Silverfin false false 29/02/2024 01/03/2023 29/02/2024 E D J Griffiths 20/02/2024 I D F Griffiths 01/04/1996 28 November 2024 The principal activity of the Company during the financial year was that of retailing electrical goods and household appliances together with the design, installation and supply of built in kitchens, bedrooms and bathrooms. 00660527 2024-02-29 00660527 bus:Director1 2024-02-29 00660527 bus:Director2 2024-02-29 00660527 2023-02-28 00660527 core:CurrentFinancialInstruments 2024-02-29 00660527 core:CurrentFinancialInstruments 2023-02-28 00660527 core:Non-currentFinancialInstruments 2024-02-29 00660527 core:Non-currentFinancialInstruments 2023-02-28 00660527 core:ShareCapital 2024-02-29 00660527 core:ShareCapital 2023-02-28 00660527 core:CapitalRedemptionReserve 2024-02-29 00660527 core:CapitalRedemptionReserve 2023-02-28 00660527 core:RetainedEarningsAccumulatedLosses 2024-02-29 00660527 core:RetainedEarningsAccumulatedLosses 2023-02-28 00660527 core:OtherResidualIntangibleAssets 2023-02-28 00660527 core:OtherResidualIntangibleAssets 2024-02-29 00660527 core:LandBuildings 2023-02-28 00660527 core:PlantMachinery 2023-02-28 00660527 core:Vehicles 2023-02-28 00660527 core:FurnitureFittings 2023-02-28 00660527 core:LandBuildings 2024-02-29 00660527 core:PlantMachinery 2024-02-29 00660527 core:Vehicles 2024-02-29 00660527 core:FurnitureFittings 2024-02-29 00660527 2023-03-01 2024-02-29 00660527 bus:FilletedAccounts 2023-03-01 2024-02-29 00660527 bus:SmallEntities 2023-03-01 2024-02-29 00660527 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00660527 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00660527 bus:Director1 2023-03-01 2024-02-29 00660527 bus:Director2 2023-03-01 2024-02-29 00660527 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-03-01 2024-02-29 00660527 core:LandBuildings core:BottomRangeValue 2023-03-01 2024-02-29 00660527 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 00660527 core:PlantMachinery 2023-03-01 2024-02-29 00660527 core:Vehicles 2023-03-01 2024-02-29 00660527 core:FurnitureFittings 2023-03-01 2024-02-29 00660527 2022-03-01 2023-02-28 00660527 core:LandBuildings 2023-03-01 2024-02-29 00660527 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 00660527 (England and Wales)

PUREWELL ELECTRICAL COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PUREWELL ELECTRICAL COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PUREWELL ELECTRICAL COMPANY LIMITED

BALANCE SHEET

As at 29 February 2024
PUREWELL ELECTRICAL COMPANY LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 405,738 435,792
Investments 1,450 1,450
407,188 437,242
Current assets
Stocks 5 574,387 517,220
Debtors 6 102,652 103,067
Cash at bank and in hand 134,687 232,463
811,726 852,750
Creditors: amounts falling due within one year 7 ( 436,877) ( 351,404)
Net current assets 374,849 501,346
Total assets less current liabilities 782,037 938,588
Creditors: amounts falling due after more than one year 8 ( 500,000) ( 500,000)
Net assets 282,037 438,588
Capital and reserves
Called-up share capital 1,624 1,624
Capital redemption reserve 876 876
Profit and loss account 279,537 436,088
Total shareholders' funds 282,037 438,588

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.

Directors' responsibilities:

The financial statements of Purewell Electrical Company Limited (registered number: 00660527) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

I D F Griffiths
Director
PUREWELL ELECTRICAL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PUREWELL ELECTRICAL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Purewell Electrical Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Wilverley Road, Christchurch, BH23 3RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 25 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 12.5 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Depreciation is charged on Fixtures, fittings and computer equipment - 20% on cost and 12.5% on reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 17

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2023 18,233 18,233
At 29 February 2024 18,233 18,233
Accumulated amortisation
At 01 March 2023 18,233 18,233
At 29 February 2024 18,233 18,233
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 March 2023 485,592 260,928 50,995 555,968 1,353,483
Additions 0 0 6,500 0 6,500
At 29 February 2024 485,592 260,928 57,495 555,968 1,359,983
Accumulated depreciation
At 01 March 2023 167,625 234,073 46,138 469,855 917,691
Charge for the financial year 20,265 4,028 1,350 10,911 36,554
At 29 February 2024 187,890 238,101 47,488 480,766 954,245
Net book value
At 29 February 2024 297,702 22,827 10,007 75,202 405,738
At 28 February 2023 317,967 26,855 4,857 86,113 435,792

5. Stocks

2024 2023
£ £
Stocks 423,401 517,220
Work in progress 150,986 0
574,387 517,220

6. Debtors

2024 2023
£ £
Trade debtors 66,255 65,641
Other debtors 36,397 37,426
102,652 103,067

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 263,577 237,912
Other taxation and social security 111,711 71,370
Other creditors 61,589 42,122
436,877 351,404

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 500,000 500,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £2,431,600 (2023 - £2,599,500).