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REGISTERED NUMBER: 06300754 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

7 Core Electrical Wholesale Limited

7 Core Electrical Wholesale Limited (Registered number: 06300754)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


7 Core Electrical Wholesale Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Priestley
Mrs E Priestley
S A Comparetto
J A King
M G White





REGISTERED OFFICE: Office 6, Acorn House
Lindum Business Park
North Hykeham
Lincoln
LN6 3QX





REGISTERED NUMBER: 06300754 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

7 Core Electrical Wholesale Limited (Registered number: 06300754)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 186,860 104,447
186,860 104,447

CURRENT ASSETS
Stocks 1,308,851 1,065,469
Debtors 6 1,658,956 1,397,744
Cash at bank and in hand 611,584 670,522
3,579,391 3,133,735
CREDITORS
Amounts falling due within one year 7 2,158,101 1,752,104
NET CURRENT ASSETS 1,421,290 1,381,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,608,150

1,486,078

CREDITORS
Amounts falling due after more than one
year

8

(47,231

)

(41,395

)

PROVISIONS FOR LIABILITIES (46,715 ) (26,112 )
NET ASSETS 1,514,204 1,418,571

CAPITAL AND RESERVES
Called up share capital 10 187 187
Capital redemption reserve 240 240
Retained earnings 1,513,777 1,418,144
1,514,204 1,418,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

7 Core Electrical Wholesale Limited (Registered number: 06300754)

Balance Sheet - continued
31 March 2024


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 Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





M G White - Director


7 Core Electrical Wholesale Limited (Registered number: 06300754)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

7 Core Electrical Wholesale Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-25% on cost
Fixtures and fittings-25% on cost
Motor vehicles-20% - 33% on cost
Computer equipment-20% - 50% on cost


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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

7 Core Electrical Wholesale Limited (Registered number: 06300754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are treated on an accruals basis. Grants in relation to furlough grants are recognised as part of grant claims in the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 110,000
AMORTISATION
At 1 April 2023
and 31 March 2024 110,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 48,623 355,565 213,187 13,594 630,969
Additions 5,987 6,600 112,315 27,768 152,670
Disposals (6,501 ) (29,132 ) (49,288 ) (2,242 ) (87,163 )
At 31 March 2024 48,109 333,033 276,214 39,120 696,476
DEPRECIATION
At 1 April 2023 48,623 345,268 129,144 3,487 526,522
Charge for year 755 9,533 47,940 11,278 69,506
Eliminated on disposal (6,501 ) (28,381 ) (49,288 ) (2,242 ) (86,412 )
At 31 March 2024 42,877 326,420 127,796 12,523 509,616
NET BOOK VALUE
At 31 March 2024 5,232 6,613 148,418 26,597 186,860
At 31 March 2023 - 10,297 84,043 10,107 104,447

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,612,684 1,362,042
Amounts owed by group undertakings - 31,807
Other debtors 46,272 3,895
1,658,956 1,397,744

7 Core Electrical Wholesale Limited (Registered number: 06300754)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 18,084 18,838
Trade creditors 1,563,524 1,293,489
Amounts owed to group undertakings 67,133 -
Taxation and social security 416,530 361,166
Other creditors 92,830 78,611
2,158,101 1,752,104

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 47,231 41,395

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 65,315 60,233

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal value: 2023 2022
£    £   
187 Ordinary £1 187 187
187 187