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Company registration number: 00480747
Horton Electrical Wholesale Limited
Unaudited filleted financial statements
30 April 2024
Horton Electrical Wholesale Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Horton Electrical Wholesale Limited
Directors and other information
Directors Mr J C Page
Mr C J Gleeson
Mr D Roberts
Secretary J C Page
Company number 00480747
Registered office Unit 16, IO Centre
Minden Road
Sutton
Surrey
SM3 9BL
Business address Unit 16, IO Centre
Minden Road
Sutton
Surrey
SM3 9BL
Accountants Pritchard Fellows & Co Ltd
Avery House
8 Avery Hill Road
London
SE9 2BD
Horton Electrical Wholesale Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 51,169 69,135
_______ _______
51,169 69,135
Current assets
Stocks 75,535 76,486
Debtors 6 265,824 194,244
Cash at bank and in hand 18,797 27,819
_______ _______
360,156 298,549
Creditors: amounts falling due
within one year 7 ( 343,521) ( 298,668)
_______ _______
Net current assets/(liabilities) 16,635 ( 119)
_______ _______
Total assets less current liabilities 67,804 69,016
Creditors: amounts falling due
after more than one year 8 ( 11,613) ( 17,426)
_______ _______
Net assets 56,191 51,590
_______ _______
Capital and reserves
Called up share capital 1,003 1,003
Profit and loss account 55,188 50,587
_______ _______
Shareholders funds 56,191 51,590
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr J C Page
Director
Company registration number: 00480747
Horton Electrical Wholesale Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 1,003 65,645 66,648
Profit for the year 20,442 20,442
_______ _______ _______
Total comprehensive income for the year - 20,442 20,442
Dividends paid and payable ( 35,500) ( 35,500)
_______ _______ _______
Total investments by and distributions to owners - ( 35,500) ( 35,500)
_______ _______ _______
At 30 April 2023 and 1 May 2023 1,003 50,587 51,590
Profit for the year 40,101 40,101
_______ _______ _______
Total comprehensive income for the year - 40,101 40,101
Dividends paid and payable ( 35,500) ( 35,500)
_______ _______ _______
Total investments by and distributions to owners - ( 35,500) ( 35,500)
_______ _______ _______
At 30 April 2024 1,003 55,188 56,191
_______ _______ _______
Horton Electrical Wholesale Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Horton Electrical Wholesale Ltd, Unit 16, IO Centre, Minden Road, Sutton, Surrey, SM3 9BL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 130,384 91,433 221,817
Additions 1,652 - 1,652
_______ _______ _______
At 30 April 2024 132,036 91,433 223,469
_______ _______ _______
Depreciation
At 1 May 2023 114,781 37,902 152,683
Charge for the year 3,147 16,470 19,617
_______ _______ _______
At 30 April 2024 117,928 54,372 172,300
_______ _______ _______
Carrying amount
At 30 April 2024 14,108 37,061 51,169
_______ _______ _______
At 30 April 2023 15,603 53,531 69,134
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 261,089 193,509
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,735 735
_______ _______
265,824 194,244
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 239,335 200,574
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 15,000
Corporation tax 11,821 -
Social security and other taxes 18,169 11,304
Other creditors 74,196 71,790
_______ _______
343,521 298,668
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 11,613 17,426
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J C Page ( 46,340) ( 12,253) ( 58,593)
Mr C J Gleeson ( 325) ( 1,653) ( 1,978)
_______ _______ _______
( 46,665) ( 13,906) ( 60,571)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J C Page ( 152) ( 46,188) ( 46,340)
Mr C J Gleeson ( 742) 417 ( 325)
_______ _______ _______
( 894) ( 45,771) ( 46,665)
_______ _______ _______
10. Controlling party
The directors controlled the company throughout the period.