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Registration number: 07540750

Bridport Plumbing And Heating Supplies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Bridport Plumbing And Heating Supplies Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bridport Plumbing And Heating Supplies Ltd

(Registration number: 07540750)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

28,547

27,800

Other financial assets

5

1,300

1,300

 

29,847

29,100

Current assets

 

Stocks

6

367,543

363,185

Debtors

7

370,435

323,264

Cash at bank and in hand

 

43,115

24,218

 

781,093

710,667

Creditors: Amounts falling due within one year

8

(613,495)

(542,211)

Net current assets

 

167,598

168,456

Total assets less current liabilities

 

197,445

197,556

Creditors: Amounts falling due after more than one year

8

(4,167)

(14,167)

Provisions for liabilities

(6,763)

(6,950)

Net assets

 

186,515

176,439

Capital and reserves

 

Called up share capital

100

100

Retained earnings

186,415

176,339

Shareholders' funds

 

186,515

176,439

 

Bridport Plumbing And Heating Supplies Ltd

(Registration number: 07540750)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 26 June 2025 and signed on its behalf by:
 

J Harwood
Company secretary and director

   
     
 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1B
Gore Cross Business Park
Bridport
Dorset
DT6 3UX

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

15% reducing balance

Investments

Investments are included at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2024 - 13).

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

81,538

19,304

100,842

Additions

6,541

-

6,541

Disposals

(3,077)

-

(3,077)

At 31 March 2025

85,002

19,304

104,306

Depreciation

At 1 April 2024

65,593

7,449

73,042

Charge for the year

3,260

1,778

5,038

Eliminated on disposal

(2,321)

-

(2,321)

At 31 March 2025

66,532

9,227

75,759

Carrying amount

At 31 March 2025

18,470

10,077

28,547

At 31 March 2024

15,945

11,855

27,800

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2024

1,300

1,300

At 31 March 2025

1,300

1,300

Impairment

At 31 March 2025

-

-

Carrying amount

At 31 March 2025

1,300

1,300

6

Stocks

2025
£

2024
£

Stock

367,543

363,185

7

Debtors

2025
£

2024
£

Trade debtors

366,632

317,307

Other debtors

84

-

Prepayments

3,719

5,957

370,435

323,264

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Due within one year

Note

2025
£

2024
£

 

Loans and borrowings

9

185,384

166,326

Trade creditors

 

207,926

172,638

Amounts due to related parties

11

92,466

72,686

Social security and other taxes

 

32,421

31,226

Accruals

 

25,700

23,352

Corporation tax liability

69,598

75,983

 

613,495

542,211

Due after one year

 

Loans and borrowings

9

4,167

14,167

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

4,167

14,167

2025
£

2024
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

175,384

156,326

185,384

166,326

 

Bridport Plumbing And Heating Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Other borrowings

Commercial finance loan (sales invoice bank financing) is denominated in pound with a nominal interest rate of 0.6%, and the final instalment is due on 30 April 2025. The carrying amount at year end is £175,384 (2024 - £156,326).

The service fee above represents factoring charges made during the period, rather than interest payable.

All the directors have provided a joint personal guarantee of £125,000 in respect of the above borrowings in addition to a fixed and floating charge over the company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £60,000 (2024 - £90,000).

11

Related party transactions

Loans from related parties

2025

Key management
£

Total
£

At start of period

72,686

72,686

Advanced

(69,844)

(69,844)

Repaid

89,624

89,624

At end of period

92,466

92,466

2024

Key management
£

Total
£

At start of period

103,610

103,610

Advanced

(128,748)

(128,748)

Repaid

97,824

97,824

At end of period

72,686

72,686

Terms of loans from related parties

During the year the directors maintained interest free loan accounts with the company that are repayable on demand