Registration number:
for the Year Ended
Total Plumbing Supplies Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Total Plumbing Supplies Limited
Company Information
Directors |
ID Moses CE Handford |
Registered office |
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Accountants |
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Page 1 |
Total Plumbing Supplies Limited
Directors' Report for the Year Ended 31 December 2016
The directors present their report and the financial statements for the year ended 31 December 2016.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
ID Moses
Director
Page 2 |
Total Plumbing Supplies Limited
(Registration number: 04136472)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
71,100 |
71,000 |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Total Plumbing Supplies Limited
(Registration number: 04136472)
Balance Sheet as at 31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
ID Moses
Director
Page 4 |
Total Plumbing Supplies Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2015 |
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Page 5 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The date of transition to FRS 102 Section 1A was 1 January 2015.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold land and buildings |
Straight line over the life of the lease |
Plant and machinery |
25% reducing balance |
Fixtures, fittings and equipment |
25% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 7 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 8 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Financial instruments
Classification
Recognition and measurement
At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.
Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
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- |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Included within the net book value of land and buildings above is £Nil (2015 - £Nil) in respect of freehold land and buildings and £32,082 (2015 - £27,903) in respect of short leasehold land and buildings.
Page 9 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investments |
2016 |
2015 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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Provision |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2016 |
2015 |
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Subsidiary undertakings |
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Unit 3 Station Road
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Ordinary |
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UK |
The principal activity of Total Renewable Solutions South West Limited is |
Page 10 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Other financial assets |
Equity instruments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2016 |
71,000 |
71,000 |
Additions |
100 |
100 |
At 31 December 2016 |
71,100 |
71,100 |
Impairment |
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Carrying amount |
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At 31 December 2016 |
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71,100 |
Stocks |
2016 |
2015 |
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Finished goods and goods for resale |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
22,406 |
32,213 |
Total current trade and other debtors |
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Current asset investments |
2016 |
2015 |
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Other investments |
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Page 11 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
73,063 |
11,535 |
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Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
The total amount of contingencies not included in the balance sheet is £423,636 (2015 - £423,636) and is made up as follows:
The company is a corporate member of Sieber Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1st January 2020. The maximum liability in relation to this undertaking is £214,715. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 December 2016.
The company is a corporate member of Harz Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1st January 2021. The maximum liability in relation to this undertaking is £208,921. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 December 2016.
Page 12 |
Total Plumbing Supplies Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Related party transactions |
Key management personnel
Director
Key management compensation
2016 |
2015 |
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Salaries and other short term employee benefits |
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Summary of transactions with subsidiaries
Income and receivables from related parties
2016 |
Subsidiary |
Sale of goods |
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Leases |
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Amounts receivable from related party |
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2015 |
Subsidiary |
Sale of goods |
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Leases |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2016 |
Subsidiary |
Purchase of goods |
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2015 |
Subsidiary |
Purchase of goods |
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Transition to FRS 102 |
Page 13 |