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30/04/2023
2023-04-30
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No description of principal activities is disclosed
2022-05-01
Sage Accounts Production 21.0 - FRS102_2021
10
xbrli:pure
xbrli:shares
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2022-05-01
2023-04-30
03178829
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03178829
2022-04-30
03178829
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2022-04-30
03178829
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03178829
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03178829
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03178829
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2023-04-30
03178829
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03178829
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03178829
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03178829
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03178829
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03178829
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2022-04-30
03178829
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03178829
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03178829
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03178829
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2023-04-30
03178829
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2023-04-30
03178829
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2023-04-30
03178829
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2022-04-30
03178829
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03178829
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03178829
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2023-04-30
03178829
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03178829
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03178829
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2022-04-30
03178829
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2023-04-30
03178829
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2022-04-30
03178829
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core:ShortLeaseholdAssets
2022-05-01
2023-04-30
03178829
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2023-04-30
03178829
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2023-04-30
03178829
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2022-05-01
2023-04-30
03178829
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2022-04-30
03178829
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core:ShortLeaseholdAssets
2022-04-30
03178829
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2022-04-30
03178829
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2022-04-30
03178829
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2022-04-30
03178829
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2023-04-30
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2023-04-30
Company registration number:
03178829
WARWICK ELECTRICAL WHOLESALERS LIMITED
Unaudited filleted financial statements
30 April 2023
WARWICK ELECTRICAL WHOLESALERS LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
WARWICK ELECTRICAL WHOLESALERS LIMITED
Directors and other information
|
|
|
|
Directors |
A Desira |
|
|
S Kennedy |
|
|
J Ruiz |
|
|
S Desira |
|
|
K Kennedy |
|
|
K Ruiz |
|
|
|
|
|
|
|
Secretary |
A Desira |
|
|
|
|
|
|
|
Company number |
03178829 |
|
|
|
|
|
|
|
Registered office |
44 Churton Street |
|
|
London |
|
|
SW1V 2LP |
|
|
|
|
|
|
|
Business address |
44 Churton Street |
|
|
London |
|
|
SW1V 2LP |
|
|
|
|
|
|
|
Accountants |
Pritchard Fellows & Co Ltd |
|
|
Avery House |
|
|
8 Avery Hill Road |
|
|
New Eltham |
|
|
London |
|
|
SE9 2BD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
National Westminster Bank plc |
|
|
|
WARWICK ELECTRICAL WHOLESALERS LIMITED
Statement of financial position
30 April 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
18,750 |
|
|
|
26,250 |
|
|
Tangible assets |
|
6 |
47,400 |
|
|
|
59,595 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
66,150 |
|
|
|
85,845 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
346,863 |
|
|
|
314,476 |
|
|
Debtors |
|
7 |
528,756 |
|
|
|
413,706 |
|
|
Cash at bank and in hand |
|
|
117,727 |
|
|
|
106,391 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
993,346 |
|
|
|
834,573 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
489,705) |
|
|
|
(
330,734) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
503,641 |
|
|
|
503,839 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
569,791 |
|
|
|
589,684 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
37,557) |
|
|
|
(
67,526) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
532,234 |
|
|
|
522,158 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
50,000 |
|
|
|
50,000 |
Share premium account |
|
|
|
|
39,999 |
|
|
|
39,999 |
Profit and loss account |
|
|
|
|
442,235 |
|
|
|
432,159 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
532,234 |
|
|
|
522,158 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
31 July 2023
, and are signed on behalf of the board by:
A Desira
Director
Company registration number:
03178829
WARWICK ELECTRICAL WHOLESALERS LIMITED
Notes to the financial statements
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in United kingdom. The address of the registered office is 44 Churton Street, London, SW1V 2LP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Short leasehold property |
- |
Straight line over the life of the lease |
|
|
Plant and machinery |
- |
3 years Straight Line
|
|
|
Fittings fixtures and equipment |
- |
15% Reducing balance
|
|
|
Motor vehicles |
- |
25% Reducing balance
|
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
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. 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2022:
12
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 May 2022 and 30 April 2023 |
75,000 |
75,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 May 2022 |
48,750 |
48,750 |
|
|
|
|
|
Charge for the year |
7,500 |
7,500 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 April 2023 |
56,250 |
56,250 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 April 2023 |
18,750 |
18,750 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 April 2022 |
26,250 |
26,250 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 May 2022 and 30 April 2023 |
8,803 |
87,391 |
68,816 |
48,986 |
213,996 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 May 2022 |
3,080 |
87,390 |
51,684 |
12,247 |
154,401 |
|
|
|
Charge for the year |
440 |
- |
2,570 |
9,185 |
12,195 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 April 2023 |
3,520 |
87,390 |
54,254 |
21,432 |
166,596 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 April 2023 |
5,283 |
1 |
14,562 |
27,554 |
47,400 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 April 2022 |
5,723 |
1 |
17,132 |
36,739 |
59,595 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
497,364 |
384,532 |
|
Other debtors |
|
31,392 |
29,174 |
|
|
|
_______ |
_______ |
|
|
|
528,756 |
413,706 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
30,000 |
30,000 |
|
Trade creditors |
|
403,150 |
256,078 |
|
Corporation tax |
|
9,313 |
6,769 |
|
Social security and other taxes |
|
37,865 |
28,806 |
|
Other creditors |
|
9,377 |
9,081 |
|
|
|
_______ |
_______ |
|
|
|
489,705 |
330,734 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
37,557 |
67,526 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Related party transactions
SW1 Plumbing and Heating Supplies Limited
-
-
Included in Other Debtors amounts owed to Warwick by SW1 was £Nil (2022 : £Nil).