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REGISTERED NUMBER: 00491289 (England and Wales)










WILSON ELECTRIC (BATTERSEA) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILSON ELECTRIC (BATTERSEA) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr G C Brooker
Mrs J M Plumbridge
Ms C Brooker
Mr D Falzarano



SECRETARY: Mrs J M Plumbridge



REGISTERED OFFICE: 51 Willow Lane
Willow Lane Trading Estate
Mitcham
Surrey
CR4 4NA



REGISTERED NUMBER: 00491289 (England and Wales)



ACCOUNTANTS: Hakim Fry
Chartered Accountants
69-71 East Street
Epsom
Surrey
KT17 1BP



BANKERS: NatWest Bank plc
PO Box 3203
66-68 St John's Road
Clapham Junction
London
SW11 1PB

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 195,833 245,833
Tangible assets 6 1,342,318 1,008,448
Investments 7 200 200
1,538,351 1,254,481

CURRENT ASSETS
Stocks 8 425,328 307,064
Debtors 9 1,028,172 1,172,362
Cash at bank and in hand 157,624 312,322
1,611,124 1,791,748
CREDITORS
Amounts falling due within one year 10 1,115,305 1,188,716
NET CURRENT ASSETS 495,819 603,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,034,170

1,857,513

CREDITORS
Amounts falling due after more than one
year

11

(311,381

)

(162,365

)

PROVISIONS FOR LIABILITIES (333,892 ) (190,240 )
NET ASSETS 1,388,897 1,504,908

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Retained earnings 1,387,897 1,503,908
SHAREHOLDERS' FUNDS 1,388,897 1,504,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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:





Ms C Brooker - Director


WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Wilson Electric (Battersea) 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. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - over lease term
Improvements to property - 5% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

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


WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates 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.

Investments
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 29 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 267,397
AMORTISATION
At 1 February 2023 21,564
Charge for year 50,000
At 31 January 2024 71,564
NET BOOK VALUE
At 31 January 2024 195,833
At 31 January 2023 245,833

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. TANGIBLE FIXED ASSETS
Improvements
Leasehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 537,643 262,207 170,524
Additions - 6,276 14,531
Disposals - - -
At 31 January 2024 537,643 268,483 185,055
DEPRECIATION
At 1 February 2023 75,128 95,837 111,316
Charge for year 8,271 8,423 15,946
Eliminated on disposal - - -
At 31 January 2024 83,399 104,260 127,262
NET BOOK VALUE
At 31 January 2024 454,244 164,223 57,793
At 31 January 2023 462,515 166,370 59,208

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 15,930 488,341 33,366 1,508,011
Additions - 527,400 - 548,207
Disposals - (147,514 ) - (147,514 )
At 31 January 2024 15,930 868,227 33,366 1,908,704
DEPRECIATION
At 1 February 2023 8,559 194,351 14,372 499,563
Charge for year 737 142,218 6,330 181,925
Eliminated on disposal - (115,102 ) - (115,102 )
At 31 January 2024 9,296 221,467 20,702 566,386
NET BOOK VALUE
At 31 January 2024 6,634 646,760 12,664 1,342,318
At 31 January 2023 7,371 293,990 18,994 1,008,448

A legal charge is being held over the cost of the Leasehold Property. The property was purchased for £537,643 on 22 January 2014 and being written down over 65 years.

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 330,504
Additions 415,050
Disposals (110,215 )
Transfer to ownership (15,795 )
At 31 January 2024 619,544
DEPRECIATION
At 1 February 2023 130,006
Charge for year 93,635
Eliminated on disposal (80,307 )
Transfer to ownership (11,318 )
At 31 January 2024 132,016
NET BOOK VALUE
At 31 January 2024 487,528
At 31 January 2023 200,498

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023
and 31 January 2024 200
NET BOOK VALUE
At 31 January 2024 200
At 31 January 2023 200

The fixed asset investment represents a holding of 20% of the ordinary share capital of Wilson Electric (Motor Sales) Limited.

8. STOCKS
31.1.24 31.1.23
£    £   
Stocks 425,328 307,064

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 901,599 1,043,240
Other debtors 126,573 129,122
1,028,172 1,172,362

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 247,084 13,263
Hire purchase contracts 93,636 48,554
Trade creditors 227,576 565,800
Taxation and social security 125,455 157,975
Other creditors 421,554 403,124
1,115,305 1,188,716

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 72,640 83,725
Hire purchase contracts 238,741 78,640
311,381 162,365

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 23,943 30,671

12. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdraft 234,910 -
Bank loans 84,814 96,988
319,724 96,988

National Westminster Bank PLC has fixed charge by way of legal mortgage over 51 Willow Lane, Mitcham, CR4 4NA, and all legal interest in 51 Willow Lane, Mitcham, CR4 4NA land registry no. SGL270966.

Close Invoice Finance Ltd has fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

WILSON ELECTRIC (BATTERSEA) LIMITED (REGISTERED NUMBER: 00491289)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
500 Ordinary £1 500 500
500 A Ordinary £1 500 500
1,000 1,000

14. RELATED PARTY DISCLOSURES

The company is controlled by the directors by virtue of their majority shareholdings.

The directors also have a controlling interest in Wilson Electric (Motor Sales) Limited. The bank overdrafts of the two companies are cross guaranteed and secured by way of debenture against the assets of Wilson Electric (Battersea) Limited.

Included in other debtors is an amount of £27 owed from Wilson Electric (Motor Sales) Limited, where Mr G C Brooker and Mrs J M Plumbridge are directors and shareholders.

15. ULTIMATE CONTROLLING PARTY

The company is under the control of its shareholders by virtue of their shareholdings