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Registration number: 01047919

Supply Plus Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Supply Plus Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 12

 

Supply Plus Limited

Company Information

Directors

L Lundkvist

D Gotts

D W Plant

R E M Stuart

P J Wigh

Registered office

Unit 1 Papworth Busines Park
Stirling Way
Papworth Everard
CB23 3GY

Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Supply Plus Limited

(Registration number: 01047919)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

5

444,065

544,361

Current assets

 

Inventories

6

1,281,939

1,055,006

Receivables

7

1,881,171

1,576,949

Cash at bank and in hand

8

844,880

335,624

 

4,007,990

2,967,579

Payables: Amounts falling due within one year

9

(1,304,041)

(983,045)

Net current assets

 

2,703,949

1,984,534

Total assets less current liabilities

 

3,148,014

2,528,895

Payables: Amounts falling due after more than one year

9

(171,648)

(261,652)

Provisions for liabilities

(203,816)

(211,816)

Net assets

 

2,772,550

2,055,427

Equity

 

Called up share capital

12

3,550

3,550

Retained earnings

12

2,769,000

2,051,877

Shareholder's funds

 

2,772,550

2,055,427

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Income statement.

The financial statements of Supply Plus Limited were approved and authorised for issue by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................

D Gotts
Director

 

Supply Plus Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

Supply Plus Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the availability of resources from the company's group. After making enquiries, the directors
are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company’s financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Lagercrantz Group AB, which may be obtained from Vasagatan 11, Stockholm, SE111 20, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..

 

Supply Plus Limited

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

2

Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents the value of services provided to its fellow subsidiaries, net of value added tax. Revenue is recognised when the company has a contractual right to receive revenue for work undertaken.

Tax

The tax expense for the period comprises current 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

5 years straight line

Fixures and Fittings

Between 2 and 5 years straight line

Motor Vehicle

3 years straight line

 

Supply Plus Limited

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

2

Accounting policies (continued)

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is
considered to have a finite useful life and is amortised on a systematic basis over its expected.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to
benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for
impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the
unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to
the unit and then to the other assets of the unit prorata on the basis of the carrying amount of each
asset in the unit.

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:

Cash and cash equivalents

Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of
change in value.

Receivables

Receivables 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 receivables 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.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost 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.

Inventories held for distribution at no or nominal consideration are measured at the lower of
replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
inventories over its estimated selling price less costs to complete and sell is recognised as an
impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

Supply Plus Limited

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

2

Accounting policies (continued)

Payables

Payables 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.

Payables 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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.Provision for dilapidations represents the directors' best estimate of the cost of bringing certain premises, held under operating lease, back to their original state as required by the lease agreement.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 Statement of Financial Position as a finance lease obligation.

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

 

Supply Plus Limited

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

2

Accounting policies (continued)

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

The company operates a defined contribution pension scheme. The assets of the schemes are held
separately from those of the company. Contributions are recognised in the income statement in the
period in which they become payable

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 64 (2023 - 65).

 

Supply Plus Limited

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

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost

At 1 April 2023

313,130

90,816

403,946

At 31 March 2024

313,130

90,816

403,946

Amortisation

At 1 April 2023

313,130

90,816

403,946

At 31 March 2024

313,130

90,816

403,946

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

-

-

-

5

Property, plant and equipment

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost

At 1 April 2023

299,652

6,398

1,089,067

1,395,117

Additions

13,056

-

52,110

65,166

At 31 March 2024

312,708

6,398

1,141,177

1,460,283

Depreciation

At 1 April 2023

287,740

6,398

556,618

850,756

Charge for the year

12,977

-

152,485

165,462

At 31 March 2024

300,717

6,398

709,103

1,016,218

Carrying amount

At 31 March 2024

11,991

-

432,074

444,065

At 31 March 2023

11,912

-

532,449

544,361

 

Supply Plus Limited

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

5

Property, plant and equipment (continued)

The net carrying amounts of tangible assets held under hire purchase contracts as at the year end were plant and machinery totalling £331,251 (2023: £456,859).

6

Inventories

2024
£

2023
£

Finished goods and raw materials

1,281,939

1,055,006

7

Debtors

2024
£

2023
£

Trade receivables

1,776,624

1,410,156

Amounts owed by group undertakings

1,000

-

Other receivables

1,710

78,373

Prepayments

101,837

88,420

1,881,171

1,576,949

The amounts owed by group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

8

Cash and cash equivalents

2024
£

2023
£

Cash at bank

844,880

335,624

 

Supply Plus Limited

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

9

Payables

2024
£

2023
£

Due within one year

Trade payables

463,538

506,675

Hire purchase contracts

104,144

124,637

Corporation tax

276,054

36,137

Social security and other taxes

145,231

71,323

Other payables

145,423

164,065

Accruals

169,651

80,208

1,304,041

983,045

Due after one year

Hire purchase contracts

171,648

261,652

The hire contracts have been secured against the specific assets for which the agreement relates.

10

Provisions for liabilities

Warranties
£

Dilapidations
£

Deferred tax
£

Total
£

At 1 April 2023

48,000

40,000

123,816

211,816

Increase (decrease) in existing provisions

(8,000)

-

-

(8,000)

At 31 March 2024

40,000

40,000

123,816

203,816

Provision for warranties represents the directors' best estimate of the costs associated with warranties for the sale of goods.

Provision for dilapidations represents the directors' best estimate of the cost of bringing certain premises, held under operating lease, back to their original state as required by the lease agreement.

Deferred tax liability above represents timing differences between depreciation provision and capital allowance claimed.

 

Supply Plus Limited

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

11

Obligations under leases

Hire purchase contracts

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

104,144

124,637

Later than one year and not later than five years

145,423

261,652

249,567

386,289

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

306,693

306,693

Later than one year and not later than five years

1,226,772

1,226,722

Later than five years

996,752

1,303,445

2,530,217

2,836,860

The amount of non-cancellable operating lease payments recognised as an expense during the year was £293,293 (2023 - £288,431).

12

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

3,550

3,550

3,550

3,550

         

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Supply Plus Limited

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

13

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £60,931 (2023: £57,707). There were no outstanding pension liabilities at the year end (2023: £nil).

14

Parent and ultimate parent undertaking

The company's immediate parent is Seebeck 162 Limited, incorporated and registered in the United Kingdom.

 The ultimate controlling party is Lagercrantz Group AB, whose registered office address is Vasagatan 11, Stockholm, SE111 20, Sweden.

15

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

16

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 November 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.