IRIS Accounts Production v24.2.0.383 04013699 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities the supply of wholesale electrical products. true true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 Ordinary A 1.00000 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REGISTERED NUMBER: 04013699 (England and Wales)















Templegate Electrical Supplies Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 June 2024






Templegate Electrical Supplies Limited (Registered number: 04013699)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13


Templegate Electrical Supplies Limited

Company Information
for the year ended 30 June 2024







DIRECTORS: C Sawyer
P Williams
I R Dyer
L W Hall
J E Bines
A Hector





REGISTERED OFFICE: Unit 5 Templegate
Distribution Centre
Mead Street
Bristol
BS3 4RP





REGISTERED NUMBER: 04013699 (England and Wales)





AUDITORS: Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

Templegate Electrical Supplies Limited (Registered number: 04013699)

Strategic Report
for the year ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
During the year the Directors have continued to focus on the Company's philosophy of selling quality products with high levels of customer service. This combination has enabled the Company to maintain key trading partners both in terms of the customer base and suppliers.
All key personnel have remained with the company during the year and the Directors have continued to employ and invest in talented people to help deliver the philosophy to our customers.

The Company has seen an increase in turnover of 1% compared to 2023 with the gross margin achieved remaining consistent at 25%. The Directors believe the market has seen an increase in confidence following the Covid-19 pandemic and remain optimistic for the 2025 trading year.

PRINCIPAL RISKS AND UNCERTAINTIES
Strong financial systems continue to be maintained in the business to ensure that the increased turnover results in a positive cash position. The Directors are very aware of the risks of an improving market place and customers overtrading and the impact this may have on debtor days.

The Directors believe that the combination of the above will provide the Company with a prosperous 2025.

FUTURE DEVELOPMENTS
Looking to the future, the directors aim is to continue to enhance the performance of the company, whilst remaining focused on building strong customer relationships. The directors are also prioritising strengthening supply chain efficiency to help mitigate stock shortages and overstocking whilst optimising profitability. This will help drive operational efficiency, customer satisfaction and revenue expansion in the short to medium term.

ON BEHALF OF THE BOARD:





C Sawyer - Director


4 October 2024

Templegate Electrical Supplies Limited (Registered number: 04013699)

Report of the Directors
for the year ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary £1 - £32.4074 - 5 April 2024
Ordinary A £1 - £652.17391 - 5 April 2024

The total distribution of dividends for the year ended 30 June 2024 will be £ 58,000 .

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

C Sawyer
P Williams
I R Dyer
L W Hall
J E Bines
A Hector

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Templegate Electrical Supplies Limited (Registered number: 04013699)

Report of the Directors
for the year ended 30 June 2024


AUDITORS
The auditors, Webb & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Sawyer - Director


4 October 2024

Report of the Independent Auditors to the Members of
Templegate Electrical Supplies Limited

Opinion
We have audited the financial statements of Templegate Electrical Supplies Limited (the 'company') for the year ended 30 June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 company's affairs as at 30 June 2024 and of its 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 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 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 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 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 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
Templegate Electrical Supplies Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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.

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to manipulation of financial results and potential management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Discussions with the Managing Director and Financial Controller including consideration
of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reviewing correspondence with legal advisors;
- Identifying and testing the validity of journal entries;
- Challenging assumptions made by management in its significant accounting estimates;
- Reviewing disclosures for accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 of intentional misrepresentations, or through collusion.

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
Templegate Electrical Supplies 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.




Barry Davidson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

4 October 2024

Templegate Electrical Supplies Limited (Registered number: 04013699)

Profit and Loss Account
for the year ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 33,781,938 33,320,900

Cost of sales (24,324,919 ) (25,143,812 )
GROSS PROFIT 9,457,019 8,177,088

Distribution costs (74,536 ) (78,313 )
Administrative expenses (6,438,591 ) (5,609,478 )
OPERATING PROFIT 5 2,943,892 2,489,297

Interest receivable and similar income 9,208 2,598
2,953,100 2,491,895

Interest payable and similar expenses 6 (46,518 ) (55,157 )
PROFIT BEFORE TAXATION 2,906,582 2,436,738

Tax on profit 7 (659,036 ) (551,800 )
PROFIT FOR THE FINANCIAL YEAR 2,247,546 1,884,938

Templegate Electrical Supplies Limited (Registered number: 04013699)

Other Comprehensive Income
for the year ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,247,546 1,884,938


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,247,546

1,884,938

Templegate Electrical Supplies Limited (Registered number: 04013699)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,573,814 1,335,107
Investments 10 5,100 5,100
1,578,914 1,340,207

CURRENT ASSETS
Stocks 11 5,328,855 5,104,712
Debtors 12 9,963,530 8,194,684
Cash at bank and in hand 509,129 380,973
15,801,514 13,680,369
CREDITORS
Amounts falling due within one year 13 8,342,785 8,425,660
NET CURRENT ASSETS 7,458,729 5,254,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,037,643

6,594,916

PROVISIONS FOR LIABILITIES 17 620,122 366,941
NET ASSETS 8,417,521 6,227,975

CAPITAL AND RESERVES
Called up share capital 18 910 910
Share premium 87,230 87,230
Capital redemption reserve 90 90
Retained earnings 8,329,291 6,139,745
SHAREHOLDERS' FUNDS 8,417,521 6,227,975

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





C Sawyer - Director


Templegate Electrical Supplies Limited (Registered number: 04013699)

Statement of Changes in Equity
for the year ended 30 June 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 910 4,312,807 87,230 90 4,401,037

Changes in equity
Dividends - (58,000 ) - - (58,000 )
Total comprehensive income - 1,884,938 - - 1,884,938
Balance at 30 June 2023 910 6,139,745 87,230 90 6,227,975

Changes in equity
Dividends - (58,000 ) - - (58,000 )
Total comprehensive income - 2,247,546 - - 2,247,546
Balance at 30 June 2024 910 8,329,291 87,230 90 8,417,521

Templegate Electrical Supplies Limited (Registered number: 04013699)

Cash Flow Statement
for the year ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 2,103,413 2,560,181
Interest paid (34,691 ) (54,557 )
Interest element of hire purchase
payments paid

(44

)

(600

)
Finance costs paid (11,783 ) -
Tax paid (921,252 ) (417,659 )
Net cash from operating activities 1,135,643 2,087,365

Cash flows from investing activities
Purchase of tangible fixed assets (648,122 ) (1,003,217 )
Sale of tangible fixed assets 2,305 530,677
Interest received 9,208 2,598
Net cash from investing activities (636,609 ) (469,942 )

Cash flows from financing activities
Net (decrease)/ increase in borrowing 1,084,642 (1,860,368 )
Capital repayments in year (2,711 ) (10,419 )
Amount introduced by directors 58,000 267,816
Amount withdrawn by directors (1,702,809 ) -
Dilapidation provision 250,000 -
Equity dividends paid (58,000 ) (58,000 )
Net cash from financing activities (370,878 ) (1,660,971 )

Increase/(decrease) in cash and cash equivalents 128,156 (43,548 )
Cash and cash equivalents at
beginning of year

22

380,973

424,521

Cash and cash equivalents at end of
year

22

509,129

380,973

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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. 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 period 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.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

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;

(i) Useful economic lives of tangible assets

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.
It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

(ii) Inventory provision

The company holds stock at each warehouse in line with expected business. The directors consider the recoverability of the cost of the inventory and the associated provision required on a regular basis. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around saleability of finished retail goods.

(iii) Dilapidation

The company estimates the cost of restoring each property to its original state at the end of the lease term. The full cost of the provision is assessed at the balance sheet date.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods 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.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated on a straight line basis so as to write off the cost of tangible assets, less their residual value, over the useful economic life of that asset as follows:


Improvements to property- 4% on cost
Plant and equipment- 20% on cost
Fixtures and fittings- 33.333% on cost and 20% on cost
Motor vehicles- 33.333% on cost and 25% on cost
Computer equipment- 33.333% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiary is excluded from consolidation on the grounds that its inclusion is not material for the purpose of giving a true and fair view. These financial statements refer only to the parent company.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 33,781,938 33,320,900
33,781,938 33,320,900

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,292,132 3,066,786
Social security costs 304,729 276,799
Other pension costs 211,864 176,090
3,808,725 3,519,675

The average number of employees during the year was as follows:
2024 2023

Production staff 42 40
Distribution staff 42 40
Administrative staff 12 12
Management staff 6 6
102 98

2024 2023
£    £   
Directors' remuneration 404,094 370,925
Directors' pension contributions to money purchase schemes 56,362 56,328

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 91,008 89,663
Pension contributions to money purchase schemes 1,321 1,321

5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 425,993 225,724
Depreciation - owned assets 409,000 375,175
Profit on disposal of fixed assets (1,890 ) (18,920 )
Auditors' remuneration 27,264 19,500
Foreign exchange differences 19 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 34,691 54,557
Hire purchase interest 44 600
Interest due on overdue tax 11,783 -
46,518 55,157

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 654,392 539,592
Taxation adjust for earlier ye
ars 1,463 (443 )
Total current tax 655,855 539,149

Deferred tax 3,181 12,651
Tax on profit 659,036 551,800

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,906,582 2,436,738
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

726,646

609,185

Effects of:
Expenses not deductible for tax purposes 18,604 23,632
Capital allowances in excess of depreciation (8,191 ) (10,941 )
Adjustments to tax charge in respect of previous periods 1,463 (443 )
Deferred taxation 3,181 12,651
Bonus, general bad debt and dilapidation provision (82,667 ) 39,750
Adjustment for change in tax rate - (122,034 )
Total tax charge 659,036 551,800

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 28,000 28,000
Ordinary A shares of £1 each
Interim 30,000 30,000
58,000 58,000

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 753,140 70,794 536,220
Additions 278,733 - 74,759
Disposals - - -
At 30 June 2024 1,031,873 70,794 610,979
DEPRECIATION
At 1 July 2023 30,126 67,188 444,668
Charge for year 33,312 1,202 37,997
Eliminated on disposal - - -
At 30 June 2024 63,438 68,390 482,665
NET BOOK VALUE
At 30 June 2024 968,435 2,404 128,314
At 30 June 2023 723,014 3,606 91,552

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 1,151,630 331,955 2,843,739
Additions 269,235 25,395 648,122
Disposals (37,395 ) - (37,395 )
At 30 June 2024 1,383,470 357,350 3,454,466
DEPRECIATION
At 1 July 2023 643,632 323,018 1,508,632
Charge for year 327,171 9,318 409,000
Eliminated on disposal (36,980 ) - (36,980 )
At 30 June 2024 933,823 332,336 1,880,652
NET BOOK VALUE
At 30 June 2024 449,647 25,014 1,573,814
At 30 June 2023 507,998 8,937 1,335,107

10. FIXED ASSET INVESTMENTS
Shares in
group
under-
takings
£   
COST
At 1 July 2023
and 30 June 2024 5,100
NET BOOK VALUE
At 30 June 2024 5,100
At 30 June 2023 5,100

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

Templegate Electrical Supplies (Cheltenham) Ltd
Registered office: Unit 38 Central Way, Cheltenham, Gloucestershire,GL51 8LX
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary A 100.00
Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 40,100 40,100

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

11. STOCKS
2024 2023
£    £   
Finished goods 5,328,855 5,104,712

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,780,810 6,794,218
Other debtors 1,415,645 898,686
Directors' current accounts 1,183,684 9,600
Prepayments 583,391 492,180
9,963,530 8,194,684

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 2,468,394 1,383,752
Hire purchase contracts (see note 15) - 2,711
Trade creditors 4,063,170 4,422,434
Amounts owed to group undertakings 39,975 39,975
Taxation 274,195 539,592
Social security and other taxes 203,389 97,153
VAT 250,711 232,084
Other creditors 551,497 580,776
Directors' current accounts - 470,725
Accruals and deferred income 491,454 656,458
8,342,785 8,425,660

Included within other creditors is an amount of of £505,831 (2023 £505,831) owed to the former group company Morris McLellan Group. The company left the group in August 2019 and the amounts outstanding are disputed and under discussion with the administrators of the group companies.

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,468,394 1,383,752

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 2,711

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 168,445 253,245
Between one and five years 421,063 465,088
In more than five years 958,100 1,109,140
1,547,608 1,827,473

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,468,394 1,383,752
Hire purchase contracts - 2,711
2,468,394 1,386,463

The bank loans are secured by a fixed and floating charge over the book debts of the company. The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 120,122 116,941
Other provisions 500,000 250,000
620,122 366,941

Deferred Dilapidati
tax on
£    £   
Balance at 1 July 2023 116,941 250,000
Provided during year 3,181 250,000
Balance at 30 June 2024 120,122 500,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
864 Ordinary £1 864 864
46 Ordinary A £1 46 46
910 910

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
P Williams
Balance outstanding at start of year 9,600 10,800
Amounts repaid (1,100 ) (1,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,500 9,600

C Sawyer
Balance outstanding at start of year - -
Amounts advanced 1,175,184 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,175,184 -

Interest has been charged on directors loan at the official HMRC rate of 2.25% per annum.

20. RELATED PARTY DISCLOSURES

During the year rent was paid to CMS Property 2020 Ltd, a company owned by the director Colin Sawyer, totalling £90,000 (2023 £12,500). Included within other debtors is £1,401,445 (2023 £890,905) due from CMS Property 2020 Ltd at the balance sheet date.

Dividends totalling £28,000 were paid to key management personnel and dividends totalling £30,000 were paid to other related parties during the year.

Interest totalling £2,443 has been charged to key management personnel during the year.

Key management personnel remuneration paid during the year is the same as directors' remuneration.

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 2,906,582 2,436,738
Depreciation charges 409,000 375,175
Profit on disposal of fixed assets (1,890 ) (18,920 )
Finance costs 46,518 55,157
Finance income (9,208 ) (2,598 )
3,351,002 2,845,552
(Increase)/decrease in stocks (224,143 ) 353,401
Increase in trade and other debtors (594,762 ) (1,593,729 )
(Decrease)/increase in trade and other creditors (428,684 ) 954,957
Cash generated from operations 2,103,413 2,560,181

Templegate Electrical Supplies Limited (Registered number: 04013699)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

22. 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 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 509,129 380,973
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 380,973 424,521


23. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 380,973 128,156 509,129
380,973 128,156 509,129
Debt
Finance leases (2,711 ) 2,711 -
Debts falling due within 1 year (1,383,752 ) (1,084,642 ) (2,468,394 )
(1,386,463 ) (1,081,931 ) (2,468,394 )
Total (1,005,490 ) (953,775 ) (1,959,265 )