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REGISTERED NUMBER: 02859169 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED

COMPANY INFORMATION
for the year ended 31 March 2022







DIRECTORS: S D Basey
K M G Hunter
S A G Wickham





REGISTERED OFFICE: 124 Thorpe Road
Norwich
Norfolk
NR1 1RS





REGISTERED NUMBER: 02859169 (England and Wales)





ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 116,799 165,075
Tangible assets 5 112,162 163,523
228,961 328,598

CURRENT ASSETS
Stocks 506,962 403,959
Debtors 6 4,233,584 4,073,478
Cash at bank and in hand 678,334 767,584
5,418,880 5,245,021
CREDITORS
Amounts falling due within one year 7 783,218 828,924
NET CURRENT ASSETS 4,635,662 4,416,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,864,623

4,744,695

PROVISIONS FOR LIABILITIES 9,400 13,436
NET ASSETS 4,855,223 4,731,259

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,855,123 4,731,159
4,855,223 4,731,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

BALANCE SHEET - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2022 and were signed on its behalf by:





S A G Wickham - Director


M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022

1. STATUTORY INFORMATION

M D Thompson Electrical Wholesalers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration take into account trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

Other intangible assets
Other intangible assets relate to software & website development costs. Software & website development costs are written off in equal instalments over their estimated useful economic life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold prop imprvmts - Over the life of the lease
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% straight line basis

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued
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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors , bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 24 ) .

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2021 550,256 - 550,256
Additions - 9,000 9,000
At 31 March 2022 550,256 9,000 559,256
AMORTISATION
At 1 April 2021 385,181 - 385,181
Charge for year 55,026 2,250 57,276
At 31 March 2022 440,207 2,250 442,457
NET BOOK VALUE
At 31 March 2022 110,049 6,750 116,799
At 31 March 2021 165,075 - 165,075

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 473,929
DEPRECIATION
At 1 April 2021 310,407
Charge for year 51,360
At 31 March 2022 361,767
NET BOOK VALUE
At 31 March 2022 112,162
At 31 March 2021 163,522

6. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 624,408 671,134
Other debtors 5,360 10,188
629,768 681,322

M D THOMPSON ELECTRICAL WHOLESALERS
LIMITED (REGISTERED NUMBER: 02859169)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

6. DEBTORS - continued
2022 2021
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 3,603,816 3,392,156

Aggregate amounts 4,233,584 4,073,478

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 4,952 -
Trade creditors 448,308 458,958
Taxation and social security 181,342 180,440
Other creditors 148,616 189,526
783,218 828,924

8. LEASING AGREEMENTS
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021 2020
£    £   

78,000 117,000