Bell Plumbing Supplies Ltd 05984631 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is wholesale of plumbing and heating equipment and supplies Digita Accounts Production Advanced 6.30.9574.0 true true true true 05984631 2024-03-01 2025-02-28 05984631 2025-02-28 05984631 bus:OrdinaryShareClass1 2025-02-28 05984631 core:AcceleratedTaxDepreciationDeferredTax 2025-02-28 05984631 core:RetainedEarningsAccumulatedLosses 2025-02-28 05984631 core:ShareCapital 2025-02-28 05984631 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2025-02-28 05984631 core:CurrentFinancialInstruments 2025-02-28 05984631 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 05984631 core:CurrentFinancialInstruments core:WithinOneYear 2 2025-02-28 05984631 core:BetweenTwoFiveYears 2025-02-28 05984631 core:MoreThanFiveYears 2025-02-28 05984631 core:WithinOneYear 2025-02-28 05984631 core:FurnitureFittingsToolsEquipment 2025-02-28 05984631 core:LandBuildings 2025-02-28 05984631 core:MotorVehicles 2025-02-28 05984631 core:DeferredTaxation 2025-02-28 05984631 bus:FRS102 2024-03-01 2025-02-28 05984631 bus:Audited 2024-03-01 2025-02-28 05984631 bus:FullAccounts 2024-03-01 2025-02-28 05984631 bus:RegisteredOffice 2024-03-01 2025-02-28 05984631 bus:CompanySecretary1 2024-03-01 2025-02-28 05984631 bus:Director1 2024-03-01 2025-02-28 05984631 bus:Director3 2024-03-01 2025-02-28 05984631 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 05984631 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 05984631 bus:Agent1 2024-03-01 2025-02-28 05984631 core:RetainedEarningsAccumulatedLosses 2024-03-01 2025-02-28 05984631 core:ShareCapital 2024-03-01 2025-02-28 05984631 core:LandBuildingsUnderOperatingLeases 2024-03-01 2025-02-28 05984631 core:OtherAssetsUnderOperatingLeases 2024-03-01 2025-02-28 05984631 core:PlantEquipmentUnderOperatingLeases 2024-03-01 2025-02-28 05984631 core:ComputerEquipment 2024-03-01 2025-02-28 05984631 core:FurnitureFittings 2024-03-01 2025-02-28 05984631 core:FurnitureFittingsToolsEquipment 2024-03-01 2025-02-28 05984631 core:LandBuildings 2024-03-01 2025-02-28 05984631 core:LeaseholdImprovements 2024-03-01 2025-02-28 05984631 core:MotorVehicles 2024-03-01 2025-02-28 05984631 core:DeferredTaxation 2024-03-01 2025-02-28 05984631 core:UKTax 2024-03-01 2025-02-28 05984631 1 2024-03-01 2025-02-28 05984631 countries:England 2024-03-01 2025-02-28 05984631 2024-02-29 05984631 core:RetainedEarningsAccumulatedLosses 2024-02-29 05984631 core:ShareCapital 2024-02-29 05984631 core:FurnitureFittingsToolsEquipment 2024-02-29 05984631 core:LandBuildings 2024-02-29 05984631 core:MotorVehicles 2024-02-29 05984631 core:DeferredTaxation 2024-02-29 05984631 2023-03-01 2024-02-29 05984631 2024-02-29 05984631 bus:OrdinaryShareClass1 2024-02-29 05984631 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 05984631 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-02-29 05984631 core:CurrentFinancialInstruments 2024-02-29 05984631 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 05984631 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-02-29 05984631 core:BetweenTwoFiveYears 2024-02-29 05984631 core:MoreThanFiveYears 2024-02-29 05984631 core:WithinOneYear 2024-02-29 05984631 core:FurnitureFittingsToolsEquipment 2024-02-29 05984631 core:LandBuildings 2024-02-29 05984631 core:MotorVehicles 2024-02-29 05984631 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 05984631 core:ShareCapital 2023-03-01 2024-02-29 05984631 core:LandBuildingsUnderOperatingLeases 2023-03-01 2024-02-29 05984631 core:OtherAssetsUnderOperatingLeases 2023-03-01 2024-02-29 05984631 core:PlantEquipmentUnderOperatingLeases 2023-03-01 2024-02-29 05984631 core:UKTax 2023-03-01 2024-02-29 05984631 2023-02-28 05984631 core:RetainedEarningsAccumulatedLosses 2023-02-28 05984631 core:ShareCapital 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05984631

Bell Plumbing Supplies Ltd
Annual Report and Financial Statements
for the Year Ended 28 February 2025

Bell Plumbing Supplies Ltd

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Income Statement | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 24

Bell Plumbing Supplies Ltd

Company Information

Directors | Mr S E Bell Mr W J Dunn

Company secretary | Mrs S L Bell

Registered office | Unit 27, Prince Road Kings Norton Business Centre Kings Norton Birmingham B30 3HB

Accountants | Munslows Accountants Ltd Chartered Certified Accountants32 High Street Wall Heath Kingswinford West Midlands DY6 0HB

Auditors | Manex Accountants Ltd Chartered Accountants and Statutory Auditors9 Castle Court 2 Castlegate Way Dudley West Midlands DY1 4RD

Bell Plumbing Supplies Ltd

Strategic Report for the Year Ended 28 February 2025

The directors present their strategic report for the year ended 28 February 2025.

Principal activity

The principal activity of the company is wholesale of plumbing and heating equipment and supplies

Fair review of the business

The results for the year end and financial position are as shown in the annexed financial statements. As operators of a chain of nine plumbers merchants, we consider our key financial performance indicators to be turnover and gross profit. The year ended 28 February 2025 has seen turnover fall slightly compared to the previous year, which is reflected in a similar fall in gross profit. The effects of inflation in the UK have increased costs significantly, with the result that the years trading saw a reduced profit before tax of £476,114 compared to £1,463,529 in the previous year. In common with many other businesses in similar industries the directors believe the trading environment that the company operates in will continue to be challenging, although they remain optimistic for the future and are committed to increasing the turnover and profitability of the company in the future.

Principal risks and uncertainties

The company operates in a competitive market with high levels of price sensitivity, which the directors take overall responsibility for. The process of risk management is addressed through a framework of policies, procedures and internal controls. The company operates a strong supply chain consisting of multiple suppliers across many areas, helping to minimise over-reliance on any particular supplier.
The company remains exposed to periods of inflation and the variability of commodity prices, both of which impact on profitability. The company continually assesses any risks identified, with the aim of mitigating the threats these may have on the company's operations and profitability.
The company is also exposed to pressures within the labour market and to wage cost inflation. The company mitigates this risk by a policy of adopting remuneration and benefits packages designed to be competitive within the market as well as ensuring full compliance with labour market regulations, with employment policies to allow fulfilling career opportunities for all employees.

Approved by the Board on 11 February 2026 and signed on its behalf by:

.........................................
Mr S E Bell
Director

Bell Plumbing Supplies Ltd

Directors' Report for the Year Ended 28 February 2025

The directors present their report and the financial statements for the year ended 28 February 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr S E Bell

Mr W J Dunn

Financial instruments

Objectives and policies

The company's principal financial instrument is cash. The main purpose of this financial instruments is to raise finance for the company's operations. The company does not enter into derivative transactions. It is, and has been throughout the period under review, the company's policy that no trading in finanacial instruments shall be undertaken.

Price risk, credit risk, liquidity risk and cash flow risk

The main risks arising from the company's financial instruments is liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Liquidity risk
The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Manex Accountants Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 11 February 2026 and signed on its behalf by:

......................................... Mr S E Bell Director

Bell Plumbing Supplies Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Bell Plumbing Supplies Ltd

Independent Auditor's Report to the Members of Bell Plumbing Supplies Ltd

Opinion

We have audited the financial statements of Bell Plumbing Supplies Ltd (the 'company') for the year ended 28 February 2025, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, 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 28 February 2025 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 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Bell Plumbing Supplies Ltd

Independent Auditor's Report to the Members of Bell Plumbing Supplies Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Bell Plumbing Supplies Ltd

Independent Auditor's Report to the Members of Bell Plumbing Supplies Ltd

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006/FRS 102, Employment Law and Waste, Health and Safety. We enquired of management and those responsible for legal and compliance procedures to obtain an understanding of how the company is complying with those legal and regulatory frameworks and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our discussions with the directors and management. We did not identify any matters relating to non-compliance with laws and regulations or matters in relation to fraud.
In assessing the potential risks of material misstatements, we obtained an understanding of the company’s operations, including its objectives and strategies to understand the expected financial statement disclosures and business risks that may result in risks of material misstatement;
In assessing the appropriateness of the collective competence and capabilities of the engagement team the engagement partner considered the engagement team’s :
 Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation,
 The specialist skills required and
 Knowledge of the industry in which the client operates.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 Assessing the design effectiveness of controls management has in place to prevent and detect fraud;
 Challenging assumptions and judgements made by management in its significant accounting estimates;
 Identifying and testing journal entries, in particular manual journal entries made at year end for financial statement preparation; and
 Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Bell Plumbing Supplies Ltd

Independent Auditor's Report to the Members of Bell Plumbing Supplies Ltd

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 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.

......................................
Clinton Meehan BSc FCA (Senior Statutory Auditor)
For and on behalf of Manex Accountants Ltd, Statutory Auditor
9 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RD

11 February 2026

Bell Plumbing Supplies Ltd

Income Statement for the Year Ended 28 February 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 29,767,135 | 31,305,121
Cost of sales |  | (24,303,532) | (25,055,633)
Gross profit |  | 5,463,603 | 6,249,488
Administrative expenses |  | (4,993,173) | (4,827,214)
Operating profit | 5 | 470,430 | 1,422,274
Other interest receivable and similar income | 6 | 40,854 | 41,703
Interest payable and similar expenses | 7 | (950) | (448)
|  | 39,904 | 41,255
Profit before tax |  | 510,334 | 1,463,529
Tax on profit | 11 | (143,007) | (363,050)
Profit for the financial year |  | 367,327 | 1,100,479

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Bell Plumbing Supplies Ltd

(Registration number: 05984631)
Statement of Financial Position as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Property, plant and equipment | 12 | 468,514 | 570,667
Other financial assets | 13 | 1,300 | 1,300
|  | 469,814 | 571,967
Current assets |  |  |
Inventories | 14 | 3,530,286 | 3,349,807
Debtors | 15 | 5,872,282 | 5,925,671
Cash at bank and in hand | 16 | 3,574,587 | 3,176,606
|  | 12,977,155 | 12,452,084
Creditors: Amounts falling due within one year | 17 | (5,334,462) | (4,897,033)
Net current assets |  | 7,642,693 | 7,555,051
Total assets less current liabilities |  | 8,112,507 | 8,127,018
Provisions for liabilities | 18 | (94,467) | (122,305)
Net assets |  | 8,018,040 | 8,004,713
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 8,017,940 | 8,004,613
Shareholders' funds |  | 8,018,040 | 8,004,713

Approved and authorised by the Board on 11 February 2026 and signed on its behalf by:

......................................... Mr S E Bell Director

Bell Plumbing Supplies Ltd

Statement of Changes in Equity for the Year Ended 28 February 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 March 2024 | 100 | 8,004,613 | 8,004,713
Profit for the year | - | 367,327 | 367,327
Total comprehensive income | - | 367,327 | 367,327
Dividends | - | (354,000) | (354,000)
At 28 February 2025 | 100 | 8,017,940 | 8,018,040

| Share capital £ | Retained earnings £ | Total £
At 1 March 2023 | 100 | 7,258,134 | 7,258,234
Profit for the year | - | 1,100,479 | 1,100,479
Dividends | - | (354,000) | (354,000)
At 29 February 2024 | 100 | 8,004,613 | 8,004,713

Bell Plumbing Supplies Ltd

Statement of Cash Flows for the Year Ended 28 February 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 367,327 | 1,100,479
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 200,836 | 174,062
Loss/(profit) on disposal of property, plant and equipment | 4 | 4,710 | (6,917)
Finance income | 6 | (40,854) | (41,703)
Income tax expense | 11 | 143,007 | 363,050
|  | 675,026 | 1,588,971
Working capital adjustments |  |  |
(Increase)/decrease in inventories | 14 | (180,479) | 898,623
Decrease in trade debtors | 15 | 167,744 | 960,865
Increase/(decrease) in trade creditors | 17 | 560,467 | (1,974,120)
Cash generated from operations |  | 1,222,758 | 1,474,339
Income taxes paid | 11 | (408,238) | (310,155)
Net cash flow from operating activities |  | 814,520 | 1,164,184
Cash flows from investing activities |  |  |
Interest received | 6 | 40,854 | 41,703
Acquisitions of property, plant and equipment |  | (200,954) | (128,425)
Proceeds from sale of property, plant and equipment |  | 97,561 | 24,250
Net cash flows from investing activities |  | (62,539) | (62,472)
Cash flows from financing activities |  |  |
Dividends paid | 22 | (354,000) | (354,000)
Net increase in cash and cash equivalents |  | 397,981 | 747,712
Cash and cash equivalents at 1 March |  | 3,176,606 | 2,428,894
Cash and cash equivalents at 28 February |  | 3,574,587 | 3,176,606

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

1 | General information

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

The address of its registered office is:
Unit 27, Prince Road
Kings Norton Business Centre
Kings Norton
Birmingham
B30 3HB

These financial statements were authorised for issue by the Board on 11 February 2026.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

Judgements

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Income taxes
The company is subject to the corporation tax laws of the United Kingdom. These laws are complex and subject to different interpretations by taxpayers and tax authorities. When establishing corporation tax provisions, the directors make a number of judgments and interpretations about the application and interaction of these laws. Changes in these tax laws or in their interpretation could affect the company's effective tax rate and the results of operations in a given period.

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

Government grants are recognised in the financial statements when there is reasonable assurance that the company has complied with all applicable conditions and that the grants will be received. Under FRS 102 the company accounts for government grants using the accrual model. Under the accrual model government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grants are intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment 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
Leasehold improvements | 10 years straight line
Fixtures and fittings | 10 years straight line
Computer equipment | 3 years straight line
Motor vehicles | 5 years straight line

Investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 29,767,135 | 31,305,121

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
(Loss)/gain on disposal of property, plant and equipment | (4,710) | 6,917

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 200,836 | 174,062
Operating lease expense - property | 560,942 | 511,975
Operating lease expense - plant and machinery | 52,788 | 36,137
Operating lease expense - other | 44,557 | 43,116
Loss/(profit) on disposal of property, plant and equipment | 4,710 | (6,917)

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 38,867 | 33,344
Other finance income | 1,987 | 8,359
| 40,854 | 41,703

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Foreign exchange gains | 950 | 448

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,678,994 | 2,683,121
Social security costs | 260,625 | 258,952
Other short-term employee benefits | 9,447 | 8,326
Pension costs, defined contribution scheme | 87,192 | 74,899
Other employee expense | 27,208 | 24,791
| 3,063,466 | 3,050,089

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 89 | 89
| 89 | 89

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 69,578 | 74,851

Both directors' received medical health insurance and one director received a company car.

10 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 2,750 | 2,750

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

11 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 170,845 | 374,418
Deferred taxation |  |
Arising from origination and reversal of timing differences | (27,838) | (11,368)
Tax expense in the income statement | 143,007 | 363,050

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 510,334 | 1,463,529
Corporation tax at standard rate | 127,584 | 365,882
Tax increase from effect of capital allowances and depreciation | 30,553 | 2,990
Decrease from effect of different UK tax rates on some earnings | - | (7,768)
Tax decrease from other short-term timing differences | (27,838) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 12,708 | 1,946
Total tax charge | 143,007 | 363,050

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated tax depreciation | - | 94,466
| - | 94,466

2024 | Asset £ | Liability £
Accelerated tax depreciation | - | 122,305
| - | 122,305

The main rate of corporation tax increased to 25% from 1 April 2023, in respect of taxable profits above £250,000. In addition to the main rate there remains a small profit rate of 19% for taxable profits below £50,000. Marginal relief will provide a gradual increase in the corporation tax rate between the small profits rate and the main rate.
Deferred tax balances must be recognised at the future rate applicable when the balance is expected to unwind. As such, deferred tax balances are recognised using the main rate of 25%.

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

12 | Property, plant and equipment

| Leasehold improvements £ | Fixtures, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 March 2024 | 222,739 | 153,330 | 934,344 | 1,310,413
Additions | - | 75,554 | 125,400 | 200,954
Disposals | - | - | (134,380) | (134,380)
At 28 February 2025 | 222,739 | 228,884 | 925,364 | 1,376,987
Depreciation
At 1 March 2024 | 171,340 | 150,140 | 418,266 | 739,746
Charge for the year | 19,343 | 24,511 | 156,982 | 200,836
Eliminated on disposal | - | - | (32,109) | (32,109)
At 28 February 2025 | 190,683 | 174,651 | 543,139 | 908,473
Carrying amount
At 28 February 2025 | 32,056 | 54,233 | 382,225 | 468,514
At 29 February 2024 | 51,399 | 3,190 | 516,078 | 570,667

13 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at cost less impairment | 1,300 | 1,300

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

14 | Inventories

| 2025 £ | 2024 £
Closing stocks | 3,530,286 | 3,349,807

15 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 5,399,401 | 5,699,540
Amounts owed by related parties | 24 | 81,150 | -
Other debtors |  | 22,413 | 166,288
Prepayments |  | 254,963 | 59,843
Corporation tax asset | 11 | 114,355 | -
|  | 5,872,282 | 5,925,671

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 48,358 | 256,330
Short-term deposits | 3,526,229 | 2,920,276
| 3,574,587 | 3,176,606

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 4,981,962 | 4,327,155
Social security and other taxes |  | 276,936 | 296,549
Accruals |  | 75,564 | 150,291
Corporation tax liability | 11 | - | 123,038
|  | 5,334,462 | 4,897,033

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 March 2024 | 122,305 | 122,305
Increase (decrease) in existing provisions | (27,838) | (27,838)
At 28 February 2025 | 94,467 | 94,467

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £87,192 (2024 - £74,899).

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

21 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 610,152 | 525,570
Later than one year and not later than five years | 1,097,942 | 1,195,096
Later than five years | 17,158 | 106,737
| 1,725,252 | 1,827,403

22 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £3,540.00 (2024 - £3,540.00) per ordinary share |  | 354,000 |  | 354,000

Bell Plumbing Supplies Ltd

Notes to the Financial Statements for the Year Ended 28 February 2025

23 | Analysis of changes in net debt

| At 1 March 2024 £ | Financing cash flows £ | At 28 February 2025 £
Cash and cash equivalents |  |  |
Cash | 3,176,606 | 397,980 | 3,574,586
Borrowings |  |  |
Directors loan account | (12,399) | 2,385 | (10,014)
| 3,164,207 | 400,365 | 3,564,572

24 | Related party transactions

S E Bell, a director and shareholder of Bell Plumbing Supplies Ltd, is also a director and shareholder of Bell Plumbing Properties Limited.
Rent of £145,790 is payable to Bell Properties Limited for use of a warehouse owned by that company.
S E Bell is also a director and shareholder of Renewable Energy Warehouse Limited. A loan of £81,150 is due from this company to Bell Plumbing Supplies Ltd as at the year end.

25 | Controlling party

The ultimate controlling party is Mr S E Bell.