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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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Wearside Plumbing Supplies Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Wearside Plumbing Supplies Limited |
Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Contents of the Financial Statements |
for the year ended 31 May 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Wearside Plumbing Supplies Limited |
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Company Information |
for the year ended 31 May 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Statement of Financial Position |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
Called up share capital | 9 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Statement of Financial Position - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Notes to the Financial Statements |
for the year ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Wearside Plumbing Supplies Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis, which assumes that the company will |
continue in operational existence for the foreseeable future, which the directors consider appropriate. |
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Reconciliation with previous generally accepted accounting practice |
These financial statements for the year ended 31 May 2017 are the first financial statements that comply with |
FRS 102 Section 1a "Small Entities" - "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland". The date of transition is 1 June 2015. In preparing the financial statements, the directors have |
considered whether in applying the accounting policies required by FRS102 Section 1a "Small Entities", the |
restatement of comparative items was required. The transition to FRS102 Section 1a "Small Entities" has not |
resulted in any changes to accounting policies used. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Land included within freehold property is not depreciated. |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in last out basis. Net |
realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow |
moving, obsolete or damaged stock where the net realisable value is less than cost. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their |
settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
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COST |
At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2017 | 2016 |
£ | £ |
Investments - Buying Groups | 2,769 | 2,769 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation |
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Social security and other taxes |
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VAT |
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Directors' current accounts |
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Accrued expenses |
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Wearside Plumbing Supplies Limited (Registered number: 02937893) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
NIL | Ordinary £1 shares | £1 | - | 550 |
(2016 - 550 ) |
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A Ordinary | £1 | 466 | - |
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B Ordinary | £1 | 60 | - |
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C Ordinary | £1 | 24 | - |
550 | 550 |
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During the year the Ordinary shares re-classified into A Ordinary, B Ordinary and C Ordinary shares. |
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10. | CONTROL |
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Barry Sanderson (Property) Limited is the ultimate holding company, and is registered in the United Kingdom. |
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11. | FIRST YEAR ADOPTION |
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There were no adjustments required upon transition to FRS 102 and no transitional reliefs were taken. |
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