Silverfin false false 29/02/2024 01/03/2023 29/02/2024 I Asif 02/02/2021 M S Riaz 02/02/2021 24 February 2025 The principal activity of the Company during the financial period was that of supplying plumbing and related products. 13173215 2024-02-29 13173215 bus:Director1 2024-02-29 13173215 bus:Director2 2024-02-29 13173215 2023-02-28 13173215 core:CurrentFinancialInstruments 2024-02-29 13173215 core:CurrentFinancialInstruments 2023-02-28 13173215 core:ShareCapital 2024-02-29 13173215 core:ShareCapital 2023-02-28 13173215 core:RetainedEarningsAccumulatedLosses 2024-02-29 13173215 core:RetainedEarningsAccumulatedLosses 2023-02-28 13173215 core:FurnitureFittings 2023-02-28 13173215 core:ComputerEquipment 2023-02-28 13173215 core:FurnitureFittings 2024-02-29 13173215 core:ComputerEquipment 2024-02-29 13173215 bus:OrdinaryShareClass1 2024-02-29 13173215 2023-03-01 2024-02-29 13173215 bus:FilletedAccounts 2023-03-01 2024-02-29 13173215 bus:SmallEntities 2023-03-01 2024-02-29 13173215 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13173215 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13173215 bus:Director1 2023-03-01 2024-02-29 13173215 bus:Director2 2023-03-01 2024-02-29 13173215 core:FurnitureFittings core:TopRangeValue 2023-03-01 2024-02-29 13173215 core:ComputerEquipment core:TopRangeValue 2023-03-01 2024-02-29 13173215 2022-03-01 2023-02-28 13173215 core:FurnitureFittings 2023-03-01 2024-02-29 13173215 core:ComputerEquipment 2023-03-01 2024-02-29 13173215 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13173215 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13173215 (England and Wales)

PLUMB SWITCH LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PLUMB SWITCH LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PLUMB SWITCH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
PLUMB SWITCH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,852 3,227
1,852 3,227
Current assets
Stocks 4 114,650 110,300
Debtors 5 73,565 47,293
Cash at bank and in hand 6 1,348 7,717
189,563 165,310
Creditors: amounts falling due within one year 7 ( 170,603) ( 153,415)
Net current assets 18,960 11,895
Total assets less current liabilities 20,812 15,122
Net assets 20,812 15,122
Capital and reserves
Called-up share capital 8 120 120
Profit and loss account 20,692 15,002
Total shareholders' funds 20,812 15,122

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Plumb Switch Limited (registered number: 13173215) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

I Asif
Director

24 February 2025

PLUMB SWITCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PLUMB SWITCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plumb Switch Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2023 4,600 900 5,500
At 29 February 2024 4,600 900 5,500
Accumulated depreciation
At 01 March 2023 1,917 356 2,273
Charge for the financial year 1,150 225 1,375
At 29 February 2024 3,067 581 3,648
Net book value
At 29 February 2024 1,533 319 1,852
At 28 February 2023 2,683 544 3,227

4. Stocks

2024 2023
£ £
Stocks 114,650 110,300

5. Debtors

2024 2023
£ £
Trade debtors 58,897 47,293
Other debtors 14,668 0
73,565 47,293

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,348 7,717

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 29,530 16,864
Taxation and social security 7,985 10,090
Other creditors 133,088 126,461
170,603 153,415

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
120 Ordinary shares of £ 1.00 each 120 120

9. Related party transactions

Included within other debtors is a balance of £14,668 (2023: £10,332 included in other creditors) owed by Crystal Sigma Ltd, a company in which M S Riaz is also a director.

Included within other creditors is a balance of £90,000 (2023: £90,000) owed to Riaz & Sons Holdings Ltd. a company in which M S Riaz is also a director.

Also, included within other creditors is a balance of £9,788 (2023: £13,089) owed to the director M S Riaz and balance of £22,554 (2023: £12,040) owed to the director I Asif.