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Registration number: 01260162

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Company Information

Directors

Mr Robert Harvey Wolfe

Mr Paul Leslie Thomas

Mrs Jenna Hawkins

Company secretary

Mrs Jenna Hawkins

Registered office

8-9 Jubilee Parade
Snakes Lane
Woodford Green
Essex
IG8 7QG

Accountants

Tahas & Co Ltd
Chartered Certified Accountant
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J.P.C. Electrical Wholesalers (Woodford) Limited for the year ended 31 October 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of J.P.C. Electrical Wholesalers (Woodford) Limited, as a body, in accordance with the terms of our engagement letter dated 13 August 2019. Our work has been undertaken solely to prepare for your approval the accounts of J.P.C. Electrical Wholesalers (Woodford) Limited and state those matters that we have agreed to state to the Board of Directors of J.P.C. Electrical Wholesalers (Woodford) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.P.C. Electrical Wholesalers (Woodford) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J.P.C. Electrical Wholesalers (Woodford) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J.P.C. Electrical Wholesalers (Woodford) Limited. You consider that J.P.C. Electrical Wholesalers (Woodford) 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 accounts of J.P.C. Electrical Wholesalers (Woodford) 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 accounts.

......................................

Tahas & Co Ltd
Chartered Certified Accountant
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

19 February 2024

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

(Registration number: 01260162)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

84,957

88,372

Current assets

 

Stocks

5

28,467

68,603

Debtors

6

194,298

201,071

Cash at bank and in hand

 

273,789

203,044

 

496,554

472,718

Creditors: Amounts falling due within one year

7

(202,160)

(228,392)

Net current assets

 

294,394

244,326

Net assets

 

379,351

332,698

Capital and reserves

 

Called up share capital

8

104

104

Retained earnings

379,247

332,594

Shareholders' funds

 

379,351

332,698

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

(Registration number: 01260162)
Balance Sheet as at 31 October 2023

.........................................
Mrs Jenna Hawkins
Company secretary and director

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8-9 Jubilee Parade
Snakes Lane
Woodford Green
Essex
IG8 7QG
England

These financial statements were authorised for issue by the Board on 19 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Building

2% Straight line basis

Plant & Machinery

25% Reducing balance basis

Motor Vans

25% Reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 9).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

138,358

4,000

48,765

191,123

At 31 October 2023

138,358

4,000

48,765

191,123

Depreciation

At 1 November 2022

52,573

1,500

48,678

102,751

Charge for the year

2,768

625

22

3,415

At 31 October 2023

55,341

2,125

48,700

106,166

Carrying amount

At 31 October 2023

83,017

1,875

65

84,957

At 31 October 2022

85,785

2,500

87

88,372

Included within the net book value of land and buildings above is £83,017 (2022 - £85,785) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

28,467

68,603

6

Debtors

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Current

2023
£

2022
£

Trade debtors

164,115

134,409

Prepayments

4,697

5,554

Other debtors

25,486

61,108

 

194,298

201,071

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

160,744

159,460

Taxation and social security

38,058

63,931

Accruals and deferred income

2,958

2,787

Other creditors

400

2,214

202,160

228,392

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

 

104

104

104

104

9

Related party transactions

 

J.P.C. Electrical Wholesalers (Woodford) Limited

trading as JPC Electrical Wholesalers (Woodford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

34,256

40,296