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Registration number: 03440003

C & S Electrical Wholesale Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

C & S Electrical Wholesale Limited

(Registration number: 03440003)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

156,595

108,427

Current assets

 

Stocks

6

445,407

377,158

Debtors

7

842,648

691,938

Cash at bank and in hand

 

124,029

338,429

 

1,412,084

1,407,525

Creditors: Amounts falling due within one year

8

(826,374)

(784,733)

Net current assets

 

585,710

622,792

Total assets less current liabilities

 

742,305

731,219

Creditors: Amounts falling due after more than one year

8

(134,743)

(131,282)

Net assets

 

607,562

599,937

Capital and reserves

 

Called up share capital

9

854

854

Capital redemption reserve

146

146

Retained earnings

606,562

598,937

Shareholders' funds

 

607,562

599,937

For the financial year ending 30 September 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr Simon Graydon
Director

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Units 1&2
Millfield Close
Chard
Somerset
TA20 2DJ

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

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.

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.

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

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 directors) during the year, was 23 (2023 - 20).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

36,275

20,353

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

45,992

6,875

110,205

57,272

220,344

Additions

8,678

-

70,785

16,263

95,726

Disposals

-

-

(68,308)

-

(68,308)

At 30 September 2024

54,670

6,875

112,682

73,535

247,762

Depreciation

At 1 October 2023

-

1,375

67,499

43,043

111,917

Charge for the year

-

1,100

27,552

7,623

36,275

Eliminated on disposal

-

-

(57,025)

-

(57,025)

At 30 September 2024

-

2,475

38,026

50,666

91,167

Carrying amount

At 30 September 2024

54,670

4,400

74,656

22,869

156,595

At 30 September 2023

45,992

5,500

42,706

14,229

108,427

Included within the net book value of land and buildings above is £54,670 (2023 - £45,992) in respect of freehold land and buildings.
 

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

445,407

377,158

7

Debtors

Current

2024
£

2023
£

Trade debtors

842,648

679,424

Other debtors

-

12,514

 

842,648

691,938

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

21,278

7,262

Trade creditors

 

662,061

574,101

Taxation and social security

 

86,936

86,290

Other creditors

 

56,099

117,080

 

826,374

784,733

Due after one year

 

Loans and borrowings

10

134,743

131,282

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

134,743

131,282

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

854

854

854

854

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

70,037

110,194

Finance lease liabilities

64,706

21,088

134,743

131,282

Current loans and borrowings

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Hire purchase contracts

21,271

7,262

Other borrowings

7

-

21,278

7,262

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £11.15 (2023 - £24.00) per each Ordinary

9,520

20,208

 

 

12

Related party transactions

 

C & S Electrical Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

72,000

66,000