REGISTERED NUMBER: SC616025 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Central Plumbing Supplies Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Paul Kevin John Andrew Armstrong

Keith James William Ross

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC616025 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

KA9 2PB

FIXED ASSETS

Tangible assets

4

15,654

21,611

CURRENT ASSETS

Stocks

124,540

87,403

Debtors

5

136,359

188,095

Cash at bank

47,422

62,461

308,321

337,959

CREDITORS

Amounts falling due within one year

6

309,082

318,498

NET CURRENT (LIABILITIES)/ASSETS

(761

)

19,461

TOTAL ASSETS LESS CURRENT LIABILITIES

14,893

41,072

CREDITORS

Amounts falling due after more than one year

7

(29,676

)

(35,937

)

PROVISIONS FOR LIABILITIES

(2,974

)

(4,106

)

NET (LIABILITIES)/ASSETS

(17,757

)

1,029

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(17,857

)

929

SHAREHOLDERS' FUNDS

(17,757

)

1,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:

Paul Kevin John Andrew Armstrong - Director

Keith James William Ross - Director

1.	STATUTORY INFORMATION

Central Plumbing Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors review the trading results of the business on a monthly basis to ensure budgets are being met. This combined with a close control of debtor recoveries and creditor payments allows them as far as possible to ensure that sufficient resources are available to meet commitments as they fall due. On this basis, and taking account of the current levels of trading activity, the directors have prepared the accounts on a going concern basis.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment, fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amount of its tangible and intangible fixed 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 amount 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.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Equipment,

fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2023

and 30 April 2024

33,000

19,358

3,476

55,834

DEPRECIATION

At 1 May 2023

18,182

13,233

2,808

34,223

Charge for year

4,206

1,531

220

5,957

At 30 April 2024

22,388

14,764

3,028

40,180

NET BOOK VALUE

At 30 April 2024

10,612

4,594

448

15,654

At 30 April 2023

14,818

6,125

668

21,611

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2023

and 30 April 2024

19,358

DEPRECIATION

At 1 May 2023

13,233

Charge for year

1,531

At 30 April 2024

14,764

NET BOOK VALUE

At 30 April 2024

4,594

At 30 April 2023

6,125

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

75,472

152,551

Other debtors

45,692

26,744

121,164

179,295

Amounts falling due after more than one year:

Other debtors

15,195

8,800

Aggregate amounts

136,359

188,095

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

5,949

5,949

Hire purchase contracts (see note 8)

313

3,759

Trade creditors

168,593

190,741

Taxation and social security

86,909

59,890

Other creditors

47,318

58,159

309,082

318,498

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

29,676

35,624

Hire purchase contracts (see note 8)

-

313

29,676

35,937

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,881

12,325

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

313

3,759

Between one and five years

-

313

313

4,072

Non-cancellable operating

leases

2024

2023

£

£

Within one year

18,000

18,000

Between one and five years

72,000

72,000

In more than five years

18,000

18,000

108,000

108,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

35,625

41,573

Hire purchase contracts

313

4,072

35,938

45,645

Hire purchase creditors are secured over the assets funded with interest chargeable at a commercial rate.

The bank loan is supported by a 100% guarantee from the UK Government. Interest is charged at a commercial rate of interest.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024

2023

£

£

Paul Kevin John Andrew Armstrong

Balance outstanding at start of year

9,207

3,657

Amounts advanced

11,033

5,550

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,240

9,207

Keith James William Ross

Balance outstanding at start of year

17,537

14,429

Amounts advanced

7,915

3,108

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

25,452

17,537

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of the two Directors by virtue of their majority shareholding.