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COMPANY REGISTRATION NUMBER: 8149643
Pembrokeshire Building & Plumbing Supplies Limited
Filleted Unaudited Financial Statements
30 November 2024
Pembrokeshire Building & Plumbing Supplies Limited
Financial Statements
Year ended 30 November 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Pembrokeshire Building & Plumbing Supplies Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
178,240
129,908
Investments
7
1,300
1,300
---------
---------
179,540
131,208
Current assets
Stock and work in progress
1,153,233
879,979
Debtors
8
738,617
815,662
Cash at bank and in hand
108,358
58,693
------------
------------
2,000,208
1,754,334
Creditors: amounts falling due within one year
9
( 1,094,065)
( 905,601)
------------
------------
Net current assets
906,143
848,733
------------
---------
Total assets less current liabilities
1,085,683
979,941
Creditors: amounts falling due after more than one year
10
( 113,424)
( 133,957)
Provisions
Taxation including deferred tax
11
( 19,455)
( 19,209)
------------
---------
Net assets
952,804
826,775
------------
---------
Capital and reserves
Called up share capital
13
2
2
Profit and loss account
952,802
826,773
---------
---------
Shareholders funds
952,804
826,775
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pembrokeshire Building & Plumbing Supplies Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr B Taylor
Director
Company registration number: 8149643
Pembrokeshire Building & Plumbing Supplies Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 13, Thornton Industrial Estate, Milford Haven, Pembrokeshire, SA73 2RR.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
10% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 17 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
53,735
70,122
Adjustments in respect of prior periods
( 709)
--------
--------
Total current tax
53,735
69,413
--------
--------
Deferred tax:
Origination and reversal of timing differences
246
10,087
--------
--------
Tax on profit
53,981
79,500
--------
--------
6. Tangible assets
Property Improvements
Motor Vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
70,140
135,987
68,731
274,858
Additions
68,135
15,000
2,545
85,680
Disposals
( 13,894)
( 13,894)
---------
---------
--------
---------
At 30 November 2024
138,275
137,093
71,276
346,644
---------
---------
--------
---------
Depreciation
At 1 December 2023
17,064
70,822
57,064
144,950
Charge for the year
12,710
19,694
3,553
35,957
Disposals
( 12,503)
( 12,503)
---------
---------
--------
---------
At 30 November 2024
29,774
78,013
60,617
168,404
---------
---------
--------
---------
Carrying amount
At 30 November 2024
108,501
59,080
10,659
178,240
---------
---------
--------
---------
At 30 November 2023
53,076
65,165
11,667
129,908
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 30 November 2024
53,367
--------
At 30 November 2023
56,156
--------
7. Investments
Other investments other than loans
£
Cost
At 1 December 2023 and 30 November 2024
1,300
-------
Impairment
At 1 December 2023 and 30 November 2024
-------
Carrying amount
At 30 November 2024
1,300
-------
At 30 November 2023
1,300
-------
8. Debtors
2024
2023
£
£
Trade debtors
736,083
811,333
Other debtors
2,534
4,329
---------
---------
738,617
815,662
---------
---------
Other debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
56,897
46,099
Trade creditors
611,594
615,680
Corporation tax
125,981
142,487
Social security and other taxes
86,155
56,409
Obligations under finance leases and hire purchase contracts
24,486
18,868
Investing in Pembrokeshire loan
3,590
7,128
Other creditors
185,362
18,930
------------
---------
1,094,065
905,601
------------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
84,093
88,359
Obligations under finance leases and hire purchase contracts
29,331
42,008
Investing in Pembrokeshire loan
3,590
---------
---------
113,424
133,957
---------
---------
Barclays Security Trustee Limited holds a fixed and floating charge, dated 15 December 2020, over the company's assets.
Included within bank loans is a loan balance of £82,656 (2023: £51,099) from Development Bank of Wales. The directors have provided personal guarantees over this debt.
The hire purchase agreements are secured over the assets to which they relate.
There are no debts falling due after more than five years.
11. Provisions
Deferred tax (note 12)
£
At 1 December 2023
19,209
Additions
246
--------
At 30 November 2024
19,455
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
19,455
19,209
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
19,455
19,209
--------
--------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
14. Related party transactions
The company was under the control of Mr B Taylor and Mrs E Taylor throughout the current and previous year. Mr B Taylor and Mrs E Taylor are the managing directors and majority shareholders. During the year the company paid dividends of £Nil (2023 - £62,500) to Mr B Taylor and Mrs E Taylor, the managing directors.