Heating & Plumbing Warehouse Limited Filleted accounts for Companies House (small and micro)

HEATING & PLUMBING WAREHOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04245080

Heating & Plumbing Warehouse Limited

Filleted Unaudited Financial Statements

31 March 2019

Heating & Plumbing Warehouse Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	21,188	28,708
Investments	6	1,300	1,300
		--------	--------
		22,488	30,008

Current assets

Stocks		176,212	187,503
Debtors	7	115,971	227,750
Cash at bank and in hand		457,506	443,274
		---------	---------
		749,689	858,527

Creditors: amounts falling due within one year	8	159,185		249,923
		---------		---------
Net current assets			590,504	608,604
			---------	---------
Total assets less current liabilities			612,992	638,612

Provisions

Taxation including deferred tax	1,795	2,734
	---------	---------
Net assets	611,197	635,878
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	611,097	635,778
	---------	---------
Shareholders funds	611,197	635,878
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Heating & Plumbing Warehouse Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 6 September 2019 , and are signed on behalf of the board by:

Mr B A Barry
Director

Company registration number: 04245080

Heating & Plumbing Warehouse Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 6A Jubilee Trading Estate, East Tyndall Street, Cardiff, CF24 5EF, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	10% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2018: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2018	48,694	24,510	18,894	34,593	24,443	151,134
Additions	–	–	2,149	–	–	2,149
	--------	--------	--------	--------	--------	---------
At 31 Mar 2019	48,694	24,510	21,043	34,593	24,443	153,283
	--------	--------	--------	--------	--------	---------
Depreciation
At 1 Apr 2018	48,694	19,883	17,195	17,141	19,513	122,426
Charge for the year	–	1,157	962	4,363	3,187	9,669
	--------	--------	--------	--------	--------	---------
At 31 Mar 2019	48,694	21,040	18,157	21,504	22,700	132,095
	--------	--------	--------	--------	--------	---------
Carrying amount
At 31 Mar 2019	–	3,470	2,886	13,089	1,743	21,188
	--------	--------	--------	--------	--------	---------
At 31 Mar 2018	–	4,627	1,699	17,452	4,930	28,708
	--------	--------	--------	--------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2018 and 31 March 2019	1,300
	-------
Impairment
At 1 April 2018 and 31 March 2019	–
	-------

Carrying amount
At 31 March 2019	1,300
	-------
At 31 March 2018	1,300
	-------

7. Debtors

	2019	2018
	£	£
Trade debtors	107,954	141,905
Other debtors	8,017	85,845
	---------	---------
	115,971	227,750
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	93,610	218,658
Corporation tax	2,715	–
Social security and other taxes	27,610	27,936
Other creditors	35,250	3,329
	---------	---------
	159,185	249,923
	---------	---------

9. Director's advances, credits and guarantees

The director was owed £29,714 by the company at the year end (2018:£70,923 owed to the company).