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Registration number: 03980677

ASE Plumbing and Heating Supplies Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

ASE Plumbing and Heating Supplies Ltd

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

ASE Plumbing and Heating Supplies Ltd

Company Information

Directors

A Pearce

Mrs C Pearce

K Pearce

Company secretary

Mrs C Pearce

Registered office

Anglo House
Worcester Road
Stourport on Severn
DY13 9AW

Accountants

Perrigo Consultants Limited Anglo House
Worcester Road
Stourport on Severn
DY13 9AW

 

ASE Plumbing and Heating Supplies Ltd

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the abridged financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

A Pearce

Mrs C Pearce - Company secretary and director

K Pearce

Principal activity

The principal activity of the company is wholesale of hardware, plumbing and heating equipment and supplies.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
A Pearce
Director

 

ASE Plumbing and Heating Supplies Ltd

(Registration number: 03980677)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

237,219

281,491

Other financial assets

7

12,235

175

 

249,454

281,666

Current assets

 

Stocks

8

340,002

323,488

Debtors

9

811,149

1,643,117

Cash at bank and in hand

 

1,597,025

834,861

 

2,748,176

2,801,466

Prepayments and accrued income

 

18,452

15,775

Creditors: Amounts falling due within one year

(814,497)

(974,073)

Net current assets

 

1,952,131

1,843,168

Total assets less current liabilities

 

2,201,585

2,124,834

Creditors: Amounts falling due after more than one year

(183,910)

(223,240)

Provisions for liabilities

(64,378)

(56,105)

Accruals and deferred income

 

(9,200)

(42,500)

Net assets

 

1,944,097

1,802,989

Capital and reserves

 

Called up share capital

10

220

220

Retained earnings

1,943,877

1,802,769

Shareholders' funds

 

1,944,097

1,802,989

 

ASE Plumbing and Heating Supplies Ltd

(Registration number: 03980677)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
A Pearce
Director

 

ASE Plumbing and Heating Supplies Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Anglo House
Worcester Road
Stourport on Severn
DY13 9AW

These financial statements were authorised for issue by the Board on 3 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

ASE Plumbing and Heating Supplies Ltd

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & equipment

20% Reducing balance

Fixtures & Fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

33% Straight line

Land & Building

6.67% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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 cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

ASE Plumbing and Heating Supplies Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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.

Trade creditors 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 profit and loss account 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

ASE Plumbing and Heating Supplies Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

69,299

74,328

 

ASE Plumbing and Heating Supplies Ltd

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

5

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

1,490

At 31 May 2024

1,490

Amortisation

At 1 June 2023

1,490

At 31 May 2024

1,490

Carrying amount

At 31 May 2024

-

6

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

226,295

289,384

178,599

35,082

Additions

-

864

24,740

2,903

At 31 May 2024

226,295

290,248

203,339

37,985

Depreciation

At 1 June 2023

176,767

220,021

88,831

28,979

Charge for the year

19,058

6,501

22,902

4,156

Eliminated on disposal

-

-

-

-

At 31 May 2024

195,825

226,522

111,733

33,135

Carrying amount

At 31 May 2024

30,470

63,726

91,606

4,850

At 31 May 2023

49,528

69,363

89,768

6,103

 

ASE Plumbing and Heating Supplies Ltd

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

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

106,323

835,683

Additions

(10,999)

17,508

At 31 May 2024

95,324

853,191

Depreciation

At 1 June 2023

39,594

554,192

Charge for the year

16,682

69,299

Eliminated on disposal

(7,519)

(7,519)

At 31 May 2024

48,757

615,972

Carrying amount

At 31 May 2024

46,567

237,219

At 31 May 2023

66,729

281,491

7

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

12,235

12,235

At 31 May 2024

12,235

12,235

Impairment

Carrying amount

At 31 May 2024

12,235

12,235

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

340,002

323,488

9

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

ASE Plumbing and Heating Supplies Ltd

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

120

120

120

120

A Ordinary of £1 each

100

100

100

100

220

220

220

220