2022-04-012023-03-312023-03-31falseSC207862R & M ELECTRICAL WHOLESALERS 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R & M ELECTRICAL WHOLESALERS LIMITED

Registered Number
SC207862
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

R & M ELECTRICAL WHOLESALERS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Emma Lisa Gordon
Michael McKeon

Registered Address

Unit 5 Westerton Road
East Mains Industrial Estate
Broxburn
EH52 5AU

Registered Number

SC207862 (Scotland)
R & M ELECTRICAL WHOLESALERS LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets623,11928,602
23,11928,602
Current assets
Stocks388,301320,194
Debtors8605,259508,247
Cash at bank and on hand114,018336,481
1,107,5781,164,922
Creditors amounts falling due within one year9(615,670)(333,894)
Net current assets (liabilities)491,908831,028
Total assets less current liabilities515,027859,630
Net assets515,027859,630
Capital and reserves
Called up share capital1,1001,100
Profit and loss account513,927858,530
Shareholders' funds515,027859,630
The financial statements were approved and authorised for issue by the Board of Directors on 3 July 2023, and are signed on its behalf by:
Michael McKeon
Director
Registered Company No. SC207862
R & M ELECTRICAL WHOLESALERS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
R & M Electrical Wholesalers Limited is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in accordance with FRS 102, including Section 1A. There were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company. All sums are rounded to the nearest whole pound.
Turnover policy
Turnover represents net invoiced sales of electrical supplies after any discounts, excluding value added tax.
Property, plant and equipment policy
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Stocks policy
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs include all amounts related to the purchase, conversion and other processes in bringing stock to its present location and condition ready for sale. Cost is calculated using the "first-in, first-out" basis. Provision is made for damaged, obsolete and slow moving items of stock where appropriate.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Where material in value, deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
At the time of signing these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion, management have assessed the ongoing cashflow requirements of the company, also setting realistic targets on both sales and cost control. Therefore the directors have concluded that they can continue to adopt the going concern basis in preparing these financial statements.
5.Employee information

20232022
Average number of employees during the year1210
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 April 22165,789
Additions1,133
At 31 March 23166,921
Depreciation and impairment
At 01 April 22137,188
Charge for year6,615
At 31 March 23143,803
Net book value
At 31 March 2323,119
At 31 March 2228,602
7.Description of financial commitments other than capital commitments
The total amount of financial commitments, under non-cancellable leases, that are not included in the balance sheet is £117,728 (2021: £43,235).
8.Debtors

2023

2022

££
Trade debtors / trade receivables596,034508,247
Prepayments and accrued income9,225-
Total605,259508,247
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables216,216260,026
Bank borrowings and overdrafts291,383-
Taxation and social security105,34871,396
Accrued liabilities and deferred income2,7232,472
Total615,670333,894
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.