8 8 Premier Plumbing Supplies Limited SC128951 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the wholesale distribution of plumbing, sanitary and heating equipment. Digita Accounts Production Advanced 6.30.9574.0 true SC128951 2024-01-01 2024-12-31 SC128951 2024-12-31 SC128951 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC128951 core:ShareCapital 2024-12-31 SC128951 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 SC128951 core:CurrentFinancialInstruments 2024-12-31 SC128951 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC128951 core:Non-currentFinancialInstruments 2024-12-31 SC128951 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC128951 core:FurnitureFittings 2024-12-31 SC128951 core:MotorVehicles 2024-12-31 SC128951 core:OfficeEquipment 2024-12-31 SC128951 core:PlantMachinery 2024-12-31 SC128951 bus:SmallEntities 2024-01-01 2024-12-31 SC128951 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC128951 bus:FilletedAccounts 2024-01-01 2024-12-31 SC128951 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC128951 bus:RegisteredOffice 2024-01-01 2024-12-31 SC128951 bus:Director1 2024-01-01 2024-12-31 SC128951 bus:Director2 2024-01-01 2024-12-31 SC128951 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC128951 bus:Agent1 2024-01-01 2024-12-31 SC128951 core:ComputerEquipment 2024-01-01 2024-12-31 SC128951 core:FurnitureFittings 2024-01-01 2024-12-31 SC128951 core:MotorVehicles 2024-01-01 2024-12-31 SC128951 core:OfficeEquipment 2024-01-01 2024-12-31 SC128951 core:PlantMachinery 2024-01-01 2024-12-31 SC128951 countries:Scotland 2024-01-01 2024-12-31 SC128951 2023-12-31 SC128951 core:FurnitureFittings 2023-12-31 SC128951 core:MotorVehicles 2023-12-31 SC128951 core:OfficeEquipment 2023-12-31 SC128951 core:PlantMachinery 2023-12-31 SC128951 2023-01-01 2023-12-31 SC128951 2023-12-31 SC128951 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC128951 core:ShareCapital 2023-12-31 SC128951 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 SC128951 core:CurrentFinancialInstruments 2023-12-31 SC128951 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC128951 core:Non-currentFinancialInstruments 2023-12-31 SC128951 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC128951 core:FurnitureFittings 2023-12-31 SC128951 core:MotorVehicles 2023-12-31 SC128951 core:OfficeEquipment 2023-12-31 SC128951 core:PlantMachinery 2023-12-31 xbrli:pure iso4217:GBP

Registration number: SC128951

Premier Plumbing Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Premier Plumbing Supplies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Premier Plumbing Supplies 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 Limited

(Registration number: SC128951)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,035

9,516

Current assets

 

Stocks

5

172,263

192,203

Debtors

6

114,116

218,070

Cash at bank and in hand

 

79,362

22,180

 

365,741

432,453

Creditors: Amounts falling due within one year

7

(285,525)

(324,951)

Net current assets

 

80,216

107,502

Total assets less current liabilities

 

86,251

117,018

Creditors: Amounts falling due after more than one year

7

(7,229)

(18,328)

Net assets

 

79,022

98,690

Capital and reserves

 

Called up share capital

40,000

40,000

Retained earnings

39,022

58,690

Shareholders' funds

 

79,022

98,690

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 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

Plant and machinery

Cost at 25%

Fixtures and fittings

Cost at 25%

Motor vehicles

Cost at 25%

Computer equipment

Cost at 33%

 

Premier Plumbing Supplies Limited

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

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 8 (2023 - 8).

 

Premier Plumbing Supplies Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2024

31,898

12,767

6,368

53,110

Disposals

-

-

-

(27,680)

At 31 December 2024

31,898

12,767

6,368

25,430

Depreciation

At 1 January 2024

31,898

12,767

6,368

43,594

Charge for the year

-

-

-

2,011

Eliminated on disposal

-

-

-

(26,210)

At 31 December 2024

31,898

12,767

6,368

19,395

Carrying amount

At 31 December 2024

-

-

-

6,035

At 31 December 2023

-

-

-

9,516

Total
£

Cost or valuation

At 1 January 2024

104,143

Disposals

(27,680)

At 31 December 2024

76,463

Depreciation

At 1 January 2024

94,627

Charge for the year

2,011

Eliminated on disposal

(26,210)

At 31 December 2024

70,428

Carrying amount

At 31 December 2024

6,035

At 31 December 2023

9,516

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

172,263

192,203

 

Premier Plumbing Supplies Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

114,116

155,991

Amounts owed by related parties

9

-

61,079

Other debtors

 

-

1,000

   

114,116

218,070

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

13,700

14,048

Trade creditors

 

225,868

264,127

Taxation and social security

 

25,688

25,769

Other creditors

 

20,269

21,007

 

285,525

324,951

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,229

18,328

 

Premier Plumbing Supplies Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,229

18,328

Current loans and borrowings

2024
£

2023
£

Bank borrowings

13,700

13,598

Hire purchase contracts

-

450

13,700

14,048

 

Premier Plumbing Supplies Limited

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

9

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 Francis Gerard Brogan

9,366

12,743

Mr Ian Welsh

1,422

1,735

 

10,788

14,478

The maximum balance outstanding during the year amounted to £14,478.

The directors current accounts are repayable on demand.

During the year the company paid rent of £71,100 (2023: £70,875) and dividends of £38,426 (2023: £15,000) to Premier Plumbing Supplies (Holdings) Limited.

At 31 December 2024 an amount of £Nil (2023: £61,078) was owed by Premier Plumbing Supplies (Holdings) Limited.

The intercompany loan is repayable on demand.

Premier Plumbing Supplies (Holdings) Limited controls the company by virtue of a 100% stake in the company's share capital.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Plumbing Supplies 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 Limited for the year ended 31 December 2024 as set out on pages 2 to 8 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 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 Limited and state those matters that we have agreed to state to the Board of Directors of Premier Plumbing Supplies 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 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 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 Limited. You consider that Premier Plumbing Supplies 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 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