Company Registration No. SC688940 (Scotland)
WHOLESALE DOMESTIC HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WHOLESALE DOMESTIC HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
WHOLESALE DOMESTIC HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
B Toward
D Toward
Secretary
B Toward
Company number
SC688940
Registered office
406 Hillington Road
Hillington Industrial Estate
Glasgow
United Kingdom
G52 4NG
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
WHOLESALE DOMESTIC HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present the strategic report for the year ended 31 December 2023.

 

In 1963, Wholesale Domestic opened the doors of its business for the first time and set about providing the customers with an unparalleled choice of bathroom products at the best value prices. 60 years on, Wholesale Domestic has built on the early ideals of choice, value and style by continually seeking out the most stylish, and in many cases exclusive, products from all around the world and displaying them in physical bathroom stores in Glasgow, Aberdeen and Edinburgh, and also via our Ecommerce website.

Fair review of the business

During the year under review revenue has increased by 7.1% to £20.6m. Profitability has increased overall in the year to 31 December 2023 with gross profit margin increasing to 57.0% (2022: 51.6%) and operating margin increasing to 10.6% (2022: 9.4%).

Principal risks and uncertainties

The board sets out below the principal risks and uncertainties that it considers to be associated with the running of the company and operating in the home improvement industry. These risks are regularly reviewed internally by management.

 

Each risk when identified is analysed to determine the likelihood of the risk occurring, the potential impact of it on the company if it did occur, and the steps that have been or should be taken to reduce the likelihood of occurrence and mitigate the impact if it did occur. Management personnel are responsible for managing these risks and the required steps to be taken are subject to the direction and on-going review by management and directors.

 

The directors consider the principal risks to the performance of the business continue to fall under the following headings:

 

Currency fluctuations

Volatility in the trading rates of the GBP: USD and the GBP: EUR presents an element of risk to the company and this year saw continued downward pressure on the GBP against the USD for most of the year. The start of the year saw downward pressure on the GBP against the EUR, but this eased slightly towards the end of the year. The business has sought to mitigate this as far as possible by working extremely closely with our finance partners to ensure rates achieved are as strong as we possibly can in the market. The directors take full responsibility for the execution of all currency trades and therefore fully control this risk throughout the year.

 

Freight costs

The start of 2023 saw the impact of Brexit and the Coronavirus pandemic reduce which brought freight prices down, although not to pre-pandemic levels. The end of the year saw the impact of the turmoil in the Red Sea increasing the freight costs due to the journey taking the container ships around Africa to avoid the risks of the Suez Canal. The group moves a significant majority of its global trade via container sea freight and as such has experienced fluctuations in freight costs. This risk is mitigated slightly due to working well with the freight forwarders, however retail price increases and stock availability challenges have been inevitable.

 

Competition

The UK bathroom market continues to remain very competitive despite several high-profile causalities. These are typically offset by the emergence of new entrants into the industry. The group mitigate this risk by building on our longevity and security of name and maximize this whenever we can. As we continue to group, we also acquire significant numbers of new customers and our focus on service and personal approach continues to develop and impress. Our size and strength of cashflow allows us to trade in well-valued products and hold them in the required quantities to back up the pledge of service.

WHOLESALE DOMESTIC HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

B Toward
Director
9 September 2024
WHOLESALE DOMESTIC HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of the sale of bathroom products.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £182,000 (2022: £364,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Toward
D Toward
Auditor

Consilium Audit Limited is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

WHOLESALE DOMESTIC HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
B Toward
Director
9 September 2024
WHOLESALE DOMESTIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHOLESALE DOMESTIC HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Wholesale Domestic Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WHOLESALE DOMESTIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHOLESALE DOMESTIC HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

WHOLESALE DOMESTIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHOLESALE DOMESTIC HOLDINGS LIMITED
- 8 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

 

Material misstatements that arise due to fraud can be harder to detect than those which arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian Thomson BA(Hons) CA
Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
9 September 2024
WHOLESALE DOMESTIC HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
20,630,927
19,256,590
Cost of sales
(8,876,456)
(9,317,795)
Gross profit
11,754,471
9,938,795
Distribution costs
(6,594,097)
(5,466,367)
Administrative expenses
(2,992,258)
(2,667,828)
Operating profit
4
2,168,116
1,804,600
Interest receivable and similar income
8
11,825
2,516
Interest payable and similar expenses
9
(408,425)
(313,102)
Profit before taxation
1,771,516
1,494,014
Tax on profit
10
(645,971)
(371,173)
Profit for the financial year
1,125,545
1,122,841
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on pages 14 to 31 form part of these financial statements.
WHOLESALE DOMESTIC HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,787,450
2,036,862
Other intangible assets
12
114,630
177,341
Total intangible assets
1,902,080
2,214,203
Tangible assets
13
6,214,569
6,237,421
8,116,649
8,451,624
Current assets
Stocks
16
2,970,330
3,298,235
Debtors
17
2,445,289
942,957
Cash at bank and in hand
74,286
325,674
5,489,905
4,566,866
Creditors: amounts falling due within one year
18
(6,727,620)
(7,130,180)
Net current liabilities
(1,237,715)
(2,563,314)
Total assets less current liabilities
6,878,934
5,888,310
Creditors: amounts falling due after more than one year
19
(3,873,156)
(3,920,000)
Provisions for liabilities
Deferred tax liability
22
653,646
559,723
(653,646)
(559,723)
Net assets
2,352,132
1,408,587
Capital and reserves
Called up share capital
24
14,160
14,160
Profit and loss reserves
2,337,972
1,394,427
Total equity
2,352,132
1,408,587
The notes on pages 14 to 31 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
B Toward
Director
WHOLESALE DOMESTIC HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
8,581,244
8,581,244
Current assets
Debtors
17
2,440
2,440
Creditors: amounts falling due within one year
18
(8,122,036)
(7,995,216)
Net current liabilities
(8,119,596)
(7,992,776)
Net assets
461,648
588,468
Capital and reserves
Called up share capital
24
14,160
14,160
Profit and loss reserves
447,488
574,308
Total equity
461,648
588,468
The notes on pages 14 to 31 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £55,180 (2022 - £920,317 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
B Toward
Director
Company Registration No. SC688940
WHOLESALE DOMESTIC HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
14,160
635,586
649,746
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,122,841
1,122,841
Dividends
11
-
(364,000)
(364,000)
Balance at 31 December 2022
14,160
1,394,427
1,408,587
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,125,545
1,125,545
Dividends
11
-
(182,000)
(182,000)
Balance at 31 December 2023
14,160
2,337,972
2,352,132
The notes on pages 14 to 31 form part of these financial statements.
WHOLESALE DOMESTIC HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
14,160
17,991
32,151
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
920,317
920,317
Dividends
11
-
(364,000)
(364,000)
Balance at 31 December 2022
14,160
574,308
588,468
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
55,180
55,180
Dividends
11
-
(182,000)
(182,000)
Balance at 31 December 2023
14,160
447,488
461,648
The notes on pages 14 to 31 form part of these financial statements.
WHOLESALE DOMESTIC HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,149,685
1,811,071
Interest paid
(365,963)
(264,124)
Income taxes (paid)/refunded
(826,517)
61,384
Net cash (outflow)/inflow from operating activities
(42,795)
1,608,331
Investing activities
Purchase of intangible assets
-
(63,530)
Purchase of tangible fixed assets
(84,672)
(176,354)
Proceeds on disposal of tangible fixed assets
40,000
-
Proceeds on disposal of investments
-
48,900
Interest received
11,825
2,516
Net cash used in investing activities
(32,847)
(188,468)
Financing activities
Proceeds of new bank loans
-
4,200,000
Repayment of bank loans
(280,000)
(5,653,315)
Payment of finance leases obligations
(48,469)
-
Dividends paid to equity shareholders
-
(364,000)
Amounts advanced from directors
152,723
393,052
Net cash used in financing activities
(175,746)
(1,424,263)
Net decrease in cash and cash equivalents
(251,388)
(4,400)
Cash and cash equivalents at beginning of year
325,674
330,074
Cash and cash equivalents at end of year
74,286
325,674
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Wholesale Domestic Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 406 Hillington Road, Hillington Industrial Estate, Glasgow, United Kingdom, G52 4NG. The company's registration number is SC688940.

 

The group consists of Wholesale Domestic Holdings Limited and all of its subsidiaries.

1.1
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.

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wholesale Domestic Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% straight line
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Long-term leasehold property
20% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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 profit and loss account 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 group’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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining residual values and useful economic lives of tangible and intangible assets

The group depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of tangible and intangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance and programmes.

 

Judgement is also applied, when determining the residual values of fixed assets. When determining the residual value, the directors have assessed the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

3
Turnover and other revenue

The whole of the revenue of the Group is attributable to the sale of bathroom and other domestic furnishings.

 

All revenue arose within the United Kingdom.

 

WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
42,436
173,189
Depreciation of owned tangible fixed assets
365,505
462,956
Depreciation of tangible fixed assets held under hire purchase
54,958
-
Loss on disposal of tangible fixed assets
3,665
-
Amortisation of intangible assets
312,123
260,438
Operating lease charges
169,503
183,967
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,475
19,500
For other services
Taxation compliance services
6,500
6,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
2
2
-
-
Other employees
102
106
-
-
Total
104
108
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,020,309
2,759,052
-
0
-
0
Social security costs
242,364
235,091
-
-
Pension costs
308,914
91,685
-
0
-
0
3,571,587
3,085,828
-
0
-
0
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
17,887
17,680
Company pension contributions to defined contribution schemes
238,332
20,000
256,219
37,680

Details of transactions with directors during the year are disclosed in note 27.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
11,825
2,516

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
11,825
2,516
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
273,131
228,744
Other interest on financial liabilities
126,820
84,358
399,951
313,102
Other finance costs:
Interest on finance leases and hire purchase contracts
8,474
-
Total finance costs
408,425
313,102
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
554,488
392,578
Deferred tax
Origination and reversal of timing differences
91,483
(21,405)
Total tax charge
645,971
371,173
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,771,516
1,494,014
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
416,306
283,863
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
34,821
25,078
Non-tax deductible amortisation of goodwill and impairment
58,612
47,388
Fixed asset differences
44,308
(10,791)
Remeasurement of deferred tax for changes in tax rates
91,483
25,635
Other differences leading to an increase (decrease) in the tax charge
441
-
0
Taxation charge
645,971
371,173

Factors that may affect future tax charges:

 

There is an increase in the UK corporate tax rate from 19% to 25% (effective from 1 April 2023) which was enacted on 11 March 2021. The UK corporate tax has been charged at 23.5% (2022 - 19%). The deferred tax liability as at the balance sheet date has been calculated at 25%.

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
182,000
182,000
Interim paid
-
182,000
182,000
364,000
12
Intangible fixed assets
Group
Goodwill
Website
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,494,117
188,367
2,682,484
Amortisation and impairment
At 1 January 2023
457,255
11,026
468,281
Amortisation charged for the year
249,412
62,711
312,123
At 31 December 2023
706,667
73,737
780,404
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 December 2023
1,787,450
114,630
1,902,080
At 31 December 2022
2,036,862
177,341
2,214,203
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Freehold property
Long-term leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
6,344,861
986,717
1,156,984
120,002
8,608,564
Additions
51,327
20,530
-
0
369,419
441,276
Disposals
-
0
-
0
-
0
(85,507)
(85,507)
Transfers
(7,611)
7,611
-
0
-
0
-
0
At 31 December 2023
6,388,577
1,014,858
1,156,984
403,914
8,964,333
Depreciation and impairment
At 1 January 2023
919,973
513,434
884,204
53,532
2,371,143
Depreciation charged in the year
122,391
116,989
113,438
67,645
420,463
Eliminated in respect of disposals
-
0
-
0
-
0
(41,842)
(41,842)
At 31 December 2023
1,042,364
630,423
997,642
79,335
2,749,764
Carrying amount
At 31 December 2023
5,346,213
384,435
159,342
324,579
6,214,569
At 31 December 2022
5,424,888
473,283
272,780
66,470
6,237,421
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

Included within the net book value is £314,461 (2022: £nil) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £54,958 (2022: £nil).

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,581,244
8,581,244
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
8,581,244
Carrying amount
At 31 December 2023
8,581,244
At 31 December 2022
8,581,244
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Wholesale Domestic Equipment Company Limited
406 Hilington Road, Hilington Industrial Estate, Glasgow, G52 4NG
Sale of bathroom and other domestic furnishings
Ordinary
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
2,970,330
3,298,235
-
0
-
0
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Other debtors
254,526
75,402
-
0
-
0
Prepayments and accrued income
2,188,323
867,555
-
0
-
0
2,442,849
942,957
-
-
Deferred tax asset (note 22)
2,440
-
0
2,440
2,440
2,445,289
942,957
2,440
2,440
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
280,000
280,000
-
0
-
0
Bills of exchange
20
289,150
153,731
-
0
-
0
Obligations under hire purchase
21
74,979
-
0
-
0
-
0
Payments received on account
654,281
514,998
-
0
-
0
Trade creditors
2,809,232
2,106,040
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
7,404,124
5,561,872
Corporation tax payable
300,492
572,521
-
0
-
0
Other taxation and social security
346,661
609,307
-
-
Other creditors
1,343,324
2,869,427
717,912
2,433,344
Accruals and deferred income
629,501
24,156
-
0
-
0
6,727,620
7,130,180
8,122,036
7,995,216

Amounts owed to group undertakings are interest free and repayable on demand.

 

Included in other creditors above is an amount of £186,297 (2022: £2,054,452) which relates to deferred consideration. Interest on deferred consideration is charged at the Bank of England base rate plus 2%.

 

The hire purchase creditors are secured on the assets to which they relate.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
3,640,000
3,920,000
-
0
-
0
Obligations under hire purchase
21
233,156
-
0
-
0
-
0
3,873,156
3,920,000
-
-

The hire purchase creditors are secured on the assets to which they relate.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,920,000
4,200,000
-
0
-
0
Payable within one year
280,000
280,000
-
0
-
0
Payable after one year
3,640,000
3,920,000
-
0
-
0
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Loans and overdrafts
(Continued)
- 28 -

Bank loans are secured by a floating charge over the group's assets.

 

The group bank loans repayment commenced on 31 January 2023. Bank loans incur interest based on a minimum margin of 2% per annum on the floating rate basis. The maturity date of the loan is the 23 November 2025.

21
Hire purchase obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
74,979
-
0
-
0
-
0
In two to five years
233,156
-
0
-
0
-
0
308,135
-
-
-

Hire purchase payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
653,646
559,723
-
-
Short term timing differences
-
-
2,440
-
653,646
559,723
2,440
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Short term timing differences
-
-
2,440
2,440
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
559,723
(2,440)
Charge to profit or loss
91,483
-
Liability/(Asset) at 31 December 2023
651,206
(2,440)

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerate capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
308,914
91,685

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
14,160
14,160
14,160
14,160

Ordinary A shares have the right to one vote per share, dividends may be declared in respect of the shares and members are entitled to a return of capital in proportion to shareholding.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
158,626
158,626
-
-
Between two and five years
483,004
541,630
-
-
In over five years
233,333
333,333
-
-
874,963
1,033,589
-
-
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
26
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

27
Directors' transactions

The loans to/from directors are unsecured and interest charged at the base rate + 2%.

Description
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Advances from directors
378,892
192,226
42,462
(81,965)
531,615
378,892
192,226
42,462
(81,965)
531,615
28
Ultimate controlling party

The ultimate controlling party is B Toward by virtue of his shareholding in the ultimate parent company, Wholesale Domestic Holdings Limited

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,125,545
1,122,841
Adjustments for:
Taxation charged
645,971
371,173
Finance costs
408,425
313,102
Investment income
(11,825)
(2,516)
Loss on disposal of tangible fixed assets
3,665
-
Amortisation and impairment of intangible assets
312,123
260,438
Depreciation and impairment of tangible fixed assets
420,463
462,956
Movements in working capital:
Decrease/(increase) in stocks
327,905
(282,246)
(Increase)/decrease in debtors
(1,499,892)
765,876
Decrease in creditors
(582,695)
(1,200,553)
Cash generated from operations
1,149,685
1,811,071
WHOLESALE DOMESTIC HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
30
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
325,674
(251,388)
74,286
Borrowings excluding overdrafts
(4,353,731)
144,581
(4,209,150)
Obligations under finance leases
-
(308,135)
(308,135)
(4,028,057)
(414,942)
(4,442,999)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200D TowardD TowardB 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