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Registration number: SC327092

Premier Plumbing Supplies (Holdings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Premier Plumbing Supplies (Holdings) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Premier Plumbing Supplies (Holdings) Limited

Company Information

Directors

Mr Ian Welsh

Mr Francis Gerard Brogan

Registered office

Bankhead Medway
Sighthill
Edinburgh
EH11 4BY

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Premier Plumbing Supplies (Holdings) Limited

(Registration number: SC327092)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

328,000

336,000

Investments

5

40,000

40,000

 

368,000

376,000

Current assets

 

Cash at bank and in hand

 

70,028

122,521

Creditors: Amounts falling due within one year

6

(17,590)

(76,639)

Net current assets

 

52,438

45,882

Net assets

 

420,438

421,882

Capital and reserves

 

Called up share capital

26,667

26,667

Retained earnings

393,771

395,215

Shareholders' funds

 

420,438

421,882

For the financial year ending 31 December 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Mr Francis Gerard Brogan
Director

 

Premier Plumbing Supplies (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These 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 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 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.

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

Freehold property

Cost at 2%

 

Premier Plumbing Supplies (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Premier Plumbing Supplies (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2024

400,000

400,000

At 31 December 2024

400,000

400,000

Depreciation

At 1 January 2024

64,000

64,000

Charge for the year

8,000

8,000

At 31 December 2024

72,000

72,000

Carrying amount

At 31 December 2024

328,000

328,000

At 31 December 2023

336,000

336,000

Included within the net book value of land and buildings above is £328,000 (2023 - £336,000) in respect of freehold land and buildings.
 

 

Premier Plumbing Supplies (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

40,000

40,000

Subsidiaries

£

Cost or valuation

At 1 January 2024

40,000

Provision

Carrying amount

At 31 December 2024

40,000

At 31 December 2023

40,000

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

-

61,079

Taxation and social security

 

13,900

13,440

Other creditors

 

3,690

2,120

 

17,590

76,639

 

Premier Plumbing Supplies (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr F Brogan

1,386

-

Mr I Welsh

129

-

 

1,515

-

The maximum balance outstanding during the year amounted to £1,515.

The directors current accounts are repayable on demand.

 

During the year, total dividends of £85,500 (2023: £76,500) were paid to the directors and shareholders.

During the year the company received rent of £71,100 (2023: £70,875) and dividends of £38,426 (2023: £15,000) from Premier Plumbing Supplies Limited it's wholly owned subsidiary. The balance owed to Premier Plumbing Supplies Limited at 31 December 2023 was £Nil (2023: £61,078).

This intercompany loan is repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Plumbing Supplies (Holdings) Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Plumbing Supplies (Holdings) Limited for the year ended 31 December 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Premier Plumbing Supplies (Holdings) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Premier Plumbing Supplies (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Premier Plumbing Supplies (Holdings) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Plumbing Supplies (Holdings) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Plumbing Supplies (Holdings) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Plumbing Supplies (Holdings) Limited. You consider that Premier Plumbing Supplies (Holdings) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Premier Plumbing Supplies (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

6 March 2025