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REGISTERED NUMBER: 13853365 (England and Wales)

















G W Electrical Distributors Limited

Financial Statements

for the Year Ended 29 February 2024






G W Electrical Distributors Limited (Registered number: 13853365)

Contents of the Financial Statements
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


G W Electrical Distributors Limited

Company Information
for the year ended 29 February 2024







DIRECTOR: J Diaz





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 13853365 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

G W Electrical Distributors Limited (Registered number: 13853365)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 73,249 77,319
Tangible assets 5 30,434 14,254
103,683 91,573

CURRENT ASSETS
Stocks 238,203 105,852
Debtors 6 407,888 244,173
Cash at bank 10,662 6,474
656,753 356,499
CREDITORS
Amounts falling due within one year 7 690,766 445,420
NET CURRENT LIABILITIES (34,013 ) (88,921 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,670

2,652

PROVISIONS FOR LIABILITIES 6,924 371
NET ASSETS 62,746 2,281

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 62,646 2,181
62,746 2,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 7 October 2024 and were signed by:





J Diaz - Director


G W Electrical Distributors Limited (Registered number: 13853365)

Notes to the Financial Statements
for the year ended 29 February 2024


1. STATUTORY INFORMATION

G W Electrical Distributors 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. 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 2022, is being amortised evenly over its estimated useful life of twenty 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.
Fixtures, fittings, equipment - 15% on reducing balance
Motor vehicles - 25% 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.

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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

G W Electrical Distributors Limited (Registered number: 13853365)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 81,388
AMORTISATION
At 1 March 2023 4,069
Amortisation for year 4,070
At 29 February 2024 8,139
NET BOOK VALUE
At 29 February 2024 73,249
At 28 February 2023 77,319

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings, Motor
equipment vehicles Totals
£    £    £   
COST
At 1 March 2023 1,770 17,000 18,770
Additions 24,021 9,400 33,421
Disposals - (14,000 ) (14,000 )
At 29 February 2024 25,791 12,400 38,191
DEPRECIATION
At 1 March 2023 266 4,250 4,516
Charge for year 3,828 2,913 6,741
Eliminated on disposal - (3,500 ) (3,500 )
At 29 February 2024 4,094 3,663 7,757
NET BOOK VALUE
At 29 February 2024 21,697 8,737 30,434
At 28 February 2023 1,504 12,750 14,254

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 390,887 237,259
Other debtors 2,988 2,988
Prepayments and accrued income 14,013 3,926
407,888 244,173

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 282,698 226,921
Financing of trade debtors 217,714 35,710
UK corporation tax 16,971 1,272
Tax and social security costs 26,618 9,192
Directors' current accounts 145,146 170,918
Accruals and deferred income 1,619 1,407
690,766 445,420

G W Electrical Distributors Limited (Registered number: 13853365)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Financing of trade debtors 217,714 35,710

Amounts owed to Mitsubishi HC Capital UK plc trading as Novuna Business Cash Flow are secured by a debenture comprising fixed and floating charges over all assets of the company, created on 27 July 2022.

9. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £100,929.