6 false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 450,000 275,000 25,000 300,000 150,000 175,000 xbrli:pure xbrli:shares iso4217:GBP NI601198 2023-02-01 2024-01-31 NI601198 2024-01-31 NI601198 2023-01-31 NI601198 2022-02-01 2023-01-31 NI601198 2023-01-31 NI601198 core:PlantMachinery 2023-02-01 2024-01-31 NI601198 core:FurnitureFittings 2023-02-01 2024-01-31 NI601198 core:NetGoodwill 2023-02-01 2024-01-31 NI601198 bus:Director2 2023-02-01 2024-01-31 NI601198 bus:Director3 2023-02-01 2024-01-31 NI601198 core:NetGoodwill 2023-01-31 NI601198 core:NetGoodwill 2024-01-31 NI601198 core:PlantMachinery 2023-01-31 NI601198 core:FurnitureFittings 2023-01-31 NI601198 core:PlantMachinery 2024-01-31 NI601198 core:FurnitureFittings 2024-01-31 NI601198 core:WithinOneYear 2024-01-31 NI601198 core:WithinOneYear 2023-01-31 NI601198 core:AfterOneYear 2024-01-31 NI601198 core:AfterOneYear 2023-01-31 NI601198 core:ShareCapital 2024-01-31 NI601198 core:ShareCapital 2023-01-31 NI601198 core:CapitalRedemptionReserve 2024-01-31 NI601198 core:CapitalRedemptionReserve 2023-01-31 NI601198 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI601198 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI601198 core:NetGoodwill 2023-01-31 NI601198 core:PlantMachinery 2023-01-31 NI601198 core:FurnitureFittings 2023-01-31 NI601198 bus:SmallEntities 2023-02-01 2024-01-31 NI601198 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI601198 bus:FullAccounts 2023-02-01 2024-01-31 NI601198 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI601198 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI601198 core:ComputerEquipment 2023-02-01 2024-01-31 NI601198 core:LeaseholdImprovements 2023-02-01 2024-01-31 NI601198 core:ComputerEquipment 2024-01-31 NI601198 core:LeaseholdImprovements 2024-01-31 NI601198 core:ComputerEquipment 2023-01-31 NI601198 core:LeaseholdImprovements 2023-01-31 NI601198 core:AfterOneYear 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: NI601198
Electrical & Allied Distributors (N.I.) Limited
Filleted Unaudited Financial Statements
31 January 2024
Electrical & Allied Distributors (N.I.) Limited
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
150,000
175,000
Tangible assets
6
26,494
27,924
---------
---------
176,494
202,924
Current assets
Stocks
143,665
199,971
Debtors
7
1,038,871
510,829
Cash at bank and in hand
416,230
485,488
------------
------------
1,598,766
1,196,288
Creditors: amounts falling due within one year
8
801,836
522,675
------------
------------
Net current assets
796,930
673,613
---------
---------
Total assets less current liabilities
973,424
876,537
Creditors: amounts falling due after more than one year
9
225,000
225,000
---------
---------
Net assets
748,424
651,537
---------
---------
Capital and reserves
Called up share capital
1,300
1,300
Capital redemption reserve
700
700
Profit and loss account
746,424
649,537
---------
---------
Shareholders funds
748,424
651,537
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Electrical & Allied Distributors (N.I.) Limited
Balance Sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Peter Stewart
Kenneth Dougan
Director
Director
Company registration number: NI601198
Electrical & Allied Distributors (N.I.) Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1, M2 Trade Centre, 38-40 Duncrue Crescent, Belfast, BT3 9BW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over 18 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computers
-
33% straight line
Tenant Improvements
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy) . Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
450,000
---------
Amortisation
At 1 February 2023
275,000
Charge for the year
25,000
---------
At 31 January 2024
300,000
---------
Carrying amount
At 31 January 2024
150,000
---------
At 31 January 2023
175,000
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Computers
Tenant Improvements
Total
£
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
18,396
11,892
16,113
27,741
74,142
--------
--------
--------
--------
--------
Depreciation
At 1 February 2023
15,372
11,408
16,113
3,325
46,218
Charge for the year
755
121
554
1,430
--------
--------
--------
--------
--------
At 31 January 2024
16,127
11,529
16,113
3,879
47,648
--------
--------
--------
--------
--------
Carrying amount
At 31 January 2024
2,269
363
23,862
26,494
--------
--------
--------
--------
--------
At 31 January 2023
3,024
484
24,416
27,924
--------
--------
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
961,256
483,096
Other debtors
77,615
27,733
------------
---------
1,038,871
510,829
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
616,482
388,836
Corporation tax
98,208
48,480
Social security and other taxes
2,118
2,370
Other creditors
85,028
82,989
---------
---------
801,836
522,675
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
225,000
225,000
---------
---------
Director's interest free loan payable after more than one year .
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
416,230
485,488
---------
---------