| Professional Plumbing Supplies Limited |
| Accountants' Report |
|
|
| Accountants' report to the directors of |
| Professional Plumbing Supplies Limited |
|
| You consider that the company is exempt from an audit for the year ended 31 May 2016. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. |
| In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. |
| We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. |
|
| Accounting Workshop |
|
|
| Andrew James House |
| Bridge Road |
| Ashford |
| Kent |
| TN23 1BB |
|
| 12 October 2016 |
|
| Professional Plumbing Supplies Limited |
| Balance Sheet |
| as at 31 May 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
5 |
|
|
5,107 |
|
|
6,384 |
|
| Current assets |
| Stocks |
|
|
179,500 |
|
|
93,402 |
| Debtors |
6 |
|
271,209 |
|
|
296,221 |
| Cash at bank and in hand |
|
|
459 |
|
|
18,175 |
|
|
|
451,168 |
|
|
407,798 |
|
| Creditors: amounts falling due within one year |
7 |
|
(312,387) |
|
|
(328,837) |
|
| Net current assets |
|
|
|
138,781 |
|
|
78,961 |
|
| Total assets less current liabilities |
|
|
|
143,888 |
|
|
85,345 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(50,109) |
|
|
(31,409) |
|
|
|
| Net assets |
|
|
|
93,779 |
|
|
53,936 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
9 |
|
|
9 |
|
|
9 |
| Share premium |
10 |
|
|
19,997 |
|
|
19,997 |
| Profit and loss account |
11 |
|
|
73,773 |
|
|
33,930 |
|
| Shareholders' funds |
|
|
|
93,779 |
|
|
53,936 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| D G Bartholomew |
| Director |
| Approved by the board on 12 October 2016 |
|
| Professional Plumbing Supplies Limited |
| Notes to the Accounts |
| for the year ended 31 May 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
| 2 |
Operating profit |
2016 |
|
2015 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
1,702 |
|
1,895 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable |
2016 |
|
2015 |
| £ |
£ |
|
|
Interest payable |
30,097 |
|
27,811 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Taxation |
2016 |
|
2015 |
| £ |
£ |
|
|
UK corporation tax |
10,095 |
|
4,582 |
|
|
|
|
|
|
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
At 1 June 2015 |
14,379 |
|
Additions |
425 |
|
At 31 May 2016 |
14,804 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
7,995 |
|
Charge for the year |
1,702 |
|
At 31 May 2016 |
9,697 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
5,107 |
|
At 31 May 2015 |
6,384 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
159,209 |
|
185,900 |
|
Other debtors |
112,000 |
|
110,321 |
|
|
|
|
|
|
271,209 |
|
296,221 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans and overdrafts |
7,012 |
|
5,294 |
|
Trade creditors |
265,473 |
|
294,261 |
|
Corporation tax |
10,095 |
|
4,582 |
|
Other taxes and social security costs |
26,371 |
|
10,409 |
|
Other creditors |
3,436 |
|
14,291 |
|
|
|
|
|
|
312,387 |
|
328,837 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Directors' loan accounts |
50,109 |
|
31,409 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
9 |
|
9 |
|
9 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Share premium |
2016 |
| £ |
|
|
At 1 June 2015 |
19,997 |
|
|
At 31 May 2016 |
19,997 |
|
|
|
|
|
|
|
|
| 11 |
Profit and loss account |
2016 |
| £ |
|
|
At 1 June 2015 |
33,930 |
|
Profit for the year |
39,843 |
|
|
At 31 May 2016 |
73,773 |
|
|
|
|
|
|
|
