| REGISTERED NUMBER: |
| Pump Supplies Ltd |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Pump Supplies Ltd |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
| Pump Supplies Ltd (Registered number: 01628083) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 6 |
| Balance Sheet | 7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9 |
| Pump Supplies Ltd |
| Company Information |
| for the Year Ended 31 December 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| 5th Floor Hodge House |
| 114-116 St Mary Street |
| Cardiff |
| CF10 1DY |
| Bankers: |
| 115-119 Station Road |
| Port Talbot |
| West Glamorgan |
| SA13 1NR |
| Pump Supplies Ltd (Registered number: 01628083) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| Review of business |
| Turnover has increased from £30,865,870 to £34,278,511 for year to 31st December 2024. Gross profit margin for the year has increased when compared with the comparative period (Dec 24: 58.85%, Dec 23: 52.66%). |
| The company achieved a profit before tax of £8,613,049 (Dec 23:£6,918,972). |
| The company has continued to perform well in the period and continues to compete in a market place which can be difficult to operate in. |
| Operating profits reflect the efforts of the employees and Directors, with operating profits of £8,130,550 representing a margin of 23.72% (2023: 20.19%). This confirms the service levels being delivered provide a solid platform for growth in both existing relationships and new contracts. |
| The net assets of the business totalled £31,114,876 (Dec 23: £24,369,306), an increase of £6,745,570 which confirms the desire of the company to ensure that it continues to have the resources at hand to react dynamically to the needs of its customer base especially in the face of the ever changing weather patterns. |
| Principal risks and uncertainties |
| The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations. |
| In respect of bank balances, the liquidity risk is managed by maintaining a balance between available funds and maintaining the company infrastructure. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
| Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. |
| On behalf of the board: |
| Pump Supplies Ltd (Registered number: 01628083) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| Principal activity |
| The principal activity of the company in the year under review was that of the supply, maintenance and hire of pumping equipment |
| Dividends |
| The total distribution of dividends for the year ended 31 December 2024 was £Nil (Dec 23 - £500,000) |
| Directors |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
| - | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
| Statement as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| Pump Supplies Ltd |
| Opinion |
| We have audited the financial statements of Pump Supplies Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 Auditors' 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| Report of the Independent Auditors to the Members of |
| Pump Supplies Ltd |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial |
| statements of the company. These are reviewed internally with the audit team including relevant industry experience |
| and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation. |
| Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, |
| including fraud and adjust our testing accordingly. Our audit procedures include: |
| - Discussing with Directors and management which areas of the business they believe to be more susceptible to |
| fraud, and whether they have any knowledge or suspicion of fraudulent activities. |
| - Discussing with Directors and management the legal and regulatory obligations of the business and whether they |
| have any knowledge or suspicion of non-compliance. |
| - Obtaining an understanding of the key controls put in place by the company to address risks identified, |
| assessing the effectiveness of those and discussing how these are maintained and monitored internally. |
| - Assessing the risk of management override and review and testing of journal entries made into the accounting |
| system. |
| - Challenging assumptions and judgements made by the company in relation to the significant accounting |
| estimates employed in the preparation of the financial statements. |
| Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional |
| misrepresentation, or the override of internal controls. |
| 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 Report of the Auditors. |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| 5th Floor Hodge House |
| 114-116 St Mary Street |
| Cardiff |
| CF10 1DY |
| Pump Supplies Ltd (Registered number: 01628083) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Turnover |
| Cost of sales | ( |
) | ( |
) |
| Gross profit |
| Administrative expenses | ( |
) | ( |
) |
| Operating profit |
| Interest receivable and similar income |
| 8,676,558 | 6,952,255 |
| Interest payable and similar expenses | 4 | ( |
) | ( |
) |
| Profit before taxation | 5 |
| Tax on profit | 6 | ( |
) | ( |
) |
| Profit for the financial year |
| Other comprehensive income | - | - |
| Total comprehensive income for the year |
| Pump Supplies Ltd (Registered number: 01628083) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| Current assets |
| Stocks | 11 |
| Debtors: amounts falling due within one year | 12 |
| Debtors: amounts falling due after more than one year |
12 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 13 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| Provisions for liabilities | 18 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pump Supplies Ltd (Registered number: 01628083) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | Statutory information |
| Pump Supplies Ltd is a private company, limited by shares, registered in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the rolling forecasts and future cash flows in making their assessment. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Pump Supplies Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Vestum AB, Birger Jarlsgatan 27, Stockholm, Sweden, 11145. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of 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. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| Turnover |
| Turnover represents amounts chargeable, net of value added tax, in respect of the supply, maintenance and hire of pumps and pumping equipment to customers. |
| Turnover arising from the hire of assets is recognised in the profit and loss account on a straight line basis over the period of hire. |
| Turnover arising from the sale of consumable stock is recognised in the profit and loss account when the significant risks and rewards of ownership has transferred to the buyer. This occurs when the item has been delivered to the customers location. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. |
| In the case of ex-hire equipment assets, at the lower of cost less accumulated depreciation and impairment at the date of transfer. |
| The estimated selling price is based on a selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in the profit and loss. |
| Financial instruments |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at their transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Accounting for leases by lessor |
| Operating leases |
| Assets held for use in operating leases are included as fixed assets at cost and depreciated over their useful life. |
| Hire income from operating leases is recognised on a straight line basis over the term of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme. |
| Investment in subsidiaries |
| Investments in subsidiaries are recognised at cost less impairment. |
| 3. | Employees and directors |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration and support | 16 | 16 |
| Production | 54 | 49 |
| Sales | 15 | 15 |
| Other department | 3 | 3 |
| The key management for the Company is considered to be the directors. |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 4. | Interest payable and similar expenses |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | Profit before taxation |
| The profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Goodwill amortisation |
| Auditors' remuneration |
| Other non- audit services |
| 6. | Taxation |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| General bad debt provision | 11,000 | 50,000 |
| Profit/Loss on disposal | (29,459 | ) | (69,069 | ) |
| Deferred tax movement | 97,087 | 551,562 |
| Change in tax rates | - | (68,991 | ) |
| Group loss relief | (237,586 | ) | (137,829 | ) |
| Accelerated charge | - | 85,822 |
| Total tax charge | 1,867,479 | 1,734,213 |
| 7. | Dividends |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | Intangible fixed assets |
| Goodwill |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Amortisation |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | Tangible fixed assets |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | Tangible fixed assets - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| Cost |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | Fixed asset investments |
| Investment |
| in |
| subsidiaries |
| £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the balance sheet date in the share capital of its subsidiaries are as follows: |
| Class of shares held | % Holding |
| PD Pumps Ltd | Ordinary | 100 |
| PDAS Holdings Ltd | Ordinary | 100 |
| Pump Design and Services Ltd | Ordinary | 100 |
| PDAS Install Ltd | Ordinary | 100 |
| PDAS Proactive Ltd | Ordinary | 100 |
| PDAS Projects Ltd | Ordinary | 100 |
| PDAS Rental Ltd | Ordinary | 100 |
| During the year, the company aquired 100% of the shares of PDAS Holdings Ltd. At the time of acquisition PDAS Holdings had 5 subsidiaries all of which were aquired by Pump Supplies Ltd, those companies are listed above. |
| All of the subsidiaries above were incorporated in England and Wales. |
| The principal activities of these are supply of submersible and dry installed pumps. |
| The registered address of PD Pumps Ltd is shared with Pump Supplies Ltd and can be found on the General Information page. |
| The registered address of the PDAS group subsidiaries is Building 4.6 HiTech, Frimley Business Park, Frimley, Camberley, Surrey, GU16 7SG. |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | Stocks |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 12. | Debtors |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Prepayments |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| 13. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 256,127 | 402,120 |
| Other creditors |
| Accruals and deferred income |
| 14. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) |
| Other creditors |
| 15. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | Leasing agreements - continued |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Lease payments recognised as an expense in the year totalled £355,829 (December 2023: £355,829). |
| 16. | Secured debts |
| An unlimited debenture dated 13/12/2021 incorporating a fixed and floating charge is held as security over the commercial leasehold property known as land at Llewellyn's Quay. |
| HP liabilities including those reported in note 14 are secured against the various assets purchased by the company. |
| 17. | Financial instruments |
| Note 2 to these financial statements details the accounting policy for financial instruments. |
| The company has the following financial instruments measured at amortised cost: |
| 2024 | 2023 |
| £ | £ |
| Financial assets that are debt instruments |
| Trade Debtors | 6,807,427 | 7,008,201 |
| Amounts owed by group undertakings | 6,297,128 | 13,532,963 |
| Financial Liabilities |
| Trade Creditors | 2,694,508 | 3,825,243 |
| Other Creditors & Accruals | 3,230,807 | 1,482,784 |
| Hire Purchase Liabilities | 1,345,700 | 1,137,099 |
| Amounts owed to group undertakings | 1,000,000 | - |
| 18. | Provisions for liabilities |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 998,965 | 901,879 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 December 2024 |
| 19. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 4,500 | 4,500 |
| Pump Supplies Ltd (Registered number: 01628083) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 20. | Reserves |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 24,364,806 |
| Profit for the year |
| At 31 December 2024 | 31,110,376 |
| 21. | Pension commitments |
| The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £484,122 (Dec 2023: £431,735). |
| At the year end £190,750 (Dec 23:£95,557) was outstanding as a pension accrual. |
| 22. | Ultimate parent company |
| The parent company is Vestum UK Limited. The ultimate parent company is Vestum AB (publ), incorporated in Sweden. |