IRIS Accounts Production v24.3.0.553 03632078 director 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036320782023-01-31036320782024-01-31036320782023-02-012024-01-31036320782022-01-31036320782022-02-012023-01-31036320782023-01-3103632078ns15:EnglandWales2023-02-012024-01-3103632078ns14:PoundSterling2023-02-012024-01-3103632078ns10:Director12023-02-012024-01-3103632078ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3103632078ns10:SmallEntities2023-02-012024-01-3103632078ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3103632078ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3103632078ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103632078ns10:FullAccounts2023-02-012024-01-3103632078ns10:OrdinaryShareClass12023-02-012024-01-3103632078ns10:RegisteredOffice2023-02-012024-01-3103632078ns5:CurrentFinancialInstruments2024-01-3103632078ns5:CurrentFinancialInstruments2023-01-3103632078ns5:Non-currentFinancialInstruments2024-01-3103632078ns5:Non-currentFinancialInstruments2023-01-3103632078ns5:ShareCapital2024-01-3103632078ns5:ShareCapital2023-01-3103632078ns5:SharePremium2024-01-3103632078ns5:SharePremium2023-01-3103632078ns5:RetainedEarningsAccumulatedLosses2024-01-3103632078ns5:RetainedEarningsAccumulatedLosses2023-01-3103632078ns5:PlantMachinery2023-02-012024-01-3103632078ns5:PlantMachinery2023-01-3103632078ns5:PlantMachinery2024-01-3103632078ns5:PlantMachinery2023-01-3103632078ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3103632078ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3103632078ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3103632078ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3103632078ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3103632078ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3103632078ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-01-3103632078ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-01-3103632078ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3103632078ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3103632078ns5:HirePurchaseContracts2024-01-3103632078ns5:HirePurchaseContracts2023-01-3103632078ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: 03632078 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Fairway Electrical Wholesale Limited

Fairway Electrical Wholesale Limited (Registered number: 03632078)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Fairway Electrical Wholesale Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: B S Nixon





REGISTERED OFFICE: Unit 13 The Markham Centre
Station Road
Theale
Reading
RG7 4PE





REGISTERED NUMBER: 03632078 (England and Wales)





ACCOUNTANTS: Venture
Chartered Accountants
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Fairway Electrical Wholesale Limited (Registered number: 03632078)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 105,523 91,231

CURRENT ASSETS
Inventories 498,898 486,615
Debtors 5 2,700,460 2,599,471
Cash in hand 2,924 12,125
3,202,282 3,098,211
CREDITORS
Amounts falling due within one year 6 861,461 766,472
NET CURRENT ASSETS 2,340,821 2,331,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,446,344

2,422,970

CREDITORS
Amounts falling due after more than one
year

7

(134,750

)

(124,623

)

PROVISIONS FOR LIABILITIES (5,181 ) (9,703 )
NET ASSETS 2,306,413 2,288,644

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Share premium 148,053 148,053
Retained earnings 2,148,360 2,130,591
SHAREHOLDERS' FUNDS 2,306,413 2,288,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Fairway Electrical Wholesale Limited (Registered number: 03632078)

Statement of Financial Position - continued
31 January 2024


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 12 November 2024 and were signed by:





B S Nixon - Director


Fairway Electrical Wholesale Limited (Registered number: 03632078)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Fairway Electrical Wholesale 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 20% on cost

Stocks
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Fairway Electrical Wholesale Limited (Registered number: 03632078)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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 17 (2023 - 20 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 February 2023 253,685
Additions 48,647
Disposals (500 )
At 31 January 2024 301,832
DEPRECIATION
At 1 February 2023 162,454
Charge for year 33,855
At 31 January 2024 196,309
NET BOOK VALUE
At 31 January 2024 105,523
At 31 January 2023 91,231

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 33,095
Additions 44,897
At 31 January 2024 77,992
DEPRECIATION
At 1 February 2023 6,032
Charge for year 12,733
At 31 January 2024 18,765
NET BOOK VALUE
At 31 January 2024 59,227
At 31 January 2023 27,063

Fairway Electrical Wholesale Limited (Registered number: 03632078)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 471,889 467,900
Other debtors 2,228,571 2,131,571
2,700,460 2,599,471

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 85,632 69,673
Hire purchase contracts (see note 8) 13,977 9,166
Trade creditors 596,538 490,358
Taxation and social security 64,990 78,355
Other creditors 100,324 118,920
861,461 766,472

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 15,761 24,167
Hire purchase contracts (see note 8) 19,797 3,112
Other creditors 99,192 97,344
134,750 124,623

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Net obligations repayable:
Within one year 13,977 9,166
Between one and five years 19,797 3,112
33,774 12,278

The total amount due under non-cancellable operating leases is £106,237 (2023: £176,500).

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. CONTINGENT LIABILITIES

Included is a loan with a fixed rate of interest at 8%. Interest will be paid on the first anniversary of the loan.