Heating & Plumbing Warehouse Limited Company Accounts

HEATING & PLUMBING WAREHOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04245080

Heating & Plumbing Warehouse Limited

Filleted Unaudited Financial Statements

31 March 2017

Heating & Plumbing Warehouse Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Heating & Plumbing Warehouse Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Heating & Plumbing Warehouse Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heating & Plumbing Warehouse Limited for the year ended 31 March 2017, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

ROBLINS Chartered accountant

3 Deryn Court Wharfedale Road Pentwyn Cardiff CF23 7HA

12 December 2017

Heating & Plumbing Warehouse Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	37,340	59,842
Investments	6	1,300	1,300
		--------	--------
		38,640	61,142

Current assets

Stocks		177,861	160,112
Debtors	7	168,107	157,809
Cash at bank and in hand		551,141	558,539
		---------	---------
		897,109	876,460

Creditors: amounts falling due within one year	8	228,075		311,736
		---------		---------
Net current assets			669,034	564,724
			---------	---------
Total assets less current liabilities			707,674	625,866

Provisions

Taxation including deferred tax	3,777	1,629
	---------	---------
Net assets	703,897	624,237
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	703,797	624,137
	---------	---------
Shareholders funds	703,897	624,237
	---------	---------

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 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 12 December 2017 , 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 2017

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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 9 (2016: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2016	48,694	24,510	18,085	58,602	19,604	169,495
Additions	–	–	–	20,325	2,710	23,035
Disposals	–	–	–	( 44,334)	–	( 44,334)
	--------	--------	--------	--------	--------	---------
At 31 Mar 2017	48,694	24,510	18,085	34,593	22,314	148,196
	--------	--------	--------	--------	--------	---------
Depreciation
At 1 Apr 2016	48,694	16,285	16,143	14,650	13,881	109,653
Charge for the year	–	2,056	486	7,756	1,988	12,286
Disposals	–	–	–	( 11,083)	–	( 11,083)
	--------	--------	--------	--------	--------	---------
At 31 Mar 2017	48,694	18,341	16,629	11,323	15,869	110,856
	--------	--------	--------	--------	--------	---------
Carrying amount
At 31 Mar 2017	–	6,169	1,456	23,270	6,445	37,340
	--------	--------	--------	--------	--------	---------
At 31 Mar 2016	–	8,225	1,942	43,952	5,723	59,842
	--------	--------	--------	--------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2016 and 31 March 2017	1,300
	-------
Impairment
At 1 April 2016 and 31 March 2017	–
	-------

Carrying amount
At 31 March 2017	1,300
	-------
At 31 March 2016	1,300
	-------

7. Debtors

	2017	2016
	£	£
Trade debtors	160,885	137,503
Other debtors	7,222	20,306
	---------	---------
	168,107	157,809
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	124,742	167,234
Corporation tax	23,494	27,084
Social security and other taxes	31,488	32,430
Other creditors	48,351	84,988
	---------	---------
	228,075	311,736
	---------	---------

9. Director's advances, credits and guarantees

The direct or was owed £46,351 by the company at the year end (2016:£79,749).

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.