Electrical Wholesale Services Limited 05335311 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of wholesale electrical suppliers Digita Accounts Production Advanced 6.30.9574.0 true false true true 05335311 2023-02-01 2024-01-31 05335311 2024-01-31 05335311 bus:CompanySecretaryDirector2 1 2024-01-31 05335311 bus:Director3 1 2024-01-31 05335311 bus:OrdinaryShareClass1 2024-01-31 05335311 core:CurrentFinancialInstruments 2024-01-31 05335311 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05335311 core:Non-currentFinancialInstruments 2024-01-31 05335311 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 05335311 core:FurnitureFittingsToolsEquipment 2024-01-31 05335311 core:LandBuildings 2024-01-31 05335311 core:MotorVehicles 2024-01-31 05335311 core:AllSubsidiaries 2024-01-31 05335311 bus:SmallEntities 2023-02-01 2024-01-31 05335311 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05335311 bus:FullAccounts 2023-02-01 2024-01-31 05335311 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05335311 bus:RegisteredOffice 2023-02-01 2024-01-31 05335311 bus:CompanySecretaryDirector2 2023-02-01 2024-01-31 05335311 bus:CompanySecretaryDirector2 1 2023-02-01 2024-01-31 05335311 bus:Director1 2023-02-01 2024-01-31 05335311 bus:Director3 2023-02-01 2024-01-31 05335311 bus:Director3 1 2023-02-01 2024-01-31 05335311 bus:Director5 2023-02-01 2024-01-31 05335311 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 05335311 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05335311 core:FurnitureFittings 2023-02-01 2024-01-31 05335311 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 05335311 core:LandBuildings 2023-02-01 2024-01-31 05335311 core:MotorVehicles 2023-02-01 2024-01-31 05335311 core:AllSubsidiaries 2023-02-01 2024-01-31 05335311 core:OtherRelatedParties 2023-02-01 2024-01-31 05335311 core:Subsidiary1 2023-02-01 2024-01-31 05335311 core:Subsidiary1 1 2023-02-01 2024-01-31 05335311 core:Subsidiary1 countries:AllCountries 2023-02-01 2024-01-31 05335311 countries:AllCountries 2023-02-01 2024-01-31 05335311 2023-01-31 05335311 bus:CompanySecretaryDirector2 1 2023-01-31 05335311 bus:Director3 1 2023-01-31 05335311 core:CostValuation 2023-01-31 05335311 core:FurnitureFittingsToolsEquipment 2023-01-31 05335311 core:LandBuildings 2023-01-31 05335311 core:MotorVehicles 2023-01-31 05335311 core:AllSubsidiaries 2023-01-31 05335311 2022-02-01 2023-01-31 05335311 2023-01-31 05335311 bus:CompanySecretaryDirector2 1 2023-01-31 05335311 bus:Director3 1 2023-01-31 05335311 bus:OrdinaryShareClass1 2023-01-31 05335311 core:CurrentFinancialInstruments 2023-01-31 05335311 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05335311 core:Non-currentFinancialInstruments 2023-01-31 05335311 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 05335311 core:FurnitureFittingsToolsEquipment 2023-01-31 05335311 core:LandBuildings 2023-01-31 05335311 core:MotorVehicles 2023-01-31 05335311 core:AllSubsidiaries 2023-01-31 05335311 bus:CompanySecretaryDirector2 1 2022-02-01 2023-01-31 05335311 bus:Director3 1 2022-02-01 2023-01-31 05335311 core:AllSubsidiaries 2022-02-01 2023-01-31 05335311 core:Subsidiary1 1 2022-02-01 2023-01-31 05335311 2022-01-31 05335311 bus:CompanySecretaryDirector2 1 2022-01-31 05335311 bus:Director3 1 2022-01-31 05335311 core:AllSubsidiaries 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05335311

Electrical Wholesale Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Electrical Wholesale Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Electrical Wholesale Services Limited

Company Information

Directors

Mr I Sutherland

Mrs Linda Munro

Registered office

38 Church Street
Grimsby
N E Lincolnshire
DN32 7DD

 

Electrical Wholesale Services Limited

(Registration number: 05335311)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

292,431

298,126

Investments

5

100

100

 

292,531

298,226

Current assets

 

Stocks

6

117,345

132,365

Debtors

7

557,515

562,700

Cash at bank and in hand

 

79,031

111,230

 

753,891

806,295

Creditors: Amounts falling due within one year

8

(355,832)

(367,190)

Net current assets

 

398,059

439,105

Total assets less current liabilities

 

690,590

737,331

Creditors: Amounts falling due after more than one year

8

-

(30,431)

Provisions for liabilities

(6,944)

(5,967)

Net assets

 

683,646

700,933

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

683,546

700,833

Shareholders' funds

 

683,646

700,933

For the financial year ending 31 January 2024 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 13 March 2024 and signed on its behalf by:
 

 

Electrical Wholesale Services Limited

(Registration number: 05335311)
Balance Sheet as at 31 January 2024

.........................................
Mr I Sutherland
Director

.........................................
Mrs Linda Munro
Director

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
38 Church Street
Grimsby
N E Lincolnshire
DN32 7DD

These financial statements were authorised for issue by the Board on 13 March 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

20% & 25% reducing balance

Motor vehicles

25% reducing balance

Freehold property

Not depreciated

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 Company 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 Company 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.

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.

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2023 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

263,432

73,335

53,145

389,912

Additions

-

4,732

-

4,732

Disposals

-

-

(17,617)

(17,617)

At 31 January 2024

263,432

78,067

35,528

377,027

Depreciation

At 1 February 2023

-

60,850

30,936

91,786

Charge for the year

-

3,111

4,964

8,075

Eliminated on disposal

-

-

(15,265)

(15,265)

At 31 January 2024

-

63,961

20,635

84,596

Carrying amount

At 31 January 2024

263,432

14,106

14,893

292,431

At 31 January 2023

263,432

12,485

22,209

298,126

Included within the net book value of land and buildings above is £263,432 (2023 - £263,432) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 February 2023

100

Provision

Carrying amount

At 31 January 2024

100

At 31 January 2023

100

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Elegant Lighting Limited

UK

Ordinary

100%

100%

Subsidiary undertakings

Elegant Lighting Limited

The principal activity of Elegant Lighting Limited is Retail of lighting. The loss for the financial period of Elegant Lighting Limited was £3,476 and the aggregate amount of Capital and reserves at the end of the period was £(36,044).

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

117,345

132,365

7

Debtors

Current

2024
£

2023
£

Trade debtors

543,990

493,857

Prepayments

281

5,068

Other debtors

13,244

63,775

 

557,515

562,700

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

6,945

Trade creditors

 

246,963

284,938

Taxation and social security

 

103,487

72,608

Accruals and deferred income

 

5,382

2,699

 

355,832

367,190

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

30,431

2024
£

2023
£

Due after more than five years

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

30,431

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

6,945

 

Electrical Wholesale Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Related party transactions

Transactions with Directors

2024

At 1 February 2023
£

Repayments by Director
£

At 31 January 2024
£

Mr B Nicholson

Directors Loan

31,650

(31,650)

-

       
     

Ms L A Moore

Directors Loan

10,000

(10,000)

-

       
     

 

2023

At 1 February 2022
£

Advances to Director
£

Repayments by Director
£

At 31 January 2023
£

Mr B Nicholson

Directors Loan

67,025

3,333

(38,708)

31,650

         
       

Ms L A Moore

Directors Loan

10,000

-

-

10,000

         
       

 

Summary of transactions with subsidiaries

Subsidiary
 All transactions are carried out under normal market conditions
 

Summary of transactions with other related parties

Electrical Wholesale Services Employee Ownership Trust

 On 9th November 2023 100% of the issued share capital of the company was acquired by the Electrical Wholesale Services Employee
Ownership Trust ("The Trust"). The Trust holds shares for the future benefit of the Company's emlpoyees.

During 2023 a gift of £148,041 was made by the company toThe Trust.

 

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

57,878

57,878

Repaid

(2,222)

(2,222)

At end of period

55,656

55,656

2023

Subsidiary
£

Total
£

At start of period

37,021

37,021

Advanced

20,857

20,857

At end of period

57,878

57,878