Central Plumbing Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC616025 (Scotland)

Unaudited Financial Statements

for the Period 12 December 2018 to 30 April 2020

for

Central Plumbing Supplies Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P Armstrong

K J W Ross

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC616025 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Central Plumbing Supplies Ltd for the period ended 30 April 2020 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Central Plumbing Supplies Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Central Plumbing Supplies Ltd and state those matters that we have agreed to state to the Board of Directors of Central Plumbing Supplies Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Central Plumbing Supplies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Central Plumbing Supplies Ltd. You consider that Central Plumbing Supplies Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Central Plumbing Supplies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

19 February 2021

FIXED ASSETS

Tangible assets

4

34,340

CURRENT ASSETS

Stocks

5

16,978

Debtors

6

82,124

Cash at bank

26,071

125,173

CREDITORS

Amounts falling due within one year

7

117,678

NET CURRENT ASSETS

7,495

TOTAL ASSETS LESS CURRENT LIABILITIES

41,835

CREDITORS

Amounts falling due after more than one year

8

(32,591

)

PROVISIONS FOR LIABILITIES

10

(2,598

)

NET ASSETS

6,646

CAPITAL AND RESERVES

Called up share capital

11

100

Retained earnings

6,546

SHAREHOLDERS' FUNDS

6,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2021 and were signed on its behalf by:

P Armstrong - Director

K J W Ross - Director

1.	STATUTORY INFORMATION

Central Plumbing Supplies Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company does not have any reliance on external funding for the day to day financing of business activities. The directors manage cash flow on a regular basis to ensure sufficient funds are available to meet commitments as they fall due. Having made the appropriate enquiries the directors are satisfied that this will continue to be the case over the next 12 months and beyond and as such have prepared the accounts on the going concern basis.

COVID-19

At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the Directors believe that with the steps which have been taken, ongoing Government support, the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment, fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amount of its tangible and intangible fixed 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 amount 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	TANGIBLE FIXED ASSETS

Equipment,

fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

Additions

22,000

19,358

3,476

44,834

At 30 April 2020

22,000

19,358

3,476

44,834

DEPRECIATION

Charge for period

4,400

4,839

1,255

10,494

At 30 April 2020

4,400

4,839

1,255

10,494

NET BOOK VALUE

At 30 April 2020

17,600

14,519

2,221

34,340

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

19,358

At 30 April 2020

19,358

DEPRECIATION

Charge for period

4,839

At 30 April 2020

4,839

NET BOOK VALUE

At 30 April 2020

14,519

5.

STOCKS

£

Stocks

16,978

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

77,773

VAT

4,351

82,124

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

7,000

Hire purchase contracts

3,759

Trade creditors

76,175

Social security and other taxes

783

Directors' current accounts

4,510

Accrued expenses

25,451

117,678

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans - 1-2 years

21,000

Hire purchase contracts

11,591

32,591

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Hire purchase contracts

15,350

The hire purchase creditors are secured over the assets funded.

10.	PROVISIONS FOR LIABILITIES

£

Deferred tax

Accelerated capital allowances

6,524

Tax losses carried forward

(3,926

)

2,598

Deferred

tax

£

Provided during period

6,524

Tax on Losses

(3,926

)

Balance at 30 April 2020

2,598

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

98 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 April 2020:

£

P Armstrong

Balance outstanding at start of period

-

Amounts advanced

20,398

Amounts repaid

(13,960

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

6,438

K J W Ross

Balance outstanding at start of period

-

Amounts advanced

12,898

Amounts repaid

(14,826

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(1,928

)

The director's loan account was repaid within 9 months of the year end.

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of the two Directors by virtue of their majority shareholding.