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Company registration number: 02012715







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


PIMLICO PLUMBERS LIMITED






































img3330.png                        

 


PIMLICO PLUMBERS LIMITED
 


 
COMPANY INFORMATION


Directors
G C Brown 
J G Shell (resigned 9 December 2024)
P J Carr 
M Davis (appointed 9 December 2024)
H Robertson (appointed 9 December 2024)




Registered number
02012715



Registered office
Neighbourly Training Centre
Building 4 Brackley Campus

Buckingham Road

Brackley

Northamptonshire

NN13 7EL




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PIMLICO PLUMBERS LIMITED
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 22

 


PIMLICO PLUMBERS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for Pimlico Plumbers Limited for the year ended 31 December 2024.

Business review and KPIs
 
Investment continues in systems and software upgrades to improve efficiency and facilitate growth in all sectors of the business. The development of facilities has improved working environment to support associate retention.  
The Company’s combined Franchisee and Corporate turnover position in 2024 was £41.9m (2023: £48.7m). The variation to P&L is due to some of the re-classification into the Franchisee model during the year.
As at 31st December 2024 the cash and net assets were strong, standing at £10.2m (2023: £9.6m).
The directors consider the results and position at the year end to be satisfactory.

Principal risks and uncertainties
 
The company continues to plan to mitigate risks inherent in the business arising from normal trading and the current economic climate and health and safety issues.
The risks facing the business are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of risks and ensure appropriate action is taken to mitigate them. The key risk and mitigating factors are the market risk. The market is very competitive. The company competes with a number of competitors of varying sizes in areas including price, range, quality and service. Failure to compete effectively in any of these areas could have an adverse impact on financial results. The company mitigates its exposure by ensuring that the business is differentiated from the competition by the quality of its service and customer care.

Financial key performance indicators
 
Attributed to changes in accounting for the new Franchisee model during part of the year, the Turnover is showing a decreased amount of £41.9m but when considering the like-to-like position i.e. network sales the year ended 31 December 2024 Turnover is £48.4m.
Future Developments
The company has expended into Pest control and kitchens and continue to review other trade vertical to provide further services to our customers.
The directors aim to maintain the management policies which have resulted in the company’s growth and profitability in recent years. In the coming year they expect the company to increase its sales and profitability.


This report was approved by the board and signed on its behalf.



H Robertson
Director

Date: 28 July 2025
Page 1

 


PIMLICO PLUMBERS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principl activities during the year continued to be that of plumbing, heating, electrical, roofing and general property maintenance. 

Results and dividends

The profit for the year, after taxation, amounted to £644,131 (2023 - £227,977).

During the period dividends of £nil (2023 - £nil) were paid to shareholders.

Directors

The directors who served during the year were:

G C Brown 
J G Shell (resigned 9 December 2024)
P J Carr 
M Davis (appointed 9 December 2024)
H Robertson (appointed 9 December 2024)

Principal risks and uncertainties

Please refer to comments made in the strategic report.

Future developments

Please refer to comments made in the strategic report.

Page 2

 


PIMLICO PLUMBERS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





H Robertson
Director

Date: 28 July 2025
Page 3

 


PIMLICO PLUMBERS LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIMLICO PLUMBERS LIMITED

Opinion


We have audited the financial statements of Pimlico Plumbers Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


PIMLICO PLUMBERS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIMLICO PLUMBERS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


PIMLICO PLUMBERS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIMLICO PLUMBERS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary. We corroborated our
inquiries through our review of board minutes.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 


PIMLICO PLUMBERS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIMLICO PLUMBERS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

29 July 2025
Page 7

 


PIMLICO PLUMBERS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
41,895,355
48,710,342

Cost of sales
  
(24,158,302)
(31,046,977)

Gross profit
  
17,737,053
17,663,365

Administrative expenses
  
(17,321,636)
(17,024,110)

Other operating income
  
95,932
72,584

Operating profit
 5 
511,349
711,839

Interest receivable and similar income
 8 
8,046
41,910

Interest payable and similar expenses
 9 
(259,243)
(97,960)

Profit before tax
  
260,152
655,789

Tax on profit
 10 
383,979
(427,812)

Profit after tax
  
644,131
227,977

  

  

Retained earnings at the beginning of the year
  
9,540,905
9,312,928

  
9,540,905
9,312,928

Profit for the year
  
644,131
227,977

Retained earnings at the end of the year
  
10,185,036
9,540,905
The notes on pages 10 to 22 form part of these financial statements.

Page 8

 


PIMLICO PLUMBERS LIMITED
REGISTERED NUMBER:02012715



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
428,112
400,770

Tangible assets
 12 
4,330,657
3,002,682

  
4,758,769
3,403,452

Current assets
  

Stocks
 13 
30,353
16,000

Debtors: amounts falling due within one year
 14 
85,638,263
87,934,687

Cash at bank and in hand
  
1,267,248
1,034,799

  
86,935,864
88,985,486

Creditors: amounts falling due within one year
 15 
(78,965,904)
(80,567,377)

Net current assets
  
 
 
7,969,960
 
 
8,418,109

Total assets less current liabilities
  
12,728,729
11,821,561

Creditors: amounts falling due after more than one year
 16 
(2,367,929)
(1,720,913)

Provisions for liabilities
  

Deferred tax
 18 
(165,764)
(549,743)

  
 
 
(165,764)
 
 
(549,743)

Net assets
  
10,195,036
9,550,905


Capital and reserves
  

Called up share capital 
 19 
10,000
10,000

Profit and loss account
 20 
10,185,036
9,540,905

  
10,195,036
9,550,905


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Robertson
Director

Date: 28 July 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 9

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Pimlico Plumbers Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office and principal place of business, are disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Neighborly Company as at 31 December 2024 and these financial statements may be obtained from 1010 N. University Parks Dr., Waco TX 76707, USA.

Page 10

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 12

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Cherished number plates
-
10
years
Computer software
-
2
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25%
Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 13

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiance and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the futucounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finiancial year are addressed below.
Useful economic lives of tangible and intangible assets:
The annual deprecation charge for tangible and annual amortisation charge for intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and, where applicable, the physical condition of the assets. 
Taxation:
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. 
Judgements
There are no judgements in applying the entity's accounting policies that have a significant risk of causing a material misstatement to the financial statements.

Page 14

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
32,044,737
47,182,535

Supply of good and materials
9,850,618
1,527,807

41,895,355
48,710,342


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
72,127
32,274




6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
37,750
34,000

Page 15

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,877,643
4,624,737

Social security costs
471,225
442,493

Cost of defined contribution scheme
106,957
107,008

5,455,825
5,174,238


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
49
49



Operations
93
93

142
142


8.


Interest receivable

2024
2023
£
£


Other interest receivable
8,046
41,910

8,046
41,910


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,715
18,714

Other loan interest payable
253,528
79,246

259,243
97,960

Page 16

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(20,301)


-
(20,301)


Total current tax
-
(20,301)

Deferred tax


Origination and reversal of timing differences
36,697
448,113

Adjustments in respect of prior years
(420,676)
-

Total deferred tax
(383,979)
448,113


Taxation on (loss)/profit on ordinary activities
(383,979)
427,812

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
260,152
655,789


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
65,038
154,242

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,839
-

Adjustments to tax charge in respect of prior periods
(420,676)
(20,301)

Other timing differences leading to an increase (decrease) in taxation
3,244
(333)

Changes in rates
-
26,529

Group relief
(48,424)
267,675

Total tax charge for the year
(383,979)
427,812

Page 17

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Cherished number plates
Computer software
Total

£
£
£



Cost


At 1 January 2024
623,238
487,014
1,110,252


Additions - internal
-
329,255
329,255



At 31 December 2024

623,238
816,269
1,439,507



Amortisation


At 1 January 2024
556,411
153,071
709,482


Charge for the year on owned assets
18,376
283,537
301,913



At 31 December 2024

574,787
436,608
1,011,395



Net book value



At 31 December 2024
48,451
379,661
428,112



At 31 December 2023
66,827
333,943
400,770



Page 18

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
306,780
513,825
4,331,202
129,666
5,281,473


Additions
313,428
258,410
2,998,719
63,532
3,634,089


Disposals
-
-
(641,539)
-
(641,539)



At 31 December 2024

620,208
772,235
6,688,382
193,198
8,274,023



Depreciation


At 1 January 2024
74,405
243,889
1,845,148
115,349
2,278,791


Charge for the year on owned assets
112,862
138,678
2,000,749
12,351
2,264,640


Disposals
-
-
(600,065)
-
(600,065)



At 31 December 2024

187,267
382,567
3,245,832
127,700
3,943,366



Net book value



At 31 December 2024
432,941
389,668
3,442,550
65,498
4,330,657



At 31 December 2023
232,375
269,936
2,486,054
14,317
3,002,682




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
432,941
232,375

432,941
232,375



13.


Stocks

2024
2023
£
£

Raw materials and consumables
10,000
10,000

Finished goods and goods for resale
20,353
6,000

30,353
16,000


Page 19

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
447,077
568,275

Amounts owed by group undertakings
84,219,812
86,451,147

Other debtors
339,390
427,624

Prepayments and accrued income
631,984
487,641

85,638,263
87,934,687


Amounts owed by group undertakings are interest free.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
725,782
1,060,938

Amounts owed to group undertakings
73,816,637
74,058,347

Other taxation and social security
1,051,124
2,413,843

Obligations under finance lease and hire purchase contracts
1,903,876
1,322,315

Other creditors
501,805
395,428

Accruals and deferred income
966,680
1,316,506

78,965,904
80,567,377


Amounts owed to group undertakings are interest free.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,367,929
1,720,913

2,367,929
1,720,913


Page 20

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,903,876
1,322,315

Between 1-5 years
2,367,929
1,720,913

4,271,805
3,043,228

The finance lease creditor is secured on the motor vehicle to which it relates.


18.


Deferred taxation




2024


£






At beginning of year
(549,743)


Charged to profit or loss
383,979



At end of year
(165,764)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(172,618)
(722,784)

Tax losses carried forward
-
170,148

Short term timing differences
6,854
2,893

(165,764)
(549,743)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000

These shares have equal rights to dividends, voting, return of capital in a winding up and transferability.


Page 21

 


PIMLICO PLUMBERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.


21.


Pension commitments

The company contributes to money purchase pension schemes for the benefit of its employees. The assets of the schemes are administered by trustees in funds independent from those of the company. The pension cost represents contributions payable by the company and amounted to £106,957 (2023: £107,008). At the period end accrued pension costs totalled £27,417 (2023: £25,829).


22.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
998,523
1,150,128

Later than 1 year and not later than 5 years
1,494,737
2,469,510

2,493,260
3,619,638

Amounts expenses in the profit and loss, in relation to operating lease commitments total £1,058,720 (2023 - £1,027,862).


23.


Related party transactions

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. 


24.


Controlling party

The immediate parent company is Pimlico Holdco Limited.
The ultimate parent company is Nest GP LLC, a company incorporated in the USA.
The largest group in which the results of the company are consolidated is that headed by Nest Holdings LP. The smallest group in which they are consolidated is that headed by Neighborly Company.
The registered office of both parents of the largest and smallest group, and the address from which the consolidated accounts can be obtained is 1010 N University Parks Dr., Waco, TX 76707, USA.
 
Page 22