Registered number
05525983
Trade Electric Wholesale Ltd
Filleted Accounts
31 August 2024
Trade Electric Wholesale Ltd
Registered number: 05525983
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 97,750 103,500
Tangible assets 4 15,622 19,585
113,372 123,085
Current assets
Stocks 101,250 105,050
Cash at bank and in hand 34,741 20,799
135,991 125,849
Creditors: amounts falling due within one year 5 (256,196) (247,016)
Net current liabilities (120,205) (121,167)
Net (liabilities)/assets (6,833) 1,918
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,933) 1,818
Shareholders' funds (6,833) 1,918
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B K Bhambra
Director
Approved by the board on 21 October 2024
Trade Electric Wholesale Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery at 25% NBV
Motor vehicles at 20% NBV
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 115,000
At 31 August 2024 115,000
Amortisation
At 1 September 2023 11,500
Provided during the year 5,750
At 31 August 2024 17,250
Net book value
At 31 August 2024 97,750
At 31 August 2023 103,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 26,220 39,326 65,546
At 31 August 2024 26,220 39,326 65,546
Depreciation
At 1 September 2023 25,299 20,662 45,961
Charge for the year 230 3,733 3,963
At 31 August 2024 25,529 24,395 49,924
Net book value
At 31 August 2024 691 14,931 15,622
At 31 August 2023 921 18,664 19,585
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 35,130 32,290
Taxation and social security costs 1,612 809
Other creditors 219,454 213,917
256,196 247,016
6 Other information
Trade Electric Wholesale Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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