Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-012023-05-012023-05-012023-05-012023-05-012023-05-012023-12-3160falseNo description of principal activity2023-01-01false15falsefalse 03573421 2023-01-01 2023-12-31 03573421 2022-01-01 2022-12-31 03573421 2023-12-31 03573421 2022-12-31 03573421 2022-01-01 03573421 1 2023-01-01 2023-12-31 03573421 1 2022-01-01 2022-12-31 03573421 d:Director1 2023-01-01 2023-12-31 03573421 d:Director1 2023-12-31 03573421 d:Director2 2023-01-01 2023-12-31 03573421 d:Director2 2023-12-31 03573421 d:Director3 2023-01-01 2023-12-31 03573421 d:Director3 2023-12-31 03573421 d:Director4 2023-01-01 2023-12-31 03573421 d:Director4 2023-12-31 03573421 d:RegisteredOffice 2023-01-01 2023-12-31 03573421 e:PlantMachinery 2023-01-01 2023-12-31 03573421 e:PlantMachinery 2023-12-31 03573421 e:PlantMachinery 2022-12-31 03573421 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03573421 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03573421 e:MotorVehicles 2023-01-01 2023-12-31 03573421 e:MotorVehicles 2023-12-31 03573421 e:MotorVehicles 2022-12-31 03573421 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03573421 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03573421 e:FurnitureFittings 2023-01-01 2023-12-31 03573421 e:FurnitureFittings 2023-12-31 03573421 e:FurnitureFittings 2022-12-31 03573421 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03573421 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03573421 e:OfficeEquipment 2023-01-01 2023-12-31 03573421 e:OfficeEquipment 2023-12-31 03573421 e:OfficeEquipment 2022-12-31 03573421 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03573421 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03573421 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03573421 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03573421 e:CurrentFinancialInstruments 2023-12-31 03573421 e:CurrentFinancialInstruments 2022-12-31 03573421 e:Non-currentFinancialInstruments 2023-12-31 03573421 e:Non-currentFinancialInstruments 2022-12-31 03573421 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03573421 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03573421 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03573421 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 03573421 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 03573421 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 03573421 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 03573421 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 03573421 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03573421 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 03573421 e:UKTax 2023-01-01 2023-12-31 03573421 e:UKTax 2022-01-01 2022-12-31 03573421 e:ShareCapital 2023-01-01 2023-12-31 03573421 e:ShareCapital 2023-12-31 03573421 e:ShareCapital 2022-01-01 2022-12-31 03573421 e:ShareCapital 2022-12-31 03573421 e:ShareCapital 2022-01-01 03573421 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03573421 e:RetainedEarningsAccumulatedLosses 2023-12-31 03573421 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03573421 e:RetainedEarningsAccumulatedLosses 2022-12-31 03573421 e:RetainedEarningsAccumulatedLosses 2022-01-01 03573421 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03573421 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03573421 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03573421 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03573421 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03573421 d:OrdinaryShareClass1 2023-12-31 03573421 d:OrdinaryShareClass1 2022-12-31 03573421 d:EntityNoLongerTradingButTradedInPast 2023-01-01 2023-12-31 03573421 d:FRS102 2023-01-01 2023-12-31 03573421 d:Audited 2023-01-01 2023-12-31 03573421 d:FullAccounts 2023-01-01 2023-12-31 03573421 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03573421 e:WithinOneYear 2023-12-31 03573421 e:WithinOneYear 2022-12-31 03573421 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 03573421 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 03573421 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 03573421 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 03573421 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-12-31 03573421 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 03573421 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 03573421 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 03573421 e:LeasedAssetsHeldAsLessee 2023-12-31 03573421 e:LeasedAssetsHeldAsLessee 2022-12-31 03573421 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number:  03573421














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


 
AMS PLUMBING SUPPLIES LIMITED
 
 
COMPANY INFORMATION


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




Registered number
03573421



Registered office
Votec House
Hambridge Lane

Newbury

RG14 5TN




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

11th Floor, The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
AMS PLUMBING SUPPLIES LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Analysis of net debt
11
Notes to the financial statements
12 - 26


 
AMS PLUMBING SUPPLIES 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
 
On 28 April 2023, Newbury Investments (UK) Ltd acquired the entire share capital of AMS Plumbing Supplies Holdings Limited, the parent company of AMS Plumbing Supplies Limited. AMS Plumbing Supplies Ltd 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 result for the trade up to 30 April 2023, which continued to be strong, and 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 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, the parent company of AMS Plumbing Supplies Limited.
The entire trade and assets of the company were hived up into a fellow subsidiary Primaflow Limited on 1 May 2023. Trade ceased immediately before this date, 30 April 2023.

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 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 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 profit for the year, after taxation, amounted to £658,841 (2022 - £1,913,728).

No dividends were paid in the year.

Directors

The directors who served during the year were:

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

Future developments

The company ceased trading on 30 April 2023.

Page 2

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

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsLangtons 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 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES LIMITED
 

Opinion


We have audited the financial statements of AMS Plumbing Supplies Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 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 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 the company 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 2.2. Our opinion is not modified in respect of this matter.





Page 4

 
AMS PLUMBING SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES LIMITED (CONTINUED)


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.


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 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMS PLUMBING SUPPLIES 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 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 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 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.





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 LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,178,409
15,784,903

Cost of sales
  
(3,126,078)
(9,593,919)

Gross profit
  
2,052,331
6,190,984

Administrative expenses
  
(1,198,747)
(3,799,144)

Other operating income
 5 
-
9,116

Operating profit
  
853,584
2,400,956

Interest payable and similar expenses
 9 
(15,676)
(38,609)

Profit before tax
  
837,908
2,362,347

Tax on profit
 10 
(179,067)
(448,619)

Profit for the financial year
  
658,841
1,913,728

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

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 8

 
AMS PLUMBING SUPPLIES LIMITED
REGISTERED NUMBER: 03573421

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
-
620,515

  
-
620,515

Current assets
  

Stocks
 12 
-
5,689,859

Debtors: amounts falling due within one year
 13 
7,823,206
3,843,641

Cash at bank and in hand
 14 
-
158,614

  
7,823,206
9,692,114

Creditors: amounts falling due within one year
 15 
-
(2,815,125)

Net current assets
  
 
 
7,823,206
 
 
6,876,989

Total assets less current liabilities
  
7,823,206
7,497,504

Creditors: amounts falling due after more than one year
 16 
-
(223,209)

Provisions for liabilities
  

Deferred tax
 20 
-
(109,930)

  
 
 
-
 
 
(109,930)

Net assets
  
7,823,206
7,164,365


Capital and reserves
  

Called up share capital 
 21 
70
70

Profit and loss account
 22 
7,823,136
7,164,295

  
7,823,206
7,164,365


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 12 to 26 form part of these financial statements.

Page 9

 
AMS PLUMBING SUPPLIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
70
5,250,567
5,250,637


Comprehensive income for the year

Profit for the year
-
1,913,728
1,913,728
Total comprehensive income for the year
-
1,913,728
1,913,728



At 1 January 2023
70
7,164,295
7,164,365


Comprehensive income for the year

Profit for the year
-
658,841
658,841
Total comprehensive income for the year
-
658,841
658,841


At 31 December 2023
70
7,823,136
7,823,206


The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
AMS PLUMBING SUPPLIES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023



At 1 January 2023
Cash flows
£

£

Cash at bank and in hand

158,614

(158,614)

Bank overdrafts

(201,262)

201,262

Debt due after 1 year

(24,946)

24,946

Debt due within 1 year

(9,890)

9,890

Finance leases

(331,990)

331,990


(409,474)
409,474

The notes on pages 12 to 26 form part of these financial statements.

Page 11

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

1.


General information

AMS Plumbing Supplies Limited is a private limited liability company, limited by shares, incorporated in England and Wales. The registered office is Votec House, Hambridge Lane, Newbury,  RG14 5TN  and the company number is 03573421.
These financial statements present information about the company as an individual undertaking; it is a subsidiary of AMS Plumbing Supplies Holdings Limited.
The principal activity of the company was distribution of plumbing products.
On 28 April 2023, Newbury Investments (UK) Ltd acquired the entire share capital of AMS Plumbing Supplies Holdings Limited. AMS Plumbing Supplies Ltd 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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As the company 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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 12

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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or the reducing balance method as specified below..

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

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

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 15

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 16

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets, provisions for obsolete and damaged stock and the provision for bad and doubtful debts


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Plumbing supplies sales
5,178,409
15,784,903

5,178,409
15,784,903


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
9,116

-
9,116


Page 17

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

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,975
8,860


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
558,287
2,020,130

Social security costs
45,491
198,655

Cost of defined contribution scheme
16,211
50,367

619,989
2,269,152


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors and Employees
15
60


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
3,337
11,129

3,337
11,129


Page 18

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

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
280
1,110

Finance leases and hire purchase contracts
6,613
13,043

Other interest payable
8,783
24,456

15,676
38,609


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
153,059
434,902


Total current tax
153,059
434,902

Deferred tax


Origination and reversal of timing differences
26,008
13,717

Total deferred tax
26,008
13,717


Taxation on profit on ordinary activities
179,067
448,619
Page 19

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


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
837,908
2,362,347


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
171,771
448,846

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,954
2,543

Remeasurement of deferred tax for changes in tax rates
3,342
(2,770)

Total tax charge for the year
179,067
448,619


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

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

11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£





At 1 January 2023
115,767
877,068
253,949
70,845
1,317,629


Additions
-
107,197
33,547
-
140,744


Transfers intra group
(115,767)
(933,505)
(287,496)
(70,845)
(1,407,613)


Disposals
-
(50,760)
-
-
(50,760)



At 31 December 2023

-
-
-
-
-





At 1 January 2023
71,572
370,430
189,000
66,112
697,114


Charge for the year on owned assets
1,787
6,983
3,666
1,330
13,766


Charge for the year on financed assets
423
42,191
-
-
42,614


Transfers intra group
(73,782)
(382,261)
(192,666)
(67,442)
(716,151)


Disposals
-
(37,343)
-
-
(37,343)



At 31 December 2023

-
-
-
-
-



Net book value



At 31 December 2023
-
-
-
-
-



At 31 December 2022
44,195
506,638
64,949
4,733
620,515

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
8,468

Motor vehicles
-
432,406

-
440,874

Page 21

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

12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
-
5,689,859

-
5,689,859



13.


Debtors

2023
2022
£
£


Trade debtors
-
1,898,249

Amounts owed by group undertakings
7,823,206
-

Amounts owed by joint ventures and associated undertakings
-
722,246

Other debtors
-
532,569

Prepayments and accrued income
-
690,577

7,823,206
3,843,641



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
158,614

Less: bank overdrafts
-
(201,262)

-
(42,648)


Page 22

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

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
201,262

Bank loans
-
9,890

Trade creditors
-
1,032,268

Corporation tax
-
434,902

Other taxation and social security
-
537,926

Obligations under finance lease and hire purchase contracts
-
133,727

Other creditors
-
342

Accruals and deferred income
-
464,808

-
2,815,125



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
24,946

Net obligations under finance leases and hire purchase contracts
-
198,263

-
223,209


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts
-
201,262

Net obligations under finance leases and hire purchase contracts
-
331,990

-
533,252

Details of security provided:

Bank overdrafts and net obligations under finance lease and hire purchase contracts are secured on the assets of the company.

Page 23

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

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
9,890

Amounts falling due 1-2 years

Bank loans
-
10,140

Amounts falling due 2-5 years

Bank loans
-
14,806


-
34,836



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
148,350

Between 1-5 years
-
226,083

-
374,433


19.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
158,614




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 24

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

20.


Deferred taxation




2023


£






At beginning of year
109,930


Charged to profit or loss
26,008


Inter group transfer
(135,938)



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
109,930

-
109,930


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



70 (2022 - 70) Ordinary shares of £1.00 each
70
70



22.


Reserves

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses.


23.


Pension commitments

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £16,211 (2022 £50,367).
Contributions totalling £Nil (2022 £19,424) were payable to the fund at the balance sheet date and are included in creditors.

Page 25

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

24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
146,060


25.


Related party transactions

Up to the date of the entire share capital of AMS Plumbing Supplies Holdings Limited, the parent company, being acquired by Newbury Investments (UK) Limited, the following related party transactions took place:-


2023
2022
£
£

Sales to a related party
427,099
1,214,632
Rent paid to a related party
19,760
63,588
Purchases from a related party
-
3,135
Amounts due from related parties
-
1,239,827

Following the acquisition of the entire share capital of AMS Plumbing Supplies Holdings Limited, the parent company, by Newbury Investments (UK) Limited, 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.


26.


Controlling party

The ultimate parent undertaking is Newbury Investments Holdings Limited, a company registered in England and Wales.
The immediate parent undertaking is AMS Plumbing Supplies Holdings Limited, which is a wholly owned subsidiary of Newbury Investments (UK) Limited, a company registered in England. 
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 26