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REGISTERED NUMBER: SC423608 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Plumb Parts Glasgow Ltd

Plumb Parts Glasgow Ltd (Registered number: SC423608)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Plumb Parts Glasgow Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: P Singh Bal





REGISTERED OFFICE: 555 South Street
Glasgow
G14 0QX





REGISTERED NUMBER: SC423608 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , 37 Rosyth Road
Morris Park
Glasgow
G5 0YE

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,500 3,500
Tangible assets 5 115,315 105,193
118,815 108,693

CURRENT ASSETS
Stocks 6 784,918 791,520
Debtors 7 152,368 48,483
Cash at bank and in hand 13,326 794
950,612 840,797
CREDITORS
Amounts falling due within one year 8 188,661 165,164
NET CURRENT ASSETS 761,951 675,633
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,766

784,326

CREDITORS
Amounts falling due after more than one
year

9

761,563

698,413
NET ASSETS 119,203 85,913

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 119,202 85,912
SHAREHOLDERS' FUNDS 119,203 85,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2024 and were signed by:





P Singh Bal - Director


Plumb Parts Glasgow Ltd (Registered number: SC423608)

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

1. STATUTORY INFORMATION

Plumb Parts Glasgow Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Premises costs - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 3,500
NET BOOK VALUE
At 31 May 2024 3,500
At 31 May 2023 3,500

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Premises Plant and and
costs machinery fittings
£    £    £   
COST
At 1 June 2023 31,075 4,017 130,324
Additions - - -
At 31 May 2024 31,075 4,017 130,324
DEPRECIATION
At 1 June 2023 - 2,975 63,139
Charge for year - 157 10,078
At 31 May 2024 - 3,132 73,217
NET BOOK VALUE
At 31 May 2024 31,075 885 57,107
At 31 May 2023 31,075 1,042 67,185

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 - 11,782 177,198
Additions 13,298 13,256 26,554
At 31 May 2024 13,298 25,038 203,752
DEPRECIATION
At 1 June 2023 - 5,891 72,005
Charge for year 3,325 2,872 16,432
At 31 May 2024 3,325 8,763 88,437
NET BOOK VALUE
At 31 May 2024 9,973 16,275 115,315
At 31 May 2023 - 5,891 105,193

6. STOCKS
31.5.24 31.5.23
£    £   
Stocks 691,219 696,345
Work-in-progress 93,699 95,175
784,918 791,520

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 146,953 43,068
Rent Deposit 5,415 5,415
152,368 48,483

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 36,582 61,328
M.Ilyas 5,000 5,000
Tax 25,808 20,029
Social security and other taxes 354 146
VAT 27,810 1,697
Other creditors 1,625 1,625
Plumb parts loan 26,300 26,300
73K Loan 11,480 11,480
Am Global Investment loan 15,000 -
Directors' current accounts 1 -
Accrued expenses 38,701 37,559
188,661 165,164

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 10) 761,563 698,413

10. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due between one and two years:
HSBC loan 23,020 32,020
Loan - Dr R.K Buttar 600,091 530,091
623,111 562,111

Amounts falling due between two and five years:
P Bal Loan 5,440 3,290
A R Buttar Loan 59,012 59,012
Clintec International Loan 51,000 51,000
Yatin Loan 23,000 23,000
138,452 136,302

Plumb Parts Glasgow Ltd (Registered number: SC423608)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Retained
earnings
£   

At 1 June 2023 85,912
Profit for the year 76,918
Dividends (43,628 )
At 31 May 2024 119,202