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 141,460 31,460
Ordinary B shares of £1 each
Interim 86,000 35,660
227,460 67,120

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 100,000
AMORTISATION
At 1 February 2023
and 31 January 2024 100,000
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 191,175 290,293 76,654 558,122
Additions - 6,000 9,397 15,397
At 31 January 2024 191,175 296,293 86,051 573,519
DEPRECIATION
At 1 February 2023 167,642 215,629 72,191 455,462
Charge for year 7,688 18,749 5,898 32,335
At 31 January 2024 175,330 234,378 78,089 487,797
NET BOOK VALUE
At 31 January 2024 15,845 61,915 7,962 85,722
At 31 January 2023 23,533 74,664 4,463 102,660

11. STOCKS
2024 2023
£    £   
Stocks 3,025,582 4,275,748

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,751,397 1,927,731
Other debtors 1,900 329,097
Directors' current accounts - 90,992
Prepayments 160,309 18,835
1,913,606 2,366,655

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 1,678,770 1,770,199
Corporation tax 29,059 7,067
Social security and other taxes 28,053 29,436
Pension Control Account 4,936 5,064
VAT 151,060 109,528
Other creditors 50,340 -
Directors' current accounts 49,658 -
Accrued expenses 27,609 15,790
2,019,485 1,937,084

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 8,782
Credit to Income Statement during year (218 )
Balance at 31 January 2024 8,564

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
100 Ordinary B £1 100 100
200 200

17. RESERVES
Retained
earnings
£   

At 1 February 2023 7,951,702
Profit for the year 233,612
Dividends (227,460 )
At 31 January 2024 7,957,854

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
£    £   
G F Harris
Balance outstanding at start of year 90,992 120,667
Amounts advanced 49,658 1,784
Amounts repaid (140,650 ) (31,459 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 90,992

Mrs K Harris
Balance outstanding at start of year - -
Amounts repaid (49,658 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (49,658 ) -

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.