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COMPANY REGISTRATION NUMBER: 02194143
West Yorkshire Electrical Factors Limited
Unaudited Financial Statements
30 April 2023
West Yorkshire Electrical Factors Limited
Financial Statements
Year Ended 30 April 2023
Contents
Page
Officers and Professional Advisers
1
Directors' Report
2
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Income and Retained Earnings
4
Statement of Financial Position
5
Notes to the Financial Statements
7
West Yorkshire Electrical Factors Limited
Officers and Professional Advisers
The Board of Directors
Mr A Newton
Mrs S Newton
Registered Office
Unit 4 Willow Court
Lotherton Way
Garforth
West Yorkshire
LS25 2GB
Accountants
Wyatt & Co
Chartered accountants
125 Main Street
Garforth
Leeds
LS25 1AF
West Yorkshire Electrical Factors Limited
Directors' Report
Year Ended 30 April 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Principal Activities
The principal activity of the company during the year was the wholesale of electrical products.
Directors
The directors who served the company during the year were as follows:
Mr A Newton
Mrs S Newton
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 July 2023 and signed on behalf of the board by:
Mr A Newton
Director
Registered office:
Unit 4 Willow Court
Lotherton Way
Garforth
West Yorkshire
LS25 2GB
West Yorkshire Electrical Factors Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of West Yorkshire Electrical Factors Limited
Year Ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Yorkshire Electrical Factors Limited for the year ended 30 April 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of West Yorkshire Electrical Factors Limited, as a body, in accordance with the terms of our engagement letter dated 8 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of West Yorkshire Electrical Factors Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Yorkshire Electrical Factors Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that West Yorkshire Electrical Factors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of West Yorkshire Electrical Factors Limited. You consider that West Yorkshire Electrical Factors Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of West Yorkshire Electrical Factors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wyatt & Co Chartered accountants
125 Main Street Garforth Leeds LS25 1AF
5 July 2023
West Yorkshire Electrical Factors Limited
Statement of Income and Retained Earnings
Year Ended 30 April 2023
2023
2022
Note
£
£
Turnover
912,663
739,444
Cost of sales
684,028
542,980
-----------
-----------
Gross Profit
228,635
196,464
Administrative expenses
147,519
137,782
-----------
-----------
Operating Profit
81,116
58,682
Interest payable and similar expenses
2,542
3,266
-----------
-----------
Profit Before Taxation
5
78,574
55,416
Tax on profit
14,912
10,480
---------
---------
Profit for the Financial Year and Total Comprehensive Income
63,662
44,936
---------
---------
Dividends paid and payable
( 50,000)
( 40,000)
Retained Earnings at the Start of the Year
59,676
54,740
---------
---------
Retained Earnings at the End of the Year
73,338
59,676
---------
---------
All the activities of the company are from continuing operations.
West Yorkshire Electrical Factors Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
6
24,161
32,678
Current Assets
Stocks
149,177
143,281
Debtors
7
117,916
111,069
Cash at bank and in hand
51,695
51,500
-----------
-----------
318,788
305,850
Creditors: amounts falling due within one year
8
220,108
215,443
-----------
-----------
Net Current Assets
98,680
90,407
-----------
-----------
Total Assets Less Current Liabilities
122,841
123,085
Creditors: amounts falling due after more than one year
9
34,912
46,821
Provisions
4,591
6,588
-----------
-----------
Net Assets
83,338
69,676
-----------
-----------
Capital and Reserves
Called up share capital
10,000
10,000
Profit and loss account
73,338
59,676
---------
---------
Shareholders Funds
83,338
69,676
---------
---------
These financial statements have been prepared 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'.
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 .
West Yorkshire Electrical Factors Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 5 July 2023 , and are signed on behalf of the board by:
Mr A Newton
Director
Company registration number: 02194143
West Yorkshire Electrical Factors 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 England and Wales. The address of the registered office is Unit 4 Willow Court, Lotherton Way, Garforth, LS25 2GB, West Yorkshire.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
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.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
8,517
2,692
--------
--------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
4,979
6,053
41,295
9,785
62,112
--------
--------
---------
--------
---------
Depreciation
At 1 May 2022
4,914
5,655
9,080
9,785
29,434
Charge for the year
65
398
8,054
8,517
--------
--------
---------
--------
---------
At 30 April 2023
4,979
6,053
17,134
9,785
37,951
--------
--------
---------
--------
---------
Carrying amount
At 30 April 2023
24,161
24,161
--------
--------
---------
--------
---------
At 30 April 2022
65
398
32,215
32,678
--------
--------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2023
-----
At 30 April 2022
25,201
---------
7. Debtors
2023
2022
£
£
Trade debtors
104,368
93,227
Other debtors
13,548
17,842
-----------
-----------
117,916
111,069
-----------
-----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,773
19,038
Trade creditors
88,729
104,592
Amounts owed to group undertakings and undertakings in which the company has a participating interest
72,088
60,288
Corporation tax
16,910
6,203
Social security and other taxes
9,707
8,260
Other creditors
16,901
17,062
-----------
-----------
220,108
215,443
-----------
-----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,593
31,347
Other creditors
16,319
15,474
---------
---------
34,912
46,821
---------
---------
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Newton
14,111
( 4,294)
9,817
---------
-----
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Newton
6,171
7,940
14,111
--------
--------
-----
---------