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Thomas Electrical Distributors Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 10726767

 

Thomas Electrical Distributors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Thomas Electrical Distributors Ltd

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

96,923

111,446

Current assets

 

Stocks

703,329

761,277

Debtors

5

955,161

973,437

Cash at bank and in hand

 

183,826

252,172

 

1,842,316

1,986,886

Creditors: Amounts falling due within one year

6

(1,719,274)

(1,890,956)

Net current assets

 

123,042

95,930

Total assets less current liabilities

 

219,965

207,376

Creditors: Amounts falling due after more than one year

6

(25,333)

(45,333)

Provisions for liabilities

(20,006)

(23,461)

Net assets

 

174,626

138,582

Capital and reserves

 

Called up share capital

8

200

200

Profit and loss account

174,426

138,382

Shareholders' funds

 

174,626

138,582

 

Thomas Electrical Distributors Ltd

Balance Sheet

31 March 2024

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................
Mr G Thomas
Director

.........................................
Mr N Thomas
Director

Company Registration Number: 10726767

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF
England

The principal place of business is:
Unit 6
Zealley Estate
Greenhill Way
Kingsteignton
Devon
TQ12 3TD
England

These financial statements were authorised for issue by the Board on 12 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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 the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the goods and the service provided to date.

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.

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Motor vehicles

25% straight line

Office equipment

20% straight line

Leasehold improvements

10% straight line

Plant and machinery

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are intially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 26).

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

90,531

40,501

46,116

11,150

188,298

Additions

9,890

99

-

-

9,989

At 31 March 2024

100,421

40,600

46,116

11,150

198,287

Depreciation

At 1 April 2023

22,278

18,729

30,973

4,872

76,852

Charge for the year

9,794

6,261

6,445

2,012

24,512

At 31 March 2024

32,072

24,990

37,418

6,884

101,364

Carrying amount

At 31 March 2024

68,349

15,610

8,698

4,266

96,923

At 31 March 2023

68,253

21,772

15,143

6,278

111,446

Included within the net book value of land and buildings above is £68,349 (2023 - £68,253) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

747,751

820,949

Amounts owed by group undertakings and undertakings in which the company has a participating interest

87,850

4,600

Prepayments

10,221

15,078

Other debtors

109,339

132,810

955,161

973,437

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

18,000

153,971

Trade creditors

 

932,998

1,008,780

Amounts owed to group undertakings

44,891

-

Taxation and social security

 

145,211

133,313

Accruals and deferred income

 

7,714

2,750

Other creditors

 

570,460

592,142

 

1,719,274

1,890,956

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

25,333

45,333

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,000

146,517

Hire purchase contracts

-

7,454

18,000

153,971

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,333

45,333

 

Thomas Electrical Distributors Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

192

192

192

192

B Ordinary shares of £1 each

8

8

8

8

200

200

200

200

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £322,346 (2023 - £519,782).

10

 

Ultimate controlling party
Thomas Brothers Holdings Ltd
Sigma House, Oak View Close, Edginswell Park, Torquay, Devon, TQ2 7FF