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REGISTERED NUMBER: 02220717 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

NORTHERN WHOLESALE TOOLS LTD

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NORTHERN WHOLESALE TOOLS LTD

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: A M Coward
Ms K C Coward
Mrs L Coward
M Coward



SECRETARY: Ms K C Coward



REGISTERED OFFICE: 64 Stakehill Industrial Estate
Middleton
Manchester
M24 2RW



REGISTERED NUMBER: 02220717 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: HSBC Bank plc
Manchester Commercial Centre
4 Hardman Square
Spinningfields
Manchester
M3 3EB

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

STATEMENT OF FINANCIAL POSITION
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 147,404 174,789

CURRENT ASSETS
Stocks 5 1,442,822 1,745,417
Debtors 6 1,423,445 1,363,802
Cash at bank and in hand 22,249 264,445
2,888,516 3,373,664
CREDITORS
Amounts falling due within one year 7 1,087,512 1,761,430
NET CURRENT ASSETS 1,801,004 1,612,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,948,408

1,787,023

CREDITORS
Amounts falling due after more than one
year

8

(19,206

)

(27,250

)

PROVISIONS FOR LIABILITIES 10 (25,970 ) (31,800 )
NET ASSETS 1,903,232 1,727,973

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 1,898,232 1,722,973
SHAREHOLDERS' FUNDS 1,903,232 1,727,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

STATEMENT OF FINANCIAL POSITION - continued
30 April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Ms K C Coward - Director


NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Northern Wholesale Tools Ltd 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
Turnover 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 33% on reducing balance and 20% on reducing balance
Website costs - 20% on cost
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are recorded at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.


NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Website
property machinery costs
£    £    £   
COST
At 1 May 2023 141,293 184,161 53,220
Additions 7,873 20,372 -
At 30 April 2024 149,166 204,533 53,220
DEPRECIATION
At 1 May 2023 106,107 94,148 33,234
Charge for year 9,442 29,382 7,153
At 30 April 2024 115,549 123,530 40,387
NET BOOK VALUE
At 30 April 2024 33,617 81,003 12,833
At 30 April 2023 35,186 90,013 19,986

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 20,660 60,525 459,859
Additions - 1,540 29,785
At 30 April 2024 20,660 62,065 489,644
DEPRECIATION
At 1 May 2023 2,324 49,257 285,070
Charge for year 3,099 8,094 57,170
At 30 April 2024 5,423 57,351 342,240
NET BOOK VALUE
At 30 April 2024 15,237 4,714 147,404
At 30 April 2023 18,336 11,268 174,789

The net book value of tangible fixed assets includes £ 38,776 (2023 - £ 41,875 ) in respect of assets held under hire purchase contracts.

5. STOCKS
2024 2023
£    £   
Stocks 1,442,822 1,745,417

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,033,737 1,058,362
Amounts owed by group undertakings 19,500 12,000
Other debtors 370,208 293,440
1,423,445 1,363,802

The company has an invoice discounting arrangement against which certain trade debtors are assigned.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 206 415,442
Hire purchase contracts 8,044 8,044
Trade creditors 53,252 258,808
Taxation and social security 331,137 162,249
Other creditors 694,873 916,887
1,087,512 1,761,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 19,206 27,250

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 206 -
Bank loans - 415,442
Hire purchase contracts 27,250 35,294
Invoice discounting 571,405 800,844
598,861 1,251,580

Bank loans, overdrafts and invoice discounting facilities are secured by way of a debenture, a fixed and floating charge over the company assets and a personal guarantee of £300k.

Amounts due on Hire purchase are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,970 31,800

NORTHERN WHOLESALE TOOLS LTD (REGISTERED NUMBER: 02220717)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 31,800
Credit to Statement of Income and Retained Earnings during year (5,830 )
Balance at 30 April 2024 25,970

11. OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments amounting to £1,756,757 (2023: £2,012,987).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
M Coward
Balance outstanding at start of year - 44,827
Amounts advanced 240,708 14,690
Amounts repaid (219,745 ) (59,517 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,963 -

Interest is charged at 2.5% and has now been repaid in full.

A director had provided a personal guarantee amounting to £300,000 (2023: £300,000).

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in Other Creditors is £15,694 (2023: £4,101) due from directors.

14. ULTIMATE CONTROLLING PARTY

The company is controlled by certain directors, by way of their ownership of the parent company Northern Wholesale Tools Holdings Limited.