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Wholesale Electrical Factors (O/M) Limited

Registered Number
02039207
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

Wholesale Electrical Factors (O/M) Limited
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Christopher John Cartwright
John Cartwright

Company Secretary

John Cartwright

Registered Address

Unit 6
The Meridian Centre
King Street
OL8 1EZ

Registered Number

02039207 (England and Wales)
Wholesale Electrical Factors (O/M) Limited
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets323,11934,312
23,11934,312
Current assets
Stocks79,46592,486
Debtors4217,814273,478
Cash at bank and on hand202,489150,347
499,768516,311
Creditors amounts falling due within one year5(300,384)(342,116)
Net current assets (liabilities)199,384174,195
Total assets less current liabilities222,503208,507
Creditors amounts falling due after one year6(48,816)(70,729)
Provisions for liabilities8(5,780)(7,917)
Net assets167,907129,861
Capital and reserves
Called up share capital500500
Profit and loss account167,407129,361
Shareholders' funds167,907129,861
The financial statements were approved and authorised for issue by the Board of Directors on 14 January 2025, and are signed on its behalf by:
John Cartwright
Director
Registered Company No. 02039207
Wholesale Electrical Factors (O/M) Limited
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year78
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 2383,790
At 31 July 2483,790
Depreciation and impairment
At 01 August 2349,478
Charge for year4,045
Other adjustments7,148
At 31 July 2460,671
Net book value
At 31 July 2423,119
At 31 July 2334,312
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables200,773263,861
Prepayments and accrued income17,0419,617
Total217,814273,478
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables193,433265,066
Bank borrowings and overdrafts50,04845,597
Taxation and social security44,5189,533
Finance lease and HP contracts7,8397,839
Accrued liabilities and deferred income4,54614,081
Total300,384342,116
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts40,00052,500
Other creditors8,81618,229
Total48,81670,729
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts8,81618,229
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)5,7807,917
Total5,7807,917