Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 02522049 Mr Eban Watton Mr Richard Watton Mrs Antonia Watton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02522049 2022-12-31 02522049 2023-12-31 02522049 2023-01-01 2023-12-31 02522049 frs-core:CurrentFinancialInstruments 2023-12-31 02522049 frs-core:ComputerEquipment 2023-12-31 02522049 frs-core:ComputerEquipment 2023-01-01 2023-12-31 02522049 frs-core:ComputerEquipment 2022-12-31 02522049 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 02522049 frs-core:NetGoodwill 2023-12-31 02522049 frs-core:NetGoodwill 2023-01-01 2023-12-31 02522049 frs-core:NetGoodwill 2022-12-31 02522049 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 02522049 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02522049 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 02522049 frs-core:MotorVehicles 2023-12-31 02522049 frs-core:MotorVehicles 2023-01-01 2023-12-31 02522049 frs-core:MotorVehicles 2022-12-31 02522049 frs-core:OtherResidualIntangibleAssets 2023-12-31 02522049 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 02522049 frs-core:OtherResidualIntangibleAssets 2022-12-31 02522049 frs-core:PlantMachinery 2023-12-31 02522049 frs-core:PlantMachinery 2023-01-01 2023-12-31 02522049 frs-core:PlantMachinery 2022-12-31 02522049 frs-core:ShareCapital 2023-12-31 02522049 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02522049 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02522049 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02522049 frs-bus:SmallEntities 2023-01-01 2023-12-31 02522049 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02522049 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02522049 frs-core:UnlistedNon-exchangeTraded 2023-12-31 02522049 frs-core:UnlistedNon-exchangeTraded 2022-12-31 02522049 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 02522049 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 02522049 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 02522049 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 02522049 frs-bus:Director1 2023-01-01 2023-12-31 02522049 frs-bus:Director1 2022-12-31 02522049 frs-bus:Director1 2023-12-31 02522049 frs-bus:Director2 2023-01-01 2023-12-31 02522049 frs-bus:Director2 2022-12-31 02522049 frs-bus:Director2 2023-12-31 02522049 frs-bus:Director3 2023-01-01 2023-12-31 02522049 frs-countries:EnglandWales 2023-01-01 2023-12-31 02522049 2021-12-31 02522049 2022-12-31 02522049 2022-01-01 2022-12-31 02522049 frs-core:CurrentFinancialInstruments 2022-12-31 02522049 frs-core:ShareCapital 2022-12-31 02522049 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 02522049
T W Wholesale Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02522049
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 33,144 540
Tangible Assets 5 44,264 51,471
Investments 6 1,300 1,300
78,708 53,311
CURRENT ASSETS
Stocks 7 518,317 739,480
Debtors 8 234,939 132,620
Cash at bank and in hand 167,375 309,023
920,631 1,181,123
Creditors: Amounts Falling Due Within One Year 9 (863,344 ) (953,599 )
NET CURRENT ASSETS (LIABILITIES) 57,287 227,524
TOTAL ASSETS LESS CURRENT LIABILITIES 135,995 280,835
PROVISIONS FOR LIABILITIES
Deferred Taxation - (8,100 )
NET ASSETS 135,995 272,735
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 134,995 271,735
SHAREHOLDERS' FUNDS 135,995 272,735
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Watton
Director
31/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
T W Wholesale Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02522049 . The registered office is Unit 11 Ryder Close, Cadley Hill Industrial Estate, Swadlincote, Derbyshire, DE11 9EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 20% straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2022: 22)
22 22
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 43,200 - 43,200
Additions - 33,144 33,144
As at 31 December 2023 43,200 33,144 76,344
Amortisation
As at 1 January 2023 42,660 - 42,660
Provided during the period 540 - 540
As at 31 December 2023 43,200 - 43,200
Net Book Value
As at 31 December 2023 - 33,144 33,144
As at 1 January 2023 540 - 540
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 65,060 159,047 3,800 144,143 372,050
Additions - 15,352 - 826 16,178
As at 31 December 2023 65,060 174,399 3,800 144,969 388,228
Depreciation
As at 1 January 2023 38,070 146,535 3,800 132,174 320,579
Provided during the period 6,506 6,267 - 10,612 23,385
As at 31 December 2023 44,576 152,802 3,800 142,786 343,964
Net Book Value
As at 31 December 2023 20,484 21,597 - 2,183 44,264
As at 1 January 2023 26,990 12,512 - 11,969 51,471
6. Investments
Unlisted
£
Cost
As at 1 January 2023 1,300
As at 31 December 2023 1,300
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,300
As at 1 January 2023 1,300
7. Stocks
2023 2022
£ £
Finished goods 518,317 739,480
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8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 162,256 128,191
Prepayments and accrued income 42,783 4,429
Other debtors 9,900 -
Directors' loan accounts 20,000 -
234,939 132,620
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 767,797 786,609
Bank loans and overdrafts 14,926 16,420
Corporation tax - 27,189
Other taxes and social security 10,791 30,539
VAT 67,797 72,469
Other creditors 2,033 -
Accruals and deferred income - 6,142
Directors' loan accounts - 14,231
863,344 953,599
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Eban Watton - 10,000 - - 10,000
Mr Richard Watton - 10,000 - - 10,000
The above loan is unsecured, interest free and repayable on demand.
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