Company Registration No. 01750902 (England and Wales)
Trade Forward Electrical Wholesalers Limited
Unaudited
Financial Statements
for the year ended 30 April 2023
Trade Forward Electrical Wholesalers Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Trade Forward Electrical Wholesalers Limited
Statement of financial position
as at 30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,465,660
2,482,596
Current assets
Stocks
1,719,401
1,531,946
Debtors
58,034
80,553
Cash at bank and in hand
910,771
882,659
2,688,206
2,495,158
Creditors: amounts falling due within one year
(562,906)
(552,394)
Net current assets
2,125,300
1,942,764
Total assets less current liabilities
4,590,960
4,425,360
Provisions for liabilities
4
(1,093)
(2,144)
Net assets
4,589,867
4,423,216
Capital and reserves
Called up share capital
5
350
350
Profit and loss reserves
4,589,517
4,422,866
Total equity
4,589,867
4,423,216
Trade Forward Electrical Wholesalers Limited
Statement of financial position (continued)
as at 30 April 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
S Hinchliff
Director
Company Registration No. 01750902
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements
for the year ended 30 April 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised when goods are invoiced to customers.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Fixtures, fittings & equipment
15% per annum on written down value
Motor vehicles
25% per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
1
Accounting policies
(continued)
- 4 -
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19 and small business rates relief. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
32
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
2,454,354
198,733
306,394
2,959,481
Depreciation and impairment
At 1 May 2022
46,049
182,367
248,469
476,885
Depreciation charged in the year
2,455
14,481
16,936
At 30 April 2023
46,049
184,822
262,950
493,821
Carrying amount
At 30 April 2023
2,408,305
13,911
43,444
2,465,660
At 30 April 2022
2,408,305
16,366
57,925
2,482,596
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,093
2,144
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
125
125
125
125
Ordinary B shares of £1 each
225
225
225
225
350
350
350
350
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 5 -
6
Related party transactions
One of the properties from where the company operates is owned by the director's pension scheme. The company paid annual rent of £51,500 (2022 - £51,500).
7
Company information
Trade Forward Electrical Wholesalers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trinity Business Centre, Skircoat Road, Halifax, HX1 2QZ.