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Registered number:  11712311














AMS PLUMBING SUPPLIES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
S Westbrook (appointed 1 May 2023)
L Yu (appointed 1 May 2023)




Registered number
11712311



Registered office
Votec House
Hambridge Lane

Newbury

RG14 5TN




Independent auditor
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

11th Floor, The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 13


 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the financial statements of the company for the year ended 31st December 2023.

Business review
 
The company's principal activity is that of a holding company. On 28 April 2023, Newbury Investments (UK) Ltd acquired the entire share capital of this company. This company’s sole subsidiary, AMS Plumbing Supplies Limited, ceased trading on 30 April 2023 and its trade and assets were hived up to Primaflow Limited, a fellow subsidiary, on 1 May 2023.
The financial position of the company as at 31 December 2023 are shown in the annexed financial statements.


This report was approved by the board on 16 October 2024 and signed on its behalf.



L Yu
Director

Page 1

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

On 28 April 2023, Newbury Investments (UK) Ltd acquired the entire share capital of AMS Plumbing Supplies  Holdings Limited.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The loss for the year, after taxation, amounted to £176,794 (2022 - profit £NIL).

No dividends were paid in the year.

Directors

The directors who served during the year were:

A M Seddon (resigned 1 May 2023)
C M Seddon (resigned 1 May 2023)
S Westbrook (appointed 1 May 2023)
L Yu (appointed 1 May 2023)

Future developments

This company’s sole subsidiary, AMS Plumbing Supplies Limited, ceased trading on 30 April 2023.

Page 2

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Langtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 October 2024 and signed on its behalf.
 





L Yu
Director

Page 3

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of AMS Plumbing Supplies Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 December 2023 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Emphasis of matter 
We draw attention to Note 1 to the financial statements which explains that this company’s sole subsidiary, AMS Plumbing Supplies Ltd, ceased trading on 30 April 2023 and its trade and assets were hived up to a fellow subsidiary on 1 May 2023. The financial statements have been prepared on a basis other than going concern as described in Note 2.1. Our opinion is not modified in respect of this matter.





Page 4

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES HOLDINGS LIMITED (CONTINUED)


Auditor's 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 Auditor's 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
The objectives of our audit, in respect to fraud, are:
•  to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with those frameworks by making enquiries of management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
•  enquiries of management; and
•  journal entry testing, with a focus on journals indicating large or unusual transactions based on our
 understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud
Page 6

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES HOLDINGS LIMITED (CONTINUED)


or error.


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 Auditor's 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 2006Our 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 Auditor's 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.





Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
11th Floor, The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

16 October 2024
Page 7

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Amounts written off investments
  
(176,794)
-

(Loss)/profit before tax
  
(176,794)
-

(Loss)/profit after tax
  
(176,794)
-

  

  

Loss for the year
  
(176,794)
-

Retained earnings at the end of the year
  
(176,794)
-

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 13 form part of these financial statements.

Page 8

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
REGISTERED NUMBER: 11712311

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
7,823,206
8,000,000

  
7,823,206
8,000,000

Current assets
  

Debtors: amounts falling due within one year
 7 
110
-

  
110
-

Total assets less current liabilities
  
 
 
7,823,316
 
 
8,000,000

  

Net assets
  
7,823,316
8,000,000


Capital and reserves
  

Called up share capital 
 8 
8,000,110
8,000,000

Profit and loss account
  
(176,794)
-

  
7,823,316
8,000,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2024.




L Yu
Director

The notes on pages 10 to 13 form part of these financial statements.

Page 9

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

AMS Plumbing Supplies Holdings Limited is a private limited liability company, limited by shares, incorporated in England and Wales. The registered office is Votec House, Hambrdige Lane, Newbury, RG14 5TN and the company number is 11712311.
These financial statements present information about the company as an individual undertaking; it is a subsidiary of Newbury Investments (UK) Limited.
The principal activity of the company is that of a dormant holding company. 
On 28 April 2023, Newbury Investments (UK) Ltd acquired the entire share capital of this company. This company’s sole subsidiary, AMS Plumbing Supplies Limited, ceased trading on 30 April 2023 and its trade and assets were hived up to Primaflow Limited, a fellow subsidiary, on 1 May 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

As the company’s subsidiary has ceased trading, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 10

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
1,000
2,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


5.


Taxation


2023
2022
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(176,794)
-


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(41,582)
-

Effects of:


Non-tax deductible amortisation of goodwill and impairment
41,582
-

Total tax charge for the year
-
-

Page 11

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
5.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8,000,000



At 31 December 2023

8,000,000



Impairment


Charge for the period
176,794



At 31 December 2023

176,794



Net book value



At 31 December 2023
7,823,206



At 31 December 2022
8,000,000


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

AMS Plumbing Supplies Limited
Votec House, Hambridge Lane, Newbury, England, RG14 5TN
Ordinary
100%

Page 12

 
AMS PLUMBING SUPPLIES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
110
-

110
-



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,000,000 (2022 - 8,000,000) Ordinary shares of £1.00 each
8,000,000
8,000,000
110 (2022 - 0) A Ordinary shares of £1.00 each
110
-

8,000,110

8,000,000


On 28th April 2023, 110 A Ordinary shares of £1 each were issued.


9.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


10.


Controlling party

The ultimate parent undertaking is Newbury Investments Holdings Limited, a company registered in England and Wales.
The smallest group in which the results are consolidated is headed by Newbury Investments (UK) Limited, and the largest group in which the results of the company are consolidated is that headed by Newbury Investments Holdings Limited.
A copy of these accounts may be obtained from Companies House.

 
Page 13