Company registration number 00479984 (England and Wales)
TEP ELECTRICAL DISTRIBUTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TEP ELECTRICAL DISTRIBUTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TEP ELECTRICAL DISTRIBUTORS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,431
29,625
Investments
4
33,018
34,675
63,449
64,300
Current assets
Stocks
134,026
148,295
Debtors
5
145,069
213,597
Cash at bank and in hand
381,954
358,485
661,049
720,377
Creditors: amounts falling due within one year
6
(192,668)
(353,010)
Net current assets
468,381
367,367
Total assets less current liabilities
531,830
431,667
Creditors: amounts falling due after more than one year
7
(8,750)
(10,417)
Provisions for liabilities
8
(77,608)
(7,407)
Net assets
445,472
413,843
Capital and reserves
Called up share capital
60,000
60,000
Capital redemption reserve
40,000
40,000
Profit and loss reserves
345,472
313,843
Total equity
445,472
413,843

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TEP ELECTRICAL DISTRIBUTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr P J S Thompson
Director
Company registration number 00479984 (England and Wales)
TEP ELECTRICAL DISTRIBUTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

TEP Electrical Distributors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Valley Street North, Darlington, Co Durham, DL1 1QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Listed investments are initially measured at fair value which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

TEP ELECTRICAL DISTRIBUTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Recent purchase prices are used to determine the cost of stock on the basis they materially approximate actual cost.

1.7
Financial instruments

The company has elected to apply the provisions of Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
TEP ELECTRICAL DISTRIBUTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
26,803
73,665
100,468
Additions
-
0
5,723
5,723
At 31 March 2024
26,803
79,388
106,191
Depreciation and impairment
At 1 April 2023
26,802
44,041
70,843
Depreciation charged in the year
-
0
4,917
4,917
At 31 March 2024
26,802
48,958
75,760
Carrying amount
At 31 March 2024
1
30,430
30,431
At 31 March 2023
1
29,624
29,625
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
33,018
34,675
TEP ELECTRICAL DISTRIBUTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
34,675
Additions
17,036
Valuation changes
(1,572)
Disposals
(17,121)
At 31 March 2024
33,018
Carrying amount
At 31 March 2024
33,018
At 31 March 2023
34,675
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
137,545
206,722
Other debtors
7,524
6,875
145,069
213,597
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,667
1,667
Trade creditors
149,211
279,198
Taxation and social security
36,628
64,328
Other creditors
5,162
7,817
192,668
353,010
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,750
10,417
TEP ELECTRICAL DISTRIBUTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Provisions for liabilities
2024
2023
£
£
Provision for repairs
70,000
-
Deferred tax liabilities
7,608
7,407
77,608
7,407
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
14,893
25,109
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