Company registration number 09371636 (England and Wales)
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
Mr Tom Prime
Mr Sean Hirons
Mr Ryan Poole
Secretary
Mr Ryan Poole
Company number
09371636
Registered office
2-3 Charter Point Way
Ashby de la Zouch
Leicestershire
LE65 1NF
Auditor
Xeinadin Audit Limited
Cabourn House
Station Street
Bingham
United Kingdom
NG13 8AQ
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Principal activities

The principal activity of the company continued to be that of plumbing, heat and air-conditioning installation contractors.

Review of the business

The directors present the strategic report for the year ended 31 July 2025.

Financial Performance

Turnover for the year increased to £11,836,037 (2024: £10,736,330), representing growth of approximately 10% year on year. This reflects continued demand across the company’s core plumbing and heating installation activities.

Gross profit increased to £2,427,453 (2024: £2,308,579). However, gross margin reduced slightly to 20.5% (2024: 21.5%), primarily due to increased material and labour costs within the sector.

Operating profit for the year was £656,261 (2024: £793,081). Profit before taxation amounted to £640,009 (2024: £779,912). The reduction in operating margin reflects:

1) Increased administrative overheads, including staff costs,

2) Higher vehicle and operational running costs,

3) First year audit fees,

4) Increased pension contributions.

Profit after taxation for the year was £464,713 (2024: £587,200).

Dividends of £175,237 were paid during the year (2024: £233,199).

Financial Position

Net assets at 31 July 2025 were £1,440,341 (2024: £1,150,865), reflecting retained profits after dividends.

Key balance sheet movements include:

- Stocks increased to £361,931 (2024: £138,574), reflecting higher work volumes and stocks held on-site at the year end.

- Debtors increased to £2,898,792 (2024: £2,286,338), consistent with increased turnover and timing of contract billings.

- Cash at bank reduced to £122,015 (2024: £351,311).

- Bank loans reduced to £63,334 (2024: £103,333) following scheduled repayments.

- Finance lease liabilities increased in line with vehicle acquisitions during the year.

- Net cash outflow from operating activities was £458,690, primarily driven by working capital investment in debtors and stock.

The directors continue to monitor working capital closely, particularly debtor recoverability and stock levels.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
Principal risks and uncertainties

The directors have identified the following principal risks affecting the business:

1. Cost Inflation Risk

The business is exposed to fluctuations in material, fuel and labour costs. Continued cost pressures may impact margins where costs cannot be fully passed to customers.

2. Working Capital Risk

The company operates in a sector requiring significant upfront labour and material costs. Delays in customer payments may impact cash flow.

3. Labour Availability

The construction and mechanical services sector continues to experience skills shortages, which may impact delivery capacity and wage costs.

4. Economic and Construction Sector Conditions

Demand is linked to wider construction sector performance and economic stability. Reduced investment in construction projects may impact future workload.

The directors mitigate these risks through:

- Active cost monitoring,

- Credit control procedures,

- Maintaining strong customer relationships,

- Regular financial forecasting,

- Ongoing investment in staff and operational oversight.

Key performance indicators

The directors monitor performance using the following financial indicators:

KPI | 2025 | 2024
Turnover | £11.8m | £10.7m
Gross margin | 20.5% | 21.5%
Operating margin | 5.5% | 7.4%
Profit after tax | £464k | £587k
Net assets | £1.44m | £1.15m

Management focus remains on:

1) Maintaining margin control in a cost-pressured environment,

2) Strengthening working capital management,

3) Improving operational efficiency.

On behalf of the board

Mr Tom Prime
Director
9 March 2026
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £175,237. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Tom Prime
Mr Sean Hirons
Mr Ryan Poole
Statement of directors' responsibilities

Xeinadin Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -
On behalf of the board
Mr Tom Prime
Mr Sean Hirons
Director
Director
Mr Ryan Poole
Director
9 March 2026
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
- 5 -

Qualified opinion on financial statements

We have audited the financial statements of Prestige Plumbing And Heating Contractors Limited (the 'company') for the year ended 31 July 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 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 qualified opinion

As this is the first year in the company has required an audit, we were unable to attend the year-end physical stock count due to the timing of our appointment as auditors. This is also true for the comparative stock included in these financial statements. Consequently, we were unable to obtain sufficient appropriate audit evidence regarding the stock held at either these 2025 or 2024 year ends.

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 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 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 report. 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. 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.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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 respect solely of the limitation on our work relating to stock, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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'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.

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

Due to the heavy involvement of the directors in the day to day running of the entity and the oversight over transactions, our assessment of the entity's financial statements to material misstatements, including fraud, is low.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED (CONTINUED)
- 7 -

Whilst the below procedures aid us in detecting irregularities, there exists the inherent difficulty in detecting irregularities, particularly those related to fraud. However, we believe the below risks to be the particular areas most susceptible to material misstatement.

1) Testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

2) Enquiring of management and those charged with governance around actual and potential litigation and claims.

3) Reviewing correspondence files for evidence of non-compliance.

4) Understanding how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.

5) Reviewed ledger and non-ledger transactions in order to identify any additional related party transactions or balances.

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

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.

Jordan Cain ACA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Cabourn House, Station Street
Bingham
Nottinghamshire
NG13 8AQ
United Kingdom
9 March 2026
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
11,836,037
10,736,330
Cost of sales
(9,408,584)
(8,427,751)
Gross profit
2,427,453
2,308,579
Administrative expenses
(1,771,192)
(1,515,498)
Operating profit
3
656,261
793,081
Interest receivable and similar income
6
4,756
6,164
Interest payable and similar expenses
7
(21,008)
(19,333)
Profit before taxation
640,009
779,912
Tax on profit
8
(175,296)
(192,712)
Profit for the financial year
464,713
587,200

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
124,755
143,545
Current assets
Stocks
11
361,931
138,574
Debtors
12
2,898,792
2,286,338
Cash at bank and in hand
122,015
351,311
3,382,738
2,776,223
Creditors: amounts falling due within one year
13
(1,940,841)
(1,622,145)
Net current assets
1,441,897
1,154,078
Total assets less current liabilities
1,566,652
1,297,623
Creditors: amounts falling due after more than one year
14
(97,575)
(129,395)
Provisions for liabilities
Deferred tax liability
17
28,736
17,363
(28,736)
(17,363)
Net assets
1,440,341
1,150,865
Capital and reserves
Called up share capital
19
400
400
Profit and loss reserves
1,439,941
1,150,465
Total equity
1,440,341
1,150,865

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
Mr Tom Prime
Mr Sean Hirons
Director
Director
Mr Ryan Poole
Director
Company registration number 09371636 (England and Wales)
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2023
400
796,464
796,864
Year ended 31 July 2024:
Profit and total comprehensive income
-
587,200
587,200
Dividends
9
-
(233,199)
(233,199)
Balance at 31 July 2024
400
1,150,465
1,150,865
Year ended 31 July 2025:
Profit and total comprehensive income
-
464,713
464,713
Dividends
9
-
(175,237)
(175,237)
Balance at 31 July 2025
400
1,439,941
1,440,341
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(237,927)
980,225
Interest paid
(21,008)
(19,333)
Income taxes paid
(199,755)
(195,502)
Net cash (outflow)/inflow from operating activities
(458,690)
765,390
Investing activities
Purchase of tangible fixed assets
(8,000)
-
0
Proceeds from disposal of tangible fixed assets
108,503
17,990
Interest received
4,756
6,164
Net cash generated from investing activities
105,259
24,154
Financing activities
Repayment of bank loans
(39,999)
(40,000)
Payment of finance leases obligations
(100,293)
(32,005)
Amounts withdrawn by directors
(440,000)
Amounts introduced by directors
439,664
Dividends paid
(175,237)
(233,199)
Net cash generated from/(used in) financing activities
124,135
(745,204)
Net (decrease)/increase in cash and cash equivalents
(229,296)
44,340
Cash and cash equivalents at beginning of year
351,311
306,971
Cash and cash equivalents at end of year
122,015
351,311
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
1
Accounting policies
Company information

Prestige Plumbing And Heating Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-3 Charter Point Way, Ashby de la Zouch, Leicestershire, LE65 1NF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stocks are recognised with the First In, First Out (FIFO) method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Plumbing Works
11,836,037
10,736,330
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
11,836,037
10,736,330
2025
2024
£
£
Other revenue
Interest income
4,756
6,164
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
-
0
Depreciation of owned tangible fixed assets
35,092
35,890
Profit on disposal of tangible fixed assets
(11,969)
(9,442)
Vehicle hire
37,445
8,588
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
66
66
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
4
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,796,799
2,545,749
Social security costs
296,480
257,220
Pension costs
126,971
90,674
3,220,250
2,893,643
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
35,377
34,210
Company pension contributions to defined contribution schemes
72,002
36,000
107,379
70,210
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4,756
6,164
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,756
6,164
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,001
10,404
Other finance costs:
Interest on finance leases and hire purchase contracts
14,007
8,929
21,008
19,333
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
163,924
199,756
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
8
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
11,372
(7,044)
Total tax charge
175,296
192,712

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
640,009
779,912
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
160,002
194,978
Tax effect of expenses that are not deductible in determining taxable profit
4,411
1,422
Tax effect of income not taxable in determining taxable profit
(3,405)
-
0
Under/(over) provided in prior years
3,688
-
0
Deferred tax adjustments in respect of prior years
10,600
(3,688)
Taxation charge for the year
175,296
192,712
9
Dividends
2025
2024
£
£
Final paid
175,237
233,199
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 19 -
10
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2024
65,853
28,716
209,023
303,592
Additions
-
0
-
0
112,836
112,836
Disposals
-
0
-
0
(163,195)
(163,195)
At 31 July 2025
65,853
28,716
158,664
253,233
Depreciation and impairment
At 1 August 2024
43,967
22,287
93,793
160,047
Depreciation charged in the year
4,377
1,288
29,427
35,092
Eliminated in respect of disposals
-
0
-
0
(66,661)
(66,661)
At 31 July 2025
48,344
23,575
56,559
128,478
Carrying amount
At 31 July 2025
17,509
5,141
102,105
124,755
At 31 July 2024
21,886
6,429
115,230
143,545

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
100,914
113,236
11
Stocks
2025
2024
£
£
Raw materials and consumables
240,639
51,874
Stock in transit
121,292
86,700
361,931
138,574
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,674,962
1,248,469
Amounts owed by group undertakings
586,365
239,969
Other debtors
314,874
578,737
Prepayments and accrued income
322,591
219,163
2,898,792
2,286,338
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
40,000
40,000
Obligations under finance leases
16
21,206
24,842
Trade creditors
1,601,930
1,286,667
Corporation tax
163,924
199,756
Other taxation and social security
79,361
55,176
Other creditors
12,020
11,040
Accruals and deferred income
22,400
4,664
1,940,841
1,622,145
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
23,334
63,333
Obligations under finance leases
16
74,241
66,062
97,575
129,395
15
Loans and overdrafts
2025
2024
£
£
Bank loans
63,334
103,333
Payable within one year
40,000
40,000
Payable after one year
23,334
63,333

The Company took out the CBILS loan in February 2021 with a total term of 72 months. The interest rate is 2.81% + base rate and can be cleared or repaid in full now without penalty.

16
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
21,206
24,842
In two to five years
74,241
66,062
95,447
90,904
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
16
Finance lease obligations
(Continued)
- 21 -

The company has hire purchases and finance leases in respect of the purchase of motor vehicle in the normal course of business.

Obligations under hire purchase contracts and finance leases are secured on the assets to which they relate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
28,736
17,363
2025
Movements in the year:
£
Liability at 1 August 2024
17,363
Charge to profit or loss
11,373
Liability at 31 July 2025
28,736

The deferred tax liability set out above relates to capital allowances in excess of depreciation.

No material reversal of the deferred tax liability is expected in the following 12 months.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
126,971
90,674

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions made into this plan are paid by the Company at rates specified in the rules of the schemes. As at the reporting date, amount payable of £11,210 (2024: £10,153) had not been paid over to the plan.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400
400
400
400
PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
19
Share capital
(Continued)
- 22 -
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
30,526
30,526
Years 2-5
28,405
58,931
58,931
89,457
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2025
2024
£
£
Amount due from entities with common control
532,939
175,237
Amount due from entities with common directors
125,426
64,732
Total rent and management charges paid to connected parties
129,000
129,000
22
Directors' transactions

The below balances represent amounts due from/(to) the directors. The above balances were interest free, unsecured and with no fixed term of repayment.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
439,664
-
(440,000)
(336)
-
(551)
-
-
(551)
-
(336)
413
-
77
438,777
413
(440,000)
(810)
23
Ultimate controlling party

The company is controlled by its shareholders. At the balance sheet date, there is no single ultimate controlling party.

PRESTIGE PLUMBING AND HEATING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
24
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
464,713
587,200
Adjustments for:
Taxation charged
175,296
192,712
Finance costs
21,008
19,333
Investment income
(4,756)
(6,164)
Gain on disposal of tangible fixed assets
(11,969)
(9,442)
Depreciation and impairment of tangible fixed assets
35,092
35,891
Movements in working capital:
(Increase)/decrease in stocks
(223,357)
27,677
(Increase)/decrease in debtors
(1,052,118)
441,226
Increase/(decrease) in creditors
358,164
(308,208)
Cash (absorbed by)/generated from operations
(237,927)
980,225
25
Analysis of changes in net funds/(debt)
1 August 2024
Cash flows
Acquisitions and disposals
New leases
31 July 2025
£
£
£
£
£
Cash at bank and in hand
351,311
(229,296)
-
-
122,015
Borrowings excluding overdrafts
(103,333)
39,999
-
-
(63,334)
Lease liabilities
(90,904)
(4,543)
104,836
(104,836)
(95,447)
157,074
(193,840)
104,836
(104,836)
(36,766)
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