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Registration number: SC243804

W J Electrical Supplies Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

W J Electrical Supplies Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Accountants' Report

10

 

W J Electrical Supplies Ltd.

Company Information

Director

Mr Craig Charles Hunter

Registered office

Unit 15 Almond Road
Middlefield
Falkirk
FK2 9HQ

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

W J Electrical Supplies Ltd.

(Registration number: SC243804)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

619

3,022

Current assets

 

Stocks

255,935

258,203

Debtors

6

89,169

199,287

Cash at bank and in hand

 

406

27,543

 

345,510

485,033

Creditors: Amounts falling due within one year

7

(250,478)

(331,332)

Net current assets

 

95,032

153,701

Total assets less current liabilities

 

95,651

156,723

Creditors: Amounts falling due after more than one year

7

(77,887)

(122,406)

Net assets

 

17,764

34,317

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

3,644

3,644

Capital redemption reserve

100

100

Retained earnings

13,920

30,473

Shareholders' funds

 

17,764

34,317

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

 

W J Electrical Supplies Ltd.

(Registration number: SC243804)
Balance Sheet as at 29 February 2024

.........................................
Mr Craig Charles Hunter
Director

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Reducing balance at 15%

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Motor vehicles

Reducing balance at 25%

Office equipment

Straight Line at 33%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line at 5%

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

125,000

125,000

At 29 February 2024

125,000

125,000

Amortisation

At 1 March 2023

125,000

125,000

At 29 February 2024

125,000

125,000

Carrying amount

At 29 February 2024

-

-

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

36,403

9,905

5,650

51,958

Additions

-

810

-

810

Disposals

-

-

(5,650)

(5,650)

At 29 February 2024

36,403

10,715

-

47,118

Depreciation

At 1 March 2023

36,317

9,794

2,825

48,936

Charge for the year

13

375

-

388

Eliminated on disposal

-

-

(2,825)

(2,825)

At 29 February 2024

36,330

10,169

-

46,499

Carrying amount

At 29 February 2024

73

546

-

619

At 28 February 2023

86

111

2,825

3,022

6

Debtors

Current

2024
£

2023
£

Trade debtors

87,577

198,011

Prepayments

1,592

1,276

 

89,169

199,287

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

72,821

75,969

Trade creditors

 

102,479

159,800

Taxation and social security

 

14,845

23,762

Other creditors

 

60,333

71,801

 

250,478

331,332

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12,514

22,406

Other non-current financial liabilities

 

65,373

100,000

 

77,887

122,406

8

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

Within one year

5,401

15,884

Between one and five years

13,721

15,952

19,122

31,836

 

W J Electrical Supplies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Craig Charles Hunter

600

11,103

 

600

11,103

The maximum balance outstanding during the year amounted to £11,103.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
W J Electrical Supplies Ltd.
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of W J Electrical Supplies Ltd. for the year ended 29 February 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of W J Electrical Supplies Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of W J Electrical Supplies Ltd. and state those matters that we have agreed to state to the Board of Directors of W J Electrical Supplies Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W J Electrical Supplies Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that W J Electrical Supplies Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of W J Electrical Supplies Ltd.. You consider that W J Electrical Supplies Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of W J Electrical Supplies Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

31 October 2024