G P W Cumbria Pumps Limited

G P W CUMBRIA PUMPS LIMITED - Company Information

2020-01-012020-12-312020-12-31false07450904G P W Cumbria Pumps Limited2021-07-2833190iso4217:GBPxbrli:pure074509042020-01-01074509042020-12-31074509042020-01-012020-12-31074509042019-01-01074509042019-12-31074509042019-01-012019-12-3107450904bus:SmallEntities2020-01-012020-12-3107450904bus:AuditExempt-NoAccountantsReport2020-01-012020-12-3107450904bus:FullAccounts2020-01-012020-12-3107450904bus:PrivateLimitedCompanyLtd2020-01-012020-12-3107450904core:WithinOneYear2020-12-3107450904core:AfterOneYear2020-12-3107450904core:WithinOneYear2019-12-3107450904core:AfterOneYear2019-12-3107450904core:ShareCapital2020-12-3107450904core:SharePremium2020-12-3107450904core:RevaluationReserve2020-12-3107450904core:OtherReservesSubtotal2020-12-3107450904core:RetainedEarningsAccumulatedLosses2020-12-3107450904core:ShareCapital2019-12-3107450904core:SharePremium2019-12-3107450904core:RevaluationReserve2019-12-3107450904core:OtherReservesSubtotal2019-12-3107450904core:RetainedEarningsAccumulatedLosses2019-12-3107450904core:LandBuildings2020-12-3107450904core:PlantMachinery2020-12-3107450904core:Vehicles2020-12-3107450904core:FurnitureFittings2020-12-3107450904core:OfficeEquipment2020-12-3107450904core:NetGoodwill2020-12-3107450904core:IntangibleAssetsOtherThanGoodwill2020-12-3107450904core:ListedExchangeTraded2020-12-3107450904core:UnlistedNon-exchangeTraded2020-12-3107450904core:LandBuildings2019-12-3107450904core:PlantMachinery2019-12-3107450904core:Vehicles2019-12-3107450904core:FurnitureFittings2019-12-3107450904core:OfficeEquipment2019-12-3107450904core:NetGoodwill2019-12-3107450904core:IntangibleAssetsOtherThanGoodwill2019-12-3107450904core:ListedExchangeTraded2019-12-3107450904core:UnlistedNon-exchangeTraded2019-12-3107450904core:LandBuildings2020-01-012020-12-3107450904core:PlantMachinery2020-01-012020-12-3107450904core:Vehicles2020-01-012020-12-3107450904core:FurnitureFittings2020-01-012020-12-3107450904core:OfficeEquipment2020-01-012020-12-3107450904core:NetGoodwill2020-01-012020-12-3107450904core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3107450904core:ListedExchangeTraded2020-01-012020-12-3107450904core:UnlistedNon-exchangeTraded2020-01-012020-12-3107450904core:MoreThanFiveYears2020-01-012020-12-3107450904core:Non-currentFinancialInstruments2020-12-3107450904core:Non-currentFinancialInstruments2019-12-3107450904dpl:CostSales2020-01-012020-12-3107450904dpl:DistributionCosts2020-01-012020-12-3107450904dpl:AdministrativeExpenses2020-01-012020-12-3107450904core:LandBuildings2020-01-012020-12-3107450904core:PlantMachinery2020-01-012020-12-3107450904core:Vehicles2020-01-012020-12-3107450904core:FurnitureFittings2020-01-012020-12-3107450904core:OfficeEquipment2020-01-012020-12-3107450904core:NetGoodwill2020-01-012020-12-3107450904core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3107450904dpl:GroupUndertakings2020-01-012020-12-3107450904dpl:ParticipatingInterests2020-01-012020-12-3107450904dpl:GroupUndertakingscore:ListedExchangeTraded2020-01-012020-12-3107450904core:ListedExchangeTraded2020-01-012020-12-3107450904dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-01-012020-12-3107450904core:UnlistedNon-exchangeTraded2020-01-012020-12-3107450904dpl:CostSales2019-01-012019-12-3107450904dpl:DistributionCosts2019-01-012019-12-3107450904dpl:AdministrativeExpenses2019-01-012019-12-3107450904core:LandBuildings2019-01-012019-12-3107450904core:PlantMachinery2019-01-012019-12-3107450904core:Vehicles2019-01-012019-12-3107450904core:FurnitureFittings2019-01-012019-12-3107450904core:OfficeEquipment2019-01-012019-12-3107450904core:NetGoodwill2019-01-012019-12-3107450904core:IntangibleAssetsOtherThanGoodwill2019-01-012019-12-3107450904dpl:GroupUndertakings2019-01-012019-12-3107450904dpl:ParticipatingInterests2019-01-012019-12-3107450904dpl:GroupUndertakingscore:ListedExchangeTraded2019-01-012019-12-3107450904core:ListedExchangeTraded2019-01-012019-12-3107450904dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-01-012019-12-3107450904core:UnlistedNon-exchangeTraded2019-01-012019-12-3107450904core:NetGoodwill2020-12-3107450904core:IntangibleAssetsOtherThanGoodwill2020-12-3107450904core:LandBuildings2020-12-3107450904core:PlantMachinery2020-12-3107450904core:Vehicles2020-12-3107450904core:FurnitureFittings2020-12-3107450904core:OfficeEquipment2020-12-3107450904core:AfterOneYear2020-12-3107450904core:WithinOneYear2020-12-3107450904core:ListedExchangeTraded2020-12-3107450904core:UnlistedNon-exchangeTraded2020-12-3107450904core:ShareCapital2020-12-3107450904core:SharePremium2020-12-3107450904core:RevaluationReserve2020-12-3107450904core:OtherReservesSubtotal2020-12-3107450904core:RetainedEarningsAccumulatedLosses2020-12-3107450904core:NetGoodwill2019-12-3107450904core:IntangibleAssetsOtherThanGoodwill2019-12-3107450904core:LandBuildings2019-12-3107450904core:PlantMachinery2019-12-3107450904core:Vehicles2019-12-3107450904core:FurnitureFittings2019-12-3107450904core:OfficeEquipment2019-12-3107450904core:AfterOneYear2019-12-3107450904core:WithinOneYear2019-12-3107450904core:Liste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Registered Number
07450904
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 December 2020

G P W Cumbria Pumps Limited

Company Information
for the year from 1 January 2020 to 31 December 2020


Directors	Julie Anne Graham
	Steven John Graham
	William Keith Graham


Registered Address	Stevannketh
	Hackthorpe
	Penrith
	CA10 2HX


Registered Number	07450904 (England and Wales)

G P W Cumbria Pumps Limited

Statement of Financial Position
31 December 2020

	Notes	2020		2019
		£	£	£	£
Fixed assets
Intangible assets	8		-		11,975
Tangible assets	10		41,783		32,180
			41,783		44,155
Current assets
Stocks	12	57,500		46,810
Debtors	13	122,432		166,309
Cash at bank and on hand		211,135		184,797
		391,067		397,916
Creditors amounts falling due within one year	14	(62,903)		(62,869)
Net current assets (liabilities)			328,164		335,047
Total assets less current liabilities			369,947		379,202
Provisions for liabilities	15		(7,939)		(6,114)
Net assets			362,008		373,088
Capital and reserves
Called up share capital			300		300
Profit and loss account			361,708		372,788
Shareholders' funds			362,008		373,088

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 28 July 2021, and are signed on its behalf by:

William Keith Graham
Director
Registered Company No. 07450904

G P W Cumbria Pumps Limited

Notes to the Financial Statements
for the year ended 31 December 2020

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

4.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Reducing balance (%)
	Plant and machinery	15
	Vehicles	25

	Intangible assets policy
	Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Intangible assets policy

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised 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 grant is 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.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised 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 grant is 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.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Valuation of financial instruments policy
	The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Valuation of financial instruments policy

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

5.	CRITICAL ESTIMATES AND JUDGEMENTS
	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

6.	SOURCES OF ESTIMATION UNCERTAINTY
	Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

7.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	3		3

8.	INTANGIBLE ASSETS

	Goodwill £	Total £
Cost or valuation
At 01 January 20	119,743	119,743
At 31 December 20	119,743	119,743
Amortisation and impairment
At 01 January 20	107,768	107,768
Charge for year	11,975	11,975
At 31 December 20	119,743	119,743
Net book value
At 31 December 19	11,975	11,975

9.	USEFUL LIFE OF INTANGIBLE ASSET
	Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

10.	PROPERTY, PLANT AND EQUIPMENT

	Plant & machinery £	Vehicles £	Total £
Cost or valuation
At 01 January 20	5,681	56,126	61,807
Additions	796	22,000	22,796
Disposals	-	(10,761)	(10,761)
At 31 December 20	6,477	67,365	73,842
Depreciation and impairment
At 01 January 20	3,141	26,486	29,627
Charge for year	451	8,076	8,527
On disposals	-	(6,095)	(6,095)
At 31 December 20	3,592	28,467	32,059
Net book value
At 31 December 20	2,885	38,898	41,783
At 31 December 19	2,540	29,640	32,180

11.	PROVISIONS FOR IMPAIRMENT OF TANGIBLE ASSETS
	A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

12.	INVENTORIES

		2020 £		2019 £
	Raw materials and consumables	57,500		46,810
	Total	57,500		46,810

13.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

13.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Trade debtors / trade receivables	114,030	145,789
Other debtors	5,153	17,226
Prepayments and accrued income	3,249	3,294
Total	122,432	166,309

14.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2019 £
Trade creditors / trade payables	23,893	26,015
Taxation and social security	28,774	32,930
Other creditors	7,936	1,624
Accrued liabilities and deferred income	2,300	2,300
Total	62,903	62,869

15.	PROVISIONS FOR LIABILITIES
	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.

15.

PROVISIONS FOR LIABILITIES

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.

		2020 £		2019 £
	Net deferred tax liability (asset)	7,939		6,114
	Total	7,939		6,114