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Registration number: 07187987

Connect Electrical Wholesale Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Connect Electrical Wholesale Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Connect Electrical Wholesale Limited

(Registration number: 07187987)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,161

2,592

Current assets

 

Stocks

5

316,333

276,490

Debtors

6

964,159

579,748

Cash at bank and in hand

 

77,708

123,362

 

1,358,200

979,600

Creditors: Amounts falling due within one year

7

(749,602)

(384,219)

Net current assets

 

608,598

595,381

Total assets less current liabilities

 

609,759

597,973

Creditors: Amounts falling due after more than one year

7

(830)

(66,956)

Provisions for liabilities

(1,694)

(1,462)

Net assets

 

607,235

529,555

Capital and reserves

 

Called up share capital

100

100

Retained earnings

607,135

529,455

Shareholders' funds

 

607,235

529,555

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Connect Electrical Wholesale Limited

(Registration number: 07187987)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 December 2024
 

.........................................
J Bishop
Director

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Furniture, fittings, tools and equipment

3 to 5 years straight line basis

Motor vehicles

3 years straight line basis

Plant and machinery

5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 8).

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

50,307

10,450

3,998

42,566

107,321

Additions

-

-

227

-

227

At 31 March 2024

50,307

10,450

4,225

42,566

107,548

Depreciation

At 1 April 2023

50,307

9,483

2,373

42,566

104,729

Charge for the year

-

967

691

-

1,658

At 31 March 2024

50,307

10,450

3,064

42,566

106,387

Carrying amount

At 31 March 2024

-

-

1,161

-

1,161

At 31 March 2023

-

967

1,625

-

2,592

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

316,333

276,490

6

Debtors

Current

2024
£

2023
£

Trade debtors

715,491

315,645

Other debtors

248,668

264,103

 

964,159

579,748

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

9,911

Trade creditors

 

636,138

279,600

Taxation and social security

 

92,711

79,359

Other creditors

 

20,753

15,349

 

749,602

384,219

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

830

66,956

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

9,911

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

24,111

Other borrowings

830

42,845

830

66,956

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

J Bishop

Directors loan account

(42,844)

42,844

(829)

(829)

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

J Bishop

Directors loan account

(794)

(42,050)

(42,844)

 

Connect Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Summary of transactions with other related parties

Connect ACR Supplies Ltd, a company controlled by J Bishop
 

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

248,651

2023

Other related parties
£

Amounts receivable from related party

261,452

10

Parent and ultimate parent undertaking

The company's immediate parent is Connect Holdings Limited, incorporated in England and Wales.