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Company No: 03789987 (England and Wales)

PUMP PARTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

PUMP PARTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

PUMP PARTS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PUMP PARTS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
DIRECTORS Mr P J Wentworth
Ms C A White
SECRETARY Mr P J Wentworth
REGISTERED OFFICE 264 Banbury Road
Oxford
OX2 7DY
United Kingdom
COMPANY NUMBER 03789987 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
PUMP PARTS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
PUMP PARTS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Tangible assets 4 151,853 200,218
151,853 200,218
Current assets
Stocks 441,822 467,075
Debtors 5 126,271 219,064
Cash at bank and in hand 168,988 81,653
737,081 767,792
Creditors: amounts falling due within one year 6 ( 119,921) ( 67,486)
Net current assets 617,160 700,306
Total assets less current liabilities 769,013 900,524
Creditors: amounts falling due after more than one year 7 ( 97,515) ( 101,928)
Provision for liabilities ( 29,350) ( 40,580)
Net assets 642,148 758,016
Capital and reserves
Called-up share capital 8 200 200
Capital redemption reserve 1 1
Profit and loss account 641,947 757,815
Total shareholders' funds 642,148 758,016

For the financial year ending 30 June 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 Pump Parts Limited (registered number: 03789987) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mr P J Wentworth
Director
PUMP PARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PUMP PARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Pump Parts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

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.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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:

Land and buildings 20 years straight line
Plant and machinery etc. 5 - 7 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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 complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition

Cash and cash equivalents

Cash and cash equivalents 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

30.06.2024 30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 62,950 799,815 862,765
Additions 0 2,680 2,680
Disposals 0 ( 39,393) ( 39,393)
At 30 June 2024 62,950 763,102 826,052
Accumulated depreciation
At 01 July 2023 27,154 635,393 662,547
Charge for the financial year 3,069 47,434 50,503
Disposals 0 ( 38,851) ( 38,851)
At 30 June 2024 30,223 643,976 674,199
Net book value
At 30 June 2024 32,727 119,126 151,853
At 30 June 2023 35,796 164,422 200,218

5. Debtors

30.06.2024 30.06.2023
£ £
Trade debtors 93,782 189,580
Amounts owed by related parties 26,591 24,401
Other debtors 5,898 5,083
126,271 219,064

6. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Trade creditors 57,192 8,548
Accruals and deferred income 11,028 21,177
Taxation and social security 27,655 8,575
Obligations under finance leases and hire purchase contracts 21,573 19,714
Other creditors 2,473 9,472
119,921 67,486

7. Creditors: amounts falling due after more than one year

30.06.2024 30.06.2023
£ £
Amounts owed to directors 23,979 6,820
Obligations under finance leases and hire purchase contracts 73,536 95,108
97,515 101,928

8. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary shares of £ 1.00 each 100 100
200 200

9. Related party transactions

Transactions with the entity's directors

During the year, dividends of £97,000 (2023: £60,000) were paid to the directors.

At the year end, £23,979 (2023: £6,820) was owed to the directors from the company. Interest was charged at 12.5% on this balance. There is no date for repayment other than it is due in more than 1 year.

During the year £25,175 (2023: £25,000) wages were paid to the directors, along with £958 (2023: £983) in social security costs.

Other related party transactions

30.06.2024 30.06.2023
£ £
Purchases from related parties 67,598 42,443

Other information
Included in other debtors is £26,591 (2023: £24,401) owed by companies under common control; this is made up of £19,891 (2023: £18,901) owed by one company, and £6,700 (2023: £5,500) owed by another company. These amounts are unsecured and interest free with no fixed repayment terms.

Included in trade creditors is £39,381 (2023: £0) owed to a related party. These transactions were made on an arms length basis and are subject to standard commercial terms.