Registered number
06025052
Connect Plumbing & Heating Supplies Ltd
Report and Financial Statements
31 March 2024
Connect Plumbing & Heating Supplies Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2 - 3
Strategic report 4 - 5
Independent auditor's report 6 - 8
Income statement 9
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14 - 20
Connect Plumbing & Heating Supplies Ltd
Company Information
Directors
G J Toomey
M A Glass
Auditors
Desaur LLP
5 Margaret Road
Romford
Essex
RM2 5SH
Registered office
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
Registered number
06025052
Connect Plumbing & Heating Supplies Ltd
Registered number: 06025052
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be plumbing and heating products merchant.
Dividends
The directors recommend a final dividend of £340,000 on the shares.
Events since the balance sheet date
There are no events after the balance sheet date that affects the financial statements.
Directors
The following persons served as directors during the year:
G J Toomey
M A Glass
Auditors
The auditor, Desaur LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities
The directors are responsible for preparing the report and 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 United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). 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 and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 13 November 2024 and signed on its behalf.
M Glass
Director
Connect Plumbing & Heating Supplies Ltd
Strategic Report
The directors present their Strategic Report and financial statements for the year ended year ended 31 March 2024.
Connect Plumbing & Heating Supplies Limited is an independent regional plumbing and heating supplies merchant selling & distributing plumbing and heating materials throughout the Southeast of England.
Fair review of the business
The directors regard turnover and gross profit margin as the key performance indicators of the business, 2024 saw a significant increase in turnover which in the most part was due to the lifting of Covid restrictions that had been present in previous years. The company currently has six branches across the Southeast, the company opened a new branch in the year where they offer training services for solar panels.
In addition to the above KPI’s the directors also believe in strong customer service and achieve this via a number of approaches such as designated point of contacts for key customers, defined Service Level Agreements (SLA) between the company and the customer and continued monitoring of the metrics used to monitor the effectiveness of the above.
Results, performance and KPI's
The headline key performance indicators (KPI’s) that the directors monitor with regard to financial performance are as follows: -
2024 2023 Movement %
Gross profit 4,042,483 3,887,659 3.98%
Gross profit margin 25.19% 26.85%
Profit before tax 890,580 1,301,511 -31.57%
The directors aims are to continue and enhance this performance by making use of these KPI’s in addition to monitoring non-financial matters including health and safety, employee retention, staff welfare, stock management, operational efficiency and customer satisfaction.
Business environment, strategy and future developments
As a key supplier to the Southeast of England the Company continues to operate within the Repairs, Maintenance, improvements and New Build marketplace and expects to remain competitive within this marketplace. The company continues to look for new sites to acquire in order to open new branches and better serve local communities. Additionally the company is committed to reducing its carbon footprint and has made a number of investments in order to meet its targets e.g. replacing plant & machinery with cleaner energy such as electric, looking into solar and wind investments at suitable branches. The company is also in the process of improving its online experience for the customer and is investing in various platforms to enhance the user experience.
Connect Plumbing & Heating Supplies Ltd
Strategic Report (continued)
Principle Risks & Uncertainties
The business’s principal risks and uncertainties are economic and financial risks which, together with the policies and actions mitigating these risks are as follows: -
Economic Risk
The economic risk is based on a downturn in the economy and a potential for reduced demand in both the New Build and Improvements marketplace which in turn would affect the business marketplace. These risks are managed by undertaking regular reviews of the company’s performance achieved against its targets and re-evaluated accordingly to meet the current economic climate. This enables the directors to take action to mitigate against economic events minimising the impact.
Financial Risk
The financial risk faced by the company focuses on credit risk. Credit risk is attributable to the company’s trade debtors, the amounts shown in the accounts are after bad debts. The company utilises several methods to mitigate this risk, such as credit checks, regular review of credit limits set as well as engaging the services of debt collection specialist.
Employees
The company recognises that its employees are its most valuable asset and engages with employees via a number of medians such as meetings, newsletters, direct contact and open-door policies with line managers and senior staff. Generally, these various forms of contact focuses on the following topics.
• Health & safety in the workplace.
• Servicing the needs of customers & suppliers to excellent standards
• Employee welfare, including financial matters, staff discounts and other matters.
• Compliance.
• Any other relevant issues as may be faced at the time.
Customers
The company recognises the need to build strong relationships with its customers and does so by maintaining close contact with its customers through various mediums, e.g. personal contact, emails, telephone calls as well as the company’s website and portal. SLA’s ensure that customers are dealt with in a timely manner and to a high standard. The company’s ethos is to ensure that the customer receives excellent service throughout the entire customer journey.
Suppliers
The company also recognises the need to build strong supplier relationships and does so by maintaining close contact with its suppliers through various medians, e.g. personal contact, emails, telephone calls as well as the company’s website and portal. SLA’s ensure that the supplier receives the highest of service throughout the supplier journey.
Approved on behalf of the Board
G J Toomey
Director
Connect Plumbing & Heating Supplies Ltd
Independent auditor's report
to the members of Connect Plumbing & Heating Supplies Ltd
Opinion
We have audited the financial statements of Connect Plumbing & Heating Supplies Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the 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, 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.
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.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is available 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
J S Vasir
(Senior Statutory Auditor) 5 Margaret Road
for and on behalf of Romford
Desaur LLP Essex
Chartered Certified Accountants and Statutory Auditor RM2 5SH
13/11/2024
Connect Plumbing & Heating Supplies Ltd
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 16,046,587 14,477,481
Cost of sales (12,004,104) (10,589,822)
Gross profit 4,042,483 3,887,659
Administrative expenses (3,145,546) (2,586,864)
Other operating income 3,477 10,193
Operating profit 3 900,414 1,310,988
Interest receivable 4,769 11,809
Interest payable 6 (14,603) (21,286)
Profit on ordinary activities before taxation 890,580 1,301,511
Tax on profit on ordinary activities 7 (217,251) (325,784)
Profit for the financial year 673,329 975,727
The Notes on Pages 14 to 20 form part of these financial statements
Connect Plumbing & Heating Supplies Ltd
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Profit for the financial year 673,329 975,727
Other comprehensive income - -
Total comprehensive income for the year 673,329 975,727
Connect Plumbing & Heating Supplies Ltd
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 8 500,325 372,912
Investments 9 1,200 1,200
501,525 374,112
Current assets
Stocks 10 1,898,167 1,791,439
Debtors 11 2,070,690 2,028,002
Cash at bank and in hand 1,385,318 1,352,051
5,354,175 5,171,492
Creditors: amounts falling due within one year 12 (2,467,822) (2,490,283)
Net current assets 2,886,353 2,681,209
Total assets less current liabilities 3,387,878 3,055,321
Provisions for liabilities
Deferred taxation 13 (64,255) (65,027)
Net assets 3,323,623 2,990,294
Capital and reserves
Called up share capital 14 100 100
Profit and loss account 15 3,323,523 2,990,194
Total equity 3,323,623 2,990,294
G J Toomey
Director
Approved by the board on 13 November 2024
The Notes on Pages 14 to 20 form part of these financial statements
Connect Plumbing & Heating Supplies Ltd
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 100 - - 2,514,467 2,514,567
Profit for the financial year - - - 975,727 975,727
Dividends - - - (500,000) (500,000)
At 31 March 2023 100 - - 2,990,194 2,990,294
At 1 April 2023 100 - - 2,990,194 2,990,294
Profit for the financial year - - - 673,329 673,329
Dividends - - - (340,000) (340,000)
At 31 March 2024 100 - - 3,323,523 3,323,623
Connect Plumbing & Heating Supplies Ltd
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 673,329 975,727
Adjustments for:
Interest receivable (4,769) (11,809)
Interest payable 14,603 21,286
Tax on profit on ordinary activities 217,251 325,784
Depreciation 52,699 54,944
Increase in stocks (106,728) (236,879)
(Increase)/decrease in debtors (42,688) 64,467
Increase in creditors 21,180 366,046
824,877 1,559,566
Interest received 4,769 11,809
Interest paid (14,603) (21,286)
Corporation tax paid (263,500) (40,000)
Cash generated by operating activities 551,543 1,510,089
Investing activities
Payments to acquire tangible fixed assets (180,112) (67,965)
Cash used in investing activities (180,112) (67,965)
Financing activities
Equity dividends paid (340,000) (500,000)
Cash used in financing activities (340,000) (500,000)
Net cash generated
Cash generated by operating activities 551,543 1,510,089
Cash used in investing activities (180,112) (67,965)
Cash used in financing activities (340,000) (500,000)
Net cash generated 31,431 942,124
Cash and cash equivalents at 1 April 1,352,051 409,927
Cash and cash equivalents at 31 March 1,383,482 1,352,051
Cash and cash equivalents comprise:
Cash at bank 1,385,318 1,352,051
Bank overdrafts 12 (1,836) -
1,383,482 1,352,051
Connect Plumbing & Heating Supplies Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 16,046,587 14,477,481
By geographical market:
UK 16,046,587 14,477,481
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 52,699 54,944
Operating lease rentals - plant and machinery 89,445 71,554
Operating lease rentals - land and buildings 294,014 263,659
Auditors' remuneration for audit services 7,000 7,000
Contributions to defined benefit pension plans 97,415 74,624
Carrying amount of stock sold 12,110,833 10,826,701
4 Directors' emoluments 2024 2023
£ £
Highest paid director:
Emoluments 53,931 51,225
Company contributions to defined contribution pension plans 60,000 41,500
113,931 92,725
5 Staff costs 2024 2023
£ £
Wages and salaries 1,718,229 1,219,379
Social security costs 153,053 137,693
Other pension costs 97,415 74,624
1,968,697 1,431,696
Average number of employees during the year Number Number
Administration 7 7
Distribution 9 8
Sales 21 17
37 32
6 Interest payable 2024 2023
£ £
Other loans 14,603 21,286
7 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 226,424 260,757
Adjustments in respect of previous periods (8,401) -
218,023 260,757
Deferred tax:
Origination and reversal of timing differences (772) 65,027
Tax on profit on ordinary activities 217,251 325,784
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 890,580 1,301,511
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 222,645 247,287
Effects of:
Expenses not deductible for tax purposes 7,396 5,974
Capital allowances for period in excess of depreciation (3,617) 7,496
Adjustments to tax charge in respect of previous periods (8,401) -
Current tax charge for period 218,023 260,757
8 Tangible fixed assets
Land and buildings Plant and machinery Total
At cost At cost
£ £ £
Cost or valuation
At 1 April 2023 378,883 317,007 695,890
Additions 136,541 43,571 180,112
At 31 March 2024 515,424 360,578 876,002
Depreciation
At 1 April 2023 78,399 244,579 322,978
Charge for the year 20,341 32,358 52,699
At 31 March 2024 98,740 276,937 375,677
Carrying amount
At 31 March 2024 416,684 83,641 500,325
At 31 March 2023 300,484 72,428 372,912
9 Investments
Other
investments
£
Cost
At 1 April 2023 1,200
At 31 March 2024 1,200
10 Stocks 2024 2023
£ £
Finished goods and goods for resale 1,898,167 1,791,439
11 Debtors 2024 2023
£ £
Trade debtors 1,929,980 1,951,568
Prepayments and accrued income 140,710 76,434
2,070,690 2,028,002
12 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts 1,836 -
Trade creditors 1,389,616 1,620,977
Amounts owed to group undertakings and undertakings in which the company has a participating interest 280,048 426,731
Corporation tax 157,556 203,033
Other taxes and social security costs 13,705 37,699
Other creditors 382,887 99,971
Accruals and deferred income 242,174 101,872
2,467,822 2,490,283
13 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 64,255 65,027
2024 2023
£ £
At 1 April 65,027 -
(Credited)/charged to the profit and loss account (772) 65,027
At 31 March 64,255 65,027
14 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
15 Profit and loss account 2024 2023
£ £
At 1 April 2,990,194 2,514,467
Profit for the financial year 673,329 975,727
Dividends (340,000) (500,000)
At 31 March 3,323,523 2,990,194
16 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 15) 340,000 500,000
17 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
within one year 293,658 238,158 53,690 65,072
within two to five years 1,174,632 952,632 33,787 87,476
in over five years 1,230,132 1,190,790 - -
2,698,422 2,381,580 87,477 152,548
18 Related party transactions 2024 2023
£ £
Dividends
During the year, the company paid dividends of £340,000 (2023-£500,000) to related parties.
Amount due (to) from the related party (340,000) (500,000)
Laindon Trading LLP
During the period, Laindon Trading LLP provided management services for serviced accommodation, staff, plant and vehicles hire to the company. The total value of such transactions amounted to £2,024,224 (2023-£1,600,383).
Amount due (to) from the related party (377,173) NIL
PGR Enterprises Ltd
During the year, Interest of £14,603(2023- £21,286) was charged by PGR Enterprises Ltd to the company.
Amount due (to) from the related party (280,048) (426,731)
PGR Timber Ltd
During the year, PGR Timber Ltd charged management fees of £212,753 (2023-£164,100) to the company.
During the year, sales and purchases were made between the two companies amounting to £46,643 and £359,558 (2023 £1,203 and £316,335) respectively.
Amount due (to) from the related party (25,729) (72,758)
19 Controlling party
The ultimate controlling party of the company is Mr G J Toomey by virtue of his 100% holding in PGR Enterprises Ltd
20 Presentation currency
The financial statements are presented in Sterling.
21 Legal form of entity and country of incorporation
Connect Plumbing & Heating Supplies Ltd is a private company limited by shares and incorporated in England.
22 Principal place of business
The address of the company's principal place of business and registered office is:
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
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