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REGISTERED NUMBER: SC058490 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 AUGUST 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD

COMPANY INFORMATION
for the year ended 31 AUGUST 2023







DIRECTOR: A K Burt





SECRETARY: A K Burt





REGISTERED OFFICE: 161-181 Whitefield Road
Govan
Glasgow
G51 2SD





REGISTERED NUMBER: SC058490 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 83,758 36,611

CURRENT ASSETS
Stocks 952,112 693,507
Debtors 5 1,604,477 1,495,884
Cash at bank and in hand 220,719 403,808
2,777,308 2,593,199
CREDITORS
Amounts falling due within one year 6 (2,143,941 ) (1,826,399 )
NET CURRENT ASSETS 633,367 766,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,125

803,411

CREDITORS
Amounts falling due after more than one
year

7

(337,287

)

(414,633

)

PROVISIONS FOR LIABILITIES (20,370 ) (5,583 )
NET ASSETS 359,468 383,195

CAPITAL AND RESERVES
Called up share capital 11,400 11,400
Capital redemption reserve 3,600 3,600
Retained earnings 344,468 368,195
SHAREHOLDERS' FUNDS 359,468 383,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2023


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 director and authorised for issue on 7 February 2024 and were signed by:





A K Burt - Director


A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 AUGUST 2023

1. STATUTORY INFORMATION

A.I.B.Electrical Wholesale (Glasgow) Ltd is a private company, limited by shares, registered in Scotland, registration number SC058490. The registered office is 161-181 Whitefield Road, Govan, Glasgow, G51 2SD.

The principal activity of the company is the wholesale distribution of electrical goods.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined below.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Goods
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Government grants - COVID
COVID related local authority grant funding is recognised on receipt, whereas grant funding received in relation to the Job Retention Scheme is recognised in the period in which the associated wages are paid.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 15% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

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.

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.

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.

Short-term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 AUGUST 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 174,585
Additions 69,083
Disposals (6,365 )
At 31 August 2023 237,303
DEPRECIATION
At 1 September 2022 137,974
Charge for year 17,825
Eliminated on disposal (2,254 )
At 31 August 2023 153,545
NET BOOK VALUE
At 31 August 2023 83,758
At 31 August 2022 36,611

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,450,426 1,321,055
Other debtors 154,051 174,829
1,604,477 1,495,884

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 108,333 108,333
Hire purchase contracts 11,265 -
Trade creditors 707,707 692,987
Taxation and social security 60,717 31,961
Other creditors 1,255,919 993,118
2,143,941 1,826,399

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 306,250 414,633
Hire purchase contracts 31,037 -
337,287 414,633

A.I.B.ELECTRICAL WHOLESALE (GLASGOW) LTD (REGISTERED NUMBER: SC058490)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 AUGUST 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice financing 1,130,529 782,107

The invoice financing is secured by a floating charge in favour of RBS Invoice Financing Ltd over all the property and undertaking of the Company.

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 were paid to the director .