Pro Plumb (Folkestone) Limited 06459637 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of retailers of plumbing and heating products. Digita Accounts Production Advanced 6.30.9574.0 true true 06459637 2023-02-01 2024-01-31 06459637 2024-01-31 06459637 bus:Director1 1 2024-01-31 06459637 core:RetainedEarningsAccumulatedLosses 2024-01-31 06459637 core:ShareCapital 2024-01-31 06459637 core:CurrentFinancialInstruments 2024-01-31 06459637 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 06459637 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 06459637 core:Goodwill 2024-01-31 06459637 core:FurnitureFittings 2024-01-31 06459637 core:MotorVehicles 2024-01-31 06459637 core:OfficeEquipment 2024-01-31 06459637 core:PlantMachinery 2024-01-31 06459637 bus:SmallEntities 2023-02-01 2024-01-31 06459637 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06459637 bus:FilletedAccounts 2023-02-01 2024-01-31 06459637 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06459637 bus:RegisteredOffice 2023-02-01 2024-01-31 06459637 bus:Director1 2023-02-01 2024-01-31 06459637 bus:Director1 1 2023-02-01 2024-01-31 06459637 bus:Director2 2023-02-01 2024-01-31 06459637 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 06459637 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06459637 core:Goodwill 2023-02-01 2024-01-31 06459637 core:FurnitureFittings 2023-02-01 2024-01-31 06459637 core:MotorVehicles 2023-02-01 2024-01-31 06459637 core:OfficeEquipment 2023-02-01 2024-01-31 06459637 core:PlantMachinery 2023-02-01 2024-01-31 06459637 countries:EnglandWales 2023-02-01 2024-01-31 06459637 2023-01-31 06459637 bus:Director1 1 2023-01-31 06459637 core:Goodwill 2023-01-31 06459637 core:FurnitureFittings 2023-01-31 06459637 core:MotorVehicles 2023-01-31 06459637 core:OfficeEquipment 2023-01-31 06459637 core:PlantMachinery 2023-01-31 06459637 2022-02-01 2023-01-31 06459637 2023-01-31 06459637 bus:Director1 1 2023-01-31 06459637 core:RetainedEarningsAccumulatedLosses 2023-01-31 06459637 core:ShareCapital 2023-01-31 06459637 core:CurrentFinancialInstruments 2023-01-31 06459637 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 06459637 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 06459637 core:Goodwill 2023-01-31 06459637 core:FurnitureFittings 2023-01-31 06459637 core:MotorVehicles 2023-01-31 06459637 core:OfficeEquipment 2023-01-31 06459637 core:PlantMachinery 2023-01-31 06459637 bus:Director1 1 2022-02-01 2023-01-31 06459637 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 06459637 bus:Director1 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 06459637

Pro Plumb (Folkestone) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Pro Plumb (Folkestone) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Pro Plumb (Folkestone) Limited

Company Information

Directors

Mr N Buss

Mr S Bullman

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Pro Plumb (Folkestone) Limited

(Registration number: 06459637)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

24,000

30,000

Tangible assets

5

51,996

63,694

 

75,996

93,694

Current assets

 

Stocks

6

42,400

37,000

Debtors

7

106,013

307,394

Cash at bank and in hand

 

406,892

166,584

 

555,305

510,978

Creditors: Amounts falling due within one year

8

(295,185)

(276,562)

Net current assets

 

260,120

234,416

Total assets less current liabilities

 

336,116

328,110

Creditors: Amounts falling due after more than one year

8

(5,560)

(9,518)

Provisions for liabilities

(9,879)

(12,102)

Net assets

 

320,677

306,490

Capital and reserves

 

Called up share capital

10

10

Retained earnings

320,667

306,480

Shareholders' funds

 

320,677

306,490

 

Pro Plumb (Folkestone) Limited

(Registration number: 06459637)
Balance Sheet as at 31 January 2024 (continued)

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr S Bullman
Director

   
     
 

Pro Plumb (Folkestone) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

The principal place of business is:
Unit 8,9,10
Stanley Court
Shearway Business Park, Shearway Road
Folkestone
Kent
CT19 4FJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pro Plumb (Folkestone) Limited

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

2

Accounting policies (continued)

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Motor vehicles

25% straight line

Office equipment

20% straight line

Plant & machinery

10 years straight line

Fixtures & fittings

10 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line basis

 

Pro Plumb (Folkestone) Limited

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

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pro Plumb (Folkestone) Limited

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

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Pro Plumb (Folkestone) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

120,000

120,000

At 31 January 2024

120,000

120,000

Amortisation

At 1 February 2023

90,000

90,000

Amortisation charge

6,000

6,000

At 31 January 2024

96,000

96,000

Carrying amount

At 31 January 2024

24,000

24,000

At 31 January 2023

30,000

30,000

 

Pro Plumb (Folkestone) Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

63,224

13,900

4,785

24,649

106,558

At 31 January 2024

63,224

13,900

4,785

24,649

106,558

Depreciation

At 1 February 2023

20,904

5,560

4,675

11,725

42,864

Charge for the year

6,323

1,390

102

3,883

11,698

At 31 January 2024

27,227

6,950

4,777

15,608

54,562

Carrying amount

At 31 January 2024

35,997

6,950

8

9,041

51,996

At 31 January 2023

42,320

8,340

110

12,924

63,694

 

Pro Plumb (Folkestone) Limited

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

42,400

37,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

90,016

94,654

Prepayments

12,734

12,740

Other debtors

3,263

200,000

 

106,013

307,394

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,497

6,608

Trade creditors

 

203,643

165,757

Taxation and social security

 

80,345

96,775

Accruals and deferred income

 

2,000

1,885

Other creditors

 

4,700

5,537

 

295,185

276,562

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,560

9,518

 

Pro Plumb (Folkestone) Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

5,560

9,518

Current loans and borrowings

2024
£

2023
£

Directors current account

540

3,040

Hire purchase liabilities

3,957

3,568

4,497

6,608

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £11,450.00 (2023 - £15,338.94) per each Ordinary

114,500

153,389

 

 

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr N Buss

Directors Loan

200,000

(200,000)

-

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr N Buss

Directors Loan

-

200,000

200,000

 

Pro Plumb (Folkestone) Limited

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

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,500

26,000

Contributions paid to money purchase schemes

10,000

13,250

37,500

39,250