Company registration number 02390567 (England and Wales)
PORTSMOUTH PLUMBING SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
PORTSMOUTH PLUMBING SUPPLIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PORTSMOUTH PLUMBING SUPPLIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. I Andrew
Mr. S Scanlon
Mr. L Benham
Secretary
Mr. I Andrew
Company number
02390567
Registered office
37 London Road
Purbrook
Waterlooville
Hampshire
PO7 5LF
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
PORTSMOUTH PLUMBING SUPPLIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2,000
3,000
Tangible assets
4
25,725
23,080
Current assets
Stocks
373,829
395,260
Debtors
5
204,823
218,055
Investments
6
1,300
1,300
Cash at bank and in hand
1,030
579,952
615,645
Creditors: amounts falling due within one year
7
(344,695)
(319,009)
Net current assets
235,257
296,636
Total assets less current liabilities
262,982
322,716
Creditors: amounts falling due after more than one year
8
(9,260)
(8,713)
Provisions for liabilities
(6,431)
(30,621)
Net assets
247,291
283,382
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
247,091
283,182
Total equity
247,291
283,382
PORTSMOUTH PLUMBING SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
Mr. I Andrew
Mr. S Scanlon
Director
Director
Company Registration No. 02390567
The notes on pages 4 to 9 form part of these financial statements
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Portsmouth Plumbing Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 London Road, Purbrook, Waterlooville, Hampshire, PO7 5LF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Leasehold costs
10% straight line
Fixtures & fittings
20% reducing balance
Office equipment
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
19
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Intangible fixed assets
Website
£
Cost
At 1 January 2024 and 31 December 2024
5,000
Amortisation and impairment
At 1 January 2024
2,000
Amortisation charged for the year
1,000
At 31 December 2024
3,000
Carrying amount
At 31 December 2024
2,000
At 31 December 2023
3,000
4
Tangible fixed assets
Leasehold costs
Fixtures & fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
47,606
69,627
68,213
47,760
233,206
Additions
2,210
7,550
9,760
Disposals
(15,260)
(15,260)
At 31 December 2024
49,816
69,627
68,213
40,050
227,706
Depreciation and impairment
At 1 January 2024
45,369
69,174
62,810
32,773
210,126
Depreciation charged in the year
840
130
1,387
3,880
6,237
Eliminated in respect of disposals
(14,382)
(14,382)
At 31 December 2024
46,209
69,304
64,197
22,271
201,981
Carrying amount
At 31 December 2024
3,607
323
4,016
17,779
25,725
At 31 December 2023
2,237
453
5,403
14,987
23,080
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,337
176,499
Other debtors
500
Prepayments and accrued income
35,986
41,556
204,823
218,055
6
Current asset investments
2024
2023
£
£
Other investments
1,300
1,300
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
159,129
121,435
Obligations under hire purchase agreements
6,433
3,462
Trade creditors
158,905
150,616
Other taxation and social security
15,807
35,773
Other creditors
73
73
Accruals and deferred income
4,348
7,650
344,695
319,009
The bank overdraft of £ 159,129 (2023 - £121,435) is secured by fixed and floating charges over the assets of the company.
The hire purchase liabilities are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under hire purchase agreements
9,260
8,713
The hire purchase liabilities are secured on the assets to which they relate.
PORTSMOUTH PLUMBING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
501,125
563,052
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