IRIS Accounts Production v24.2.0.383 SC084114 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. retailer in the hardware and general household goods sector. true true true false true true false false false false true false Ordinary shares 1.00000 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REGISTERED NUMBER: SC084114 (Scotland)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WRIGHT HARDWARE LIMITED

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


WRIGHT HARDWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs C Ferguson
F Leary
B Ferguson



SECRETARY: Mrs C Ferguson



REGISTERED OFFICE: 95 Main Street
Prestwick
Ayrshire
KA9 1JS



REGISTERED NUMBER: SC084114 (Scotland)



AUDITORS: Galbraith Pritchards
Chartered Accountants
& Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA



BANKERS: Bank of Scotland
123 High Street
Ayr
KA7 1QP

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group continues to operate as a retailer and wholesaler in the hardware and general household goods sector. It is a members' buying group and its members trade under the banner Home Hardware as hardware and general household goods providers. The buying group maintains a comprehensive buying and marketing solution for its members backed by an extensive use of warehousing technology and systems.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the group are continued uncertainty about consumer behaviour in relation to ongoing high inflation and a severe contraction in consumer spending in the wider economy. Shipping and container prices had decreased to levels just ahead of 2019, but have subsequently risen sharply again, although the supply chain has become more robust. The most pressing issue for 2023 was the pressure on consumer spending from inflated energy, food and housing costs. This has clearly affected consumer spending and is likely to be a longer-term situation, which is also marked by political instability, both of which undermine business development and investment. On costs for consumers reflect similar rises in the cost of doing business with large increases in energy, insurance, cost of goods, and cost of materials to businesses showing a marked increase since 2020. Engagement with the Home Hardware Loyalty Discount Card has continued to rise year on year and has clearly helped to strengthen customer engagement during the cost-of-living crisis.

The Spring season started slowly but was boosted by sustained hot and sunny weather in late May and June. Trading in November was strong, however Christmas trading was notably slower than the previous three years indicating extreme cost pressures on households due to the compounding impact of high interest rates, food, energy and housing costs.

PERFORMANCE MONITORING
Key performance indicators for the group include comparing current and past turnover on a monthly basis by both customer and sales category.

The group assesses cash flow on a weekly basis together with reviewing sales at branches and eviewing members' sales ledger balances to ensure adequate cash resources are available and debtor default minimised.

ON BEHALF OF THE BOARD:





F Leary - Director


23 September 2024

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs C Ferguson
F Leary
B Ferguson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F Leary - Director


23 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WRIGHT HARDWARE LIMITED


Opinion
We have audited the financial statements of Wright Hardware Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WRIGHT HARDWARE LIMITED


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 Group Strategic Report or the Report of the Directors.

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:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WRIGHT HARDWARE LIMITED


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 a Report of the Auditors 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.




Marguerite Roos BAcc CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants
& Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

24 September 2024

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   

TURNOVER 14,938,224 14,835,945

Cost of sales 9,485,747 9,420,908
GROSS PROFIT 5,452,477 5,415,037

Distribution costs 1,144,022 1,063,821
Administrative expenses 4,488,993 4,108,556
5,633,015 5,172,377
(180,538 ) 242,660

Other operating income 322,433 371,370
OPERATING PROFIT 4 141,895 614,030

Interest receivable and similar income 9,157 191
151,052 614,221

Interest payable and similar expenses 5 42,010 37,606
PROFIT BEFORE TAXATION 109,042 576,615

Tax on profit 6 37,232 70,322
PROFIT FOR THE FINANCIAL YEAR 71,810 506,293
Profit attributable to:
Owners of the parent 70,920 478,741
Non-controlling interests 890 27,552
71,810 506,293

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 71,810 506,293


OTHER COMPREHENSIVE INCOME
Movement in other reserves - 2,448
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

2,448
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

71,810

508,741

Total comprehensive income attributable to:
Owners of the parent 70,920 481,189
Non-controlling interests 890 27,552
71,810 508,741

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,990,501 3,756,703
Investments 9 15,100 15,100
4,005,601 3,771,803

CURRENT ASSETS
Stocks 10 5,618,556 5,983,617
Debtors 11 892,823 992,981
Cash at bank and in hand 641,313 941,309
7,152,692 7,917,907
CREDITORS
Amounts falling due within one year 12 1,608,577 2,123,736
NET CURRENT ASSETS 5,544,115 5,794,171
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,549,716

9,565,974

CREDITORS
Amounts falling due after more than one
year

13

(2,927,267

)

(3,004,104

)

PROVISIONS FOR LIABILITIES 17 (300,535 ) (311,766 )
NET ASSETS 6,321,914 6,250,104

CAPITAL AND RESERVES
Called up share capital 18 100,000 100,000
Other reserves 19 256,928 369,167
Retained earnings 19 5,757,304 5,574,145
SHAREHOLDERS' FUNDS 6,114,232 6,043,312

NON-CONTROLLING INTERESTS 20 207,682 206,792
TOTAL EQUITY 6,321,914 6,250,104

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





F Leary - Director


WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,109,328 2,814,538
Investments 9 46,316 44,575
3,155,644 2,859,113

CURRENT ASSETS
Stocks 10 1,706,680 1,853,398
Debtors 11 1,275,068 1,565,213
Cash at bank and in hand 180,117 169,296
3,161,865 3,587,907
CREDITORS
Amounts falling due within one year 12 1,090,705 1,075,922
NET CURRENT ASSETS 2,071,160 2,511,985
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,226,804

5,371,098

CREDITORS
Amounts falling due after more than one
year

13

(460,055

)

(529,711

)

PROVISIONS FOR LIABILITIES 17 (259,154 ) (261,213 )
NET ASSETS 4,507,595 4,580,174

CAPITAL AND RESERVES
Called up share capital 18 100,000 100,000
Other reserves 19 108,452 147,370
Retained earnings 19 4,299,143 4,332,804
SHAREHOLDERS' FUNDS 4,507,595 4,580,174

Company's (loss)/profit for the financial year (72,579 ) 166,366

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





F Leary - Director


WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Other
capital earnings reserves
£    £    £   
Balance at 1 January 2022 100,000 5,095,404 366,719

Changes in equity
Total comprehensive income - 478,741 2,448
Balance at 31 December 2022 100,000 5,574,145 369,167

Changes in equity
Total comprehensive income - 183,159 (112,239 )
Balance at 31 December 2023 100,000 5,757,304 256,928
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 5,562,123 179,240 5,741,363

Changes in equity
Total comprehensive income 481,189 27,552 508,741
Balance at 31 December 2022 6,043,312 206,792 6,250,104

Changes in equity
Total comprehensive income 70,920 890 71,810
Balance at 31 December 2023 6,114,232 207,682 6,321,914

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 100,000 4,166,438 144,922 4,411,360

Changes in equity
Total comprehensive income - 166,366 2,448 168,814
Balance at 31 December 2022 100,000 4,332,804 147,370 4,580,174

Changes in equity
Total comprehensive income - (33,661 ) (38,918 ) (72,579 )
Balance at 31 December 2023 100,000 4,299,143 108,452 4,507,595

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 632,283 443,141
Interest paid (40,255 ) (34,395 )
Interest element of hire purchase payments
paid

(1,755

)

(3,211

)
Tax paid (133,647 ) (155,353 )
Net cash from operating activities 456,626 250,182

Cash flows from investing activities
Purchase of tangible fixed assets (575,179 ) (195,641 )
Sale of tangible fixed assets 14,550 368
Interest received 9,157 191
Net cash from investing activities (551,472 ) (195,082 )

Cash flows from financing activities
Loan repayments in year (132,156 ) (132,330 )
Capital repayments in year (24,751 ) (41,755 )
Amount introduced by directors 61,582 73,249
Amount withdrawn by directors (109,825 ) (71,562 )
Net cash from financing activities (205,150 ) (172,398 )

Decrease in cash and cash equivalents (299,996 ) (117,298 )
Cash and cash equivalents at beginning of
year

2

941,309

1,058,607

Cash and cash equivalents at end of year 2 641,313 941,309

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 109,042 576,615
Depreciation charges 337,638 325,899
(Profit)/loss on disposal of fixed assets (10,807 ) 803
Finance costs 42,010 37,606
Finance income (9,157 ) (191 )
468,726 940,732
Decrease/(increase) in stocks 365,061 (911,875 )
Decrease in trade and other debtors 109,710 126,979
(Decrease)/increase in trade and other creditors (311,214 ) 287,305
Cash generated from operations 632,283 443,141

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 641,313 941,309
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 941,309 1,058,607


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 941,309 (299,996 ) 641,313
941,309 (299,996 ) 641,313
Debt
Finance leases (24,751 ) 24,751 -
Debts falling due within 1 year (143,219 ) - (143,219 )
Debts falling due after 1 year (618,252 ) 132,155 (486,097 )
(786,222 ) 156,906 (629,316 )
Total 155,087 (143,090 ) 11,997

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Wright Hardware Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

BASIS OF CONSOLIDATION
The group financial statements consolidate the financial statements of the company and its subsidiaries; Home Hardware (Scotland) Limited and Home Hardware Direct Limited. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in this note, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and not provided
Leasehold improvements - 10% on cost
Plant and machinery - at varying rates on cost and at variable rates on reducing balance
Fixtures and fittings - 10% on reducing balance, at varying rates on cost and at variable rates on reducing balance
Motor vehicles - 33% on reducing balance and 25% on reducing balance
Computer equipment - 25% on cost

A review of impairment is carried out at each reporting date. 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.

Freehold property is shown at most recent valuation. Any surplus or deficit arising is recognised in other comprehensive income within the revaluation reserve. Any excess loss is reported in profit or loss.

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

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

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

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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 bin it's 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 aquired 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.


WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and that date that assets of the trust vest in identified individuals.

FIXED ASSET INVESTMENTS
Interests held in other entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

EQUITY INSTRUMENTS
Equiy 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.

3. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 3,061,760 2,848,665
Social security costs 227,643 215,410
Other pension costs 48,204 41,688
3,337,607 3,105,763

The average number of employees during the year was as follows:
31/12/23 31/12/22

Sales 116 109
Administration 22 18
Distribution 28 29
166 156

The average number of employees by undertakings that were proportionately consolidated during the year was 166 (2022 - 172 ) .

31/12/23 31/12/22
£    £   
Directors' remuneration 226,335 201,302

Information regarding the highest paid director is as follows:
31/12/23 31/12/22
£    £   
Emoluments etc 65,446 62,790

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Other operating leases 167,083 167,014
Depreciation - owned assets 329,227 297,191
Depreciation - assets on hire purchase contracts 8,411 28,707
(Profit)/loss on disposal of fixed assets (10,807 ) 803
Auditors' remuneration 16,625 16,087
Foreign exchange differences 4,865 (16,022 )
Depreciation of tangible fixed assets held under finance leases - 28,707

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 40,255 34,380
Bank loan interest - 15
Hire purchase 1,755 3,211
42,010 37,606

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 58,014 131,222
Repayment of previous year tax (9,552 ) -
Prior year adjustments - (8,522 )
Total current tax 48,462 122,700

Deferred tax (11,230 ) (52,378 )
Tax on profit 37,232 70,322

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 109,042 576,615
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

27,261

109,557

Effects of:
Expenses not deductible for tax purposes 430 350
Depreciation in excess of capital allowances 21,209 47,870
Adjustments to tax charge in respect of previous periods - (8,522 )
Other adjustment (438 ) (26,556 )
Deferred tax (11,230 ) (52,377 )
Total tax charge 37,232 70,322

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2023.

31/12/22
Gross Tax Net
£    £    £   
Movement in other reserves 2,448 - 2,448

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS

Group
Freehold Leasehold Plant and
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 2,595,044 718,399 1,963,528
Additions 360,900 - 149,653
Disposals - - (6,407 )
At 31 December 2023 2,955,944 718,399 2,106,774
DEPRECIATION
At 1 January 2023 192,763 196,222 1,388,970
Charge for year 51,443 68,585 122,137
Eliminated on disposal - - (4,400 )
At 31 December 2023 244,206 264,807 1,506,707
NET BOOK VALUE
At 31 December 2023 2,711,738 453,592 600,067
At 31 December 2022 2,402,281 522,177 574,558

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 376,197 582,047 324,113 6,559,328
Additions - 14,510 50,116 575,179
Disposals - (18,110 ) - (24,517 )
At 31 December 2023 376,197 578,447 374,229 7,109,990
DEPRECIATION
At 1 January 2023 340,839 449,454 234,377 2,802,625
Charge for year 9,727 40,641 45,105 337,638
Eliminated on disposal - (16,374 ) - (20,774 )
At 31 December 2023 350,566 473,721 279,482 3,119,489
NET BOOK VALUE
At 31 December 2023 25,631 104,726 94,747 3,990,501
At 31 December 2022 35,358 132,593 89,736 3,756,703

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2023 is represented by:

Freehold Leasehold Plant and
property improvements machinery
£    £    £   
Valuation in 2004 139,973 - -
Valuation in 2007 50,000 - -
Valuation in 2012 (75,000 ) - -
Valuation in 2018 99,824 - -
Valuation in 2019 70,546 - -
Cost 2,670,601 718,399 2,106,774
2,955,944 718,399 2,106,774

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2004 - - - 139,973
Valuation in 2007 - - - 50,000
Valuation in 2012 - - - (75,000 )
Valuation in 2018 - - - 99,824
Valuation in 2019 - - - 70,546
Cost 376,197 578,447 374,229 6,824,647
376,197 578,447 374,229 7,109,990

If freehold property had not been revalued it would have been included at the following historical cost:

31/12/23 31/12/22
£    £   
Cost 2,309,701 2,309,701
Aggregate depreciation 248,367 248,367

Freehold property was valued on an open market basis on 19th July 2018 by Messrs J & E Shepherd Chartered Surveyors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Further revaluations are carried out by the directors annually.

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023 147,656
Transfer to ownership (147,656 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 114,662
Charge for year 8,411
Transfer to ownership (123,073 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 32,994

Company
Freehold Leasehold Plant and
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 1,845,044 718,399 1,590,710
Additions 360,900 - 149,652
Disposals - - (6,407 )
At 31 December 2023 2,205,944 718,399 1,733,955
DEPRECIATION
At 1 January 2023 133,637 196,221 1,074,374
Charge for year 36,443 68,585 102,677
Eliminated on disposal - - (4,400 )
At 31 December 2023 170,080 264,806 1,172,651
NET BOOK VALUE
At 31 December 2023 2,035,864 453,593 561,304
At 31 December 2022 1,711,407 522,178 516,336

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Company

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 204,349 150,616 4,509,118
Additions 14,510 8,404 533,466
Disposals (18,110 ) - (24,517 )
At 31 December 2023 200,749 159,020 5,018,067
DEPRECIATION
At 1 January 2023 171,535 118,813 1,694,580
Charge for year 9,890 17,338 234,933
Eliminated on disposal (16,374 ) - (20,774 )
At 31 December 2023 165,051 136,151 1,908,739
NET BOOK VALUE
At 31 December 2023 35,698 22,869 3,109,328
At 31 December 2022 32,814 31,803 2,814,538

Cost or valuation at 31 December 2023 is represented by:

Freehold Leasehold Plant and
property improvements machinery
£    £    £   
Valuation in 2018 99,824 - -
Valuation in 2019 22,896 - -
Cost 2,083,224 718,399 1,733,955
2,205,944 718,399 1,733,955

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2018 - - 99,824
Valuation in 2019 - - 22,896
Cost 200,749 159,020 4,895,347
200,749 159,020 5,018,067

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Company

If freehold property had not been revalued it would have been included at the following historical cost:

31/12/23 31/12/22
£    £   
Cost 2,083,224 1,722,324
Aggregate depreciation 158,275 123,829

Value of land in freehold land and buildings 1,924,949 1,598,495

Freehold property was valued on an open market basis on 19th July 2018 by Messrs J & E Shepherd Chartered Surveyors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Further revaluations are carried out by the directors annually.

9. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 15,100
NET BOOK VALUE
At 31 December 2023 15,100
At 31 December 2022 15,100
Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 44,575
Additions 1,741
At 31 December 2023 46,316
NET BOOK VALUE
At 31 December 2023 46,316
At 31 December 2022 44,575

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Home Hardware (Scotland) Limited
Registered office: 26a Dalry Road, Ardrossan, Ayrshire, KA27 7GQ
Nature of business: Wholesaler of ironmongery products
%
Class of shares: holding
Ordinary shares 89.15
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 1,954,190 1,807,107
Profit for the year 147,083 253,932

Home Hardware Direct Limited
Registered office: 26a Dalry Road, Ardrossan, Ayrshire, KA27 7GQ
Nature of business: Online retailer of ironmongery products
%
Class of shares: holding
Ordinary 67.90
31/12/23
£   
Aggregate capital and reserves 1,049
Loss for the period/year (46,943 )


10. STOCKS

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Stocks 5,618,556 5,983,617 1,706,680 1,853,398

11. DEBTORS

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 534,020 761,415 8,631 61,800
Amounts owed by group undertakings - - 7,449 36,984
Other debtors 157,015 75,885 1,000 5,682
Tax 9,552 - 9,552 -
Prepayments and accrued income 128,856 98,780 128,856 98,780
Prepayments 63,380 56,901 - -
892,823 992,981 155,488 203,246

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. DEBTORS - continued

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - 1,119,580 1,361,967

Aggregate amounts 892,823 992,981 1,275,068 1,565,213

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Bank loans and overdrafts (see note 14) 143,219 143,219 80,719 80,719
Hire purchase contracts (see note 15) - 24,751 - -
Trade creditors 1,122,945 1,308,294 94,397 105,232
Amounts owed to group undertakings - - 769,203 533,364
Corporation tax payable 58,014 133,647 - 64,402
Social security and other taxes 58,226 47,128 34,032 27,630
VAT 112,899 276,637 65,928 172,272
Other creditors 13,704 62,131 1,925 8,401
Directors' current accounts 13,938 62,181 13,938 62,181
Accruals and deferred income 85,632 65,748 30,563 21,721
1,608,577 2,123,736 1,090,705 1,075,922

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Bank loans (see note 14) 486,097 618,252 460,055 529,711
Other creditors 2,441,170 2,385,852 - -
2,927,267 3,004,104 460,055 529,711

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. LOANS

An analysis of the maturity of loans is given below:

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 143,219 143,219 80,719 80,719
Amounts falling due between one and two years:
Bank loans - 1-2 years 93,222 169,261 67,180 80,720
Amounts falling due between two and five years:
Bank loans - 2-5 years 123,637 148,560 123,637 148,560
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 269,238 300,431 269,238 300,431

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year - 24,751

Group
Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 18,000 36,000
Between one and five years - 18,000
18,000 54,000

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 18,000 36,000
Between one and five years - 18,000
18,000 54,000

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
31/12/23 31/12/22
£    £   
Bank loans 629,316 761,471
Hire purchase contracts - 24,751
629,316 786,222

The bank holds a floating charge over the whole property and undertaking.

A cross corporate guarantee is also in place between Wright Hardware Limited and Home Hardware (Scotland) Limited.

17. PROVISIONS FOR LIABILITIES

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Deferred tax
Timing differences 300,535 311,766 259,154 261,213

Group
Deferred
tax
£   
Balance at 1 January 2023 311,766
Provided during year (11,231 )
Balance at 31 December 2023 300,535

WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 January 2023 261,213
Provided during year (2,059 )
Balance at 31 December 2023 259,154

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100,000 Ordinary shares £1 100,000 100,000

19. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 5,574,145 369,167 5,943,312
Profit for the year 70,920 70,920
Movement in other reserves 73,321 (73,321 ) -
Revaluation reserve 38,918 (38,918 ) -
At 31 December 2023 5,757,304 256,928 6,014,232

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 4,332,804 147,370 4,480,174
Deficit for the year (72,579 ) (72,579 )
Revaluation reserve 38,918 (38,918 ) -
At 31 December 2023 4,299,143 108,452 4,407,595


WRIGHT HARDWARE LIMITED (REGISTERED NUMBER: SC084114)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. NON-CONTROLLING INTERESTS

The minority interests in the company's subsidiaries are as follows:

2023 2022

Home Hardware (Scotland) Limited 10.85% 10.85%
Home Hardware Direct Limited 32.1% -


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company leases property from a director at an annual rent of £39,000 and two further properties from a second director at an annual rent of £25,000 and £20,500 and a property from a third director at an annual rent of £21,000.

During the year, the company received £44,954 (2022: £73,248) as capital introduced by the directors. Directors' personal expenses totalled £93,196 (2022: £71,561). As at 31 December 2023, £13,939 (2022: £62,180) in total was owed to the directors of the company.

There are no plans for repayment and no interest is charged on the balances outstanding.

22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence - Company
31/12/23 31/12/22
£    £   
Sales 9,253 74,120
Purchases 4,438,910 4,662,692
Amount due from related party 1,125,580 1,398,951
Amount due to related party 796,203 533,364

Key management personnel of the entity or its parent (in the aggregate) - Company
31/12/23 31/12/22
£    £   
Sales 16,922 -
Amount due from related party 1,449 -

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C Ferguson.