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Registration number: 04136472

Total Plumbing Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

 

Total Plumbing Supplies Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 13

 

Total Plumbing Supplies Limited

Company Information

Directors

ID Moses

CE Handford

Registered office

62C Beeching Close
Furnham Road
Chard
Somerset
TA20 1BB

Accountants

Milsted Langdon LLP
Chartered accountants
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

 

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:

ID Moses

CE Handford

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 22 September 2017 and signed on its behalf by:

ID Moses
Director

 

Total Plumbing Supplies Limited

(Registration number: 04136472)
Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

4

459,068

195,804

Investments

5

90

80

Other financial assets

6

71,100

71,000

 

530,258

266,884

Current assets

 

Stocks

7

949,184

599,045

Debtors

8

1,096,540

999,000

Investments

9

25,877

39,353

Cash at bank and in hand

 

744,926

1,191,382

 

2,816,527

2,828,780

Creditors: Amounts falling due within one year

10

(1,589,440)

(1,479,521)

Net current assets

 

1,227,087

1,349,259

Total assets less current liabilities

 

1,757,345

1,616,143

Provisions for liabilities

(54,851)

(31,046)

Net assets

 

1,702,494

1,585,097

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,702,394

1,584,997

Total equity

 

1,702,494

1,585,097

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 22 September 2017 and signed on its behalf by:
 



ID Moses

Director

 

Total Plumbing Supplies Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2016

100

1,584,997

1,585,097

Profit for the year

-

477,397

477,397

Total comprehensive income

-

477,397

477,397

Dividends

-

(360,000)

(360,000)

At 31 December 2016

100

1,702,394

1,702,494

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2015

100

1,139,694

1,139,794

Profit for the year

-

795,303

795,303

Total comprehensive income

-

795,303

795,303

Dividends

-

(350,000)

(350,000)

At 31 December 2015

100

1,584,997

1,585,097

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in UK.

The address of its registered office is:
62C Beeching Close
Furnham Road
Chard
Somerset
TA20 1BB

These financial statements were authorised for issue by the Board on 22 September 2017.

2

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.

 

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.

 

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.

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Financial instruments

Classification
Basic financial instruments
 Recognition and measurement
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2015 - 44).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2016

56,263

453,343

100,233

609,839

Additions

7,185

332,681

-

339,866

At 31 December 2016

63,448

786,024

100,233

949,705

Depreciation

At 1 January 2016

28,361

286,651

99,024

414,036

Charge for the year

3,005

73,294

302

76,601

At 31 December 2016

31,366

359,945

99,326

490,637

Carrying amount

At 31 December 2016

32,082

426,079

907

459,068

At 31 December 2015

27,903

166,692

1,209

195,804

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.
 

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Investments

2016
£

2015
£

Investments in subsidiaries

90

80

Subsidiaries

£

Cost or valuation

At 1 January 2016

80

Additions

10

At 31 December 2016

90

Provision

Carrying amount

At 31 December 2016

90

At 31 December 2015

80

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

     

2016

2015

Subsidiary undertakings

Total Renewable Solutions South West Limited

Unit 3 Station Road
Shepton Mallet
BA4 5DD

Ordinary

90%

80%

 

UK

     

The principal activity of Total Renewable Solutions South West Limited is wholesale of hardware, plumbing and renewable heating equipment and supplies.

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6

Other financial assets

Equity instruments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2016

71,000

71,000

Additions

100

100

At 31 December 2016

71,100

71,100

Impairment

Carrying amount

At 31 December 2016

71,100

71,100

7

Stocks

2016
£

2015
£

Finished goods and goods for resale

949,184

599,045

8

Debtors

2016
£

2015
£

Trade debtors

1,064,418

962,787

Other debtors

9,716

4,000

Prepayments and accrued income

22,406

32,213

Total current trade and other debtors

1,096,540

999,000

9

Current asset investments

2016
£

2015
£

Other investments

25,877

39,353

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

10

Creditors

Note

2016
£

2015
£

Due within one year

 

Bank loans and overdrafts

11

21,355

35,785

Trade creditors

 

1,027,194

1,040,371

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

2,024

11,617

Taxation and social security

 

136,495

149,650

Other creditors

 

329,309

230,563

Accruals and deferred income

 

73,063

11,535

 

1,589,440

1,479,521

11

Loans and borrowings

2016
£

2015
£

Current loans and borrowings

Other borrowings

21,355

35,785

12

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £1,420,487 (2015 - £452,669).

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.

 

Total Plumbing Supplies Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

13

Related party transactions

Key management personnel

Director

Key management compensation

2016
£

2015
£

Salaries and other short term employee benefits

29,000

29,000

Summary of transactions with subsidiaries

Total Renewable Solutions South West Limited

Income and receivables from related parties

2016

Subsidiary
£

Sale of goods

290,721

Leases

4,039

294,760

Amounts receivable from related party

51,118

2015

Subsidiary
£

Sale of goods

196,652

Leases

57,426

254,078

Amounts receivable from related party

44,783

Expenditure with and payables to related parties

2016

Subsidiary
£

Purchase of goods

280,184

2015

Subsidiary
£

Purchase of goods

118,960

14

Transition to FRS 102

There have been no numerical changes to the accounts or to previous periods in respect of FRS102 Section 1A.