Acorah Software Products - Accounts Production 15.0.400 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09418038 Mr Mohamed Khan Mr Arslan Mansoor Mr Arslan Mansoor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09418038 2023-02-28 09418038 2024-02-29 09418038 2023-03-01 2024-02-29 09418038 frs-core:CurrentFinancialInstruments 2024-02-29 09418038 frs-core:Non-currentFinancialInstruments 2024-02-29 09418038 frs-core:BetweenOneFiveYears 2024-02-29 09418038 frs-core:ComputerEquipment 2024-02-29 09418038 frs-core:ComputerEquipment 2023-03-01 2024-02-29 09418038 frs-core:ComputerEquipment 2023-02-28 09418038 frs-core:FurnitureFittings 2024-02-29 09418038 frs-core:FurnitureFittings 2023-03-01 2024-02-29 09418038 frs-core:FurnitureFittings 2023-02-28 09418038 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 09418038 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 09418038 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 09418038 frs-core:MotorVehicles 2024-02-29 09418038 frs-core:MotorVehicles 2023-03-01 2024-02-29 09418038 frs-core:MotorVehicles 2023-02-28 09418038 frs-core:WithinOneYear 2024-02-29 09418038 frs-core:ShareCapital 2024-02-29 09418038 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09418038 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09418038 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 09418038 frs-bus:SmallEntities 2023-03-01 2024-02-29 09418038 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09418038 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09418038 frs-bus:Director1 2023-03-01 2024-02-29 09418038 frs-bus:Director2 2023-03-01 2024-02-29 09418038 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 09418038 frs-countries:EnglandWales 2023-03-01 2024-02-29 09418038 2022-02-28 09418038 2023-02-28 09418038 2022-03-01 2023-02-28 09418038 frs-core:CurrentFinancialInstruments 2023-02-28 09418038 frs-core:Non-currentFinancialInstruments 2023-02-28 09418038 frs-core:BetweenOneFiveYears 2023-02-28 09418038 frs-core:WithinOneYear 2023-02-28 09418038 frs-core:ShareCapital 2023-02-28 09418038 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 09418038
Bromsgrove Plumbers Merchant Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
DKR Chartered Accountants
36 Lichfield Street
Walsall
West Midlands
WS1 1TJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09418038
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,732 25,238
33,732 25,238
CURRENT ASSETS
Stocks 5 298,144 295,000
Debtors 6 279,481 282,528
Cash at bank and in hand 102,519 33,887
680,144 611,415
Creditors: Amounts Falling Due Within One Year 7 (414,008 ) (369,041 )
NET CURRENT ASSETS (LIABILITIES) 266,136 242,374
TOTAL ASSETS LESS CURRENT LIABILITIES 299,868 267,612
Creditors: Amounts Falling Due After More Than One Year 8 (54,546 ) (50,116 )
NET ASSETS 245,322 217,496
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 245,320 217,494
SHAREHOLDERS' FUNDS 245,322 217,496
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Arslan Mansoor
Director
29th November 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Bromsgrove Plumbers Merchant Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09418038 . The registered office is Unit 6 Industrial Estate , Sanders Road, Bromsgrove, Worcestershire, B61 7DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 3 Years Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.11. Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 850 63,569 10,635 542 75,596
Additions - 30,575 1,500 - 32,075
Disposals - (22,800 ) - - (22,800 )
As at 29 February 2024 850 71,344 12,135 542 84,871
Depreciation
As at 1 March 2023 850 40,738 8,457 313 50,358
...CONTINUED
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Provided during the period - 10,146 553 57 10,756
Disposals - (9,975 ) - - (9,975 )
As at 29 February 2024 850 40,909 9,010 370 51,139
Net Book Value
As at 29 February 2024 - 30,435 3,125 172 33,732
As at 1 March 2023 - 22,831 2,178 229 25,238
5. Stocks
2024 2023
£ £
Stock 298,144 295,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,358 83,795
Prepayments and accrued income 19,995 13,653
Other debtors 218,128 185,080
279,481 282,528
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,946 7,406
Trade creditors 99,565 160,782
Bank loans and overdrafts 76,833 28,443
Corporation tax 25,464 20,644
Other taxes and social security 5,832 849
VAT 24,959 13,320
Other creditors 26,082 26,047
Accruals and deferred income 650 650
Directors' loan accounts 149,677 110,900
414,008 369,041
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 24,214 14,233
Bank loans 30,332 35,883
54,546 50,116
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,946 7,406
Later than one year and not later than five years 24,214 14,233
29,160 21,639
29,160 21,639
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Related Party Transactions
At 29 February 2024, there are amounts owed to companies under common control of £26,047 (2023: £26,047). There are also amounts owed to Bromsgrove Plumbers Merchants Ltd from companies under common control of £218,128 (2023: £185,080). The balances are interest free and repayable on demand.
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