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REGISTERED NUMBER: 00801027 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

WHEELER ELECTRICAL LIMITED

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


WHEELER ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: E D Wheeler
C P Wheeler
S P Neill





REGISTERED OFFICE: Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS





REGISTERED NUMBER: 00801027 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of electrical installation.

Results and performance
This has been another year of strong trading and financial performance as we delivered a record turnover for the company for the third year running, and maintained strong margins in an environment of increasing costs.

Demand for new housebuilding declined within 2023 and into 2024, the 2024 economic environment of increased inflation and interest rates has had a significant impact on the housing market. As house prices fell during this year and continue do so, housebuilders have slowed output and scaled back future projects.

Consequently, our future secured turnover is now proportioned more greatly towards the London flat building market with more viable schemes associated to build to rent volume flat building including Government backed social housing developments.

The industry as a whole remains competitive, with continuing pressure on margins from increasing material and labour costs. Material price inflation has slowed more recently but skilled labour shortages continue to drive up costs.

In this environment the company has delivered a very strong financial performance and remains in a strong position. We have reviewed our processes to allow us to purchase more efficiently and improve our pricing competitiveness, and we are continually developing our internal control and reporting processes to drive efficiency.

Our order book is strong and we are well placed to manage our way through any short term difficulties. Our cashflow has remained strong during the year, and our supply chain has remained robust.

In our opinion the key financial performance indicators are as follows;

2024 2023 2022
Gross profit ratio 18.43% 20.42% 19.43%
Net profit ratio 4.80% 6.99% 5.86%
Turnover £20,103,691 £18,470,319 £15,727,781
Turnover growth 8.84% 17.44% 13.44%


WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The expectation is that reduced demand for housebuilding will have an impact throughout the remainder of 2024 and into at least the first part of 2025. As inflationary pressures start to ease and interest rates stabilise the industry should start to see a recovery.

Our order book remains very strong and we offset the slowdown on our housebuilding contracts with larger developments that have continued to progress at pace. The difficulties in the market which have seen some competitors cease trading also provide opportunities for us to bring in new business.

The key risks in the coming months are:
- potential shortage of skilled labour
- increasing costs for materials and labour impacting profitability on fixed price contracts
The above concerns are amplified by planning delays associated to the Building Safety Act 2022, our Clients have multiple schemes that were targeted for commencement in 2025, that are now being changed to start in 2026.
- inflationary pressures returning and resulting in further interest rate increases, which further impact demand in the wider housing market

The short-term outlook for the housebuilding industry remains difficult but we are very well placed to weather this, and with longer-term growth still expected, particularly in the private housebuilding market, with the strength of our business we remain confident for the future.

ON BEHALF OF THE BOARD:





E D Wheeler - Director


11 February 2025

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £692,000 (2023: £800,500).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

E D Wheeler
C P Wheeler

Other changes in directors holding office are as follows:

S P Neill - appointed 20 July 2023

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made no political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E D Wheeler - Director


11 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHEELER ELECTRICAL LIMITED

Opinion
We have audited the financial statements of Wheeler Electrical Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHEELER ELECTRICAL LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHEELER ELECTRICAL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

11 February 2025

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

REVENUE 20,103,691 18,470,319

Cost of sales 16,399,177 14,697,775
GROSS PROFIT 3,704,514 3,772,544

Administrative expenses 2,718,097 2,454,543
986,417 1,318,001

Other operating income 3 - 6,090
OPERATING PROFIT 5 986,417 1,324,091

Interest receivable and similar income 25,891 2,979
1,012,308 1,327,070

Interest payable and similar expenses 6 46,349 35,325
PROFIT BEFORE TAXATION 965,959 1,291,745

Tax on profit 7 221,552 98,567
PROFIT FOR THE FINANCIAL
YEAR

744,407

1,193,178

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 744,407 1,193,178


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

744,407

1,193,178

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 931,211 985,341

CURRENT ASSETS
Inventories 10 70,000 65,000
Debtors 11 5,166,540 5,890,348
Cash at bank and in hand 1,005,832 127,791
6,242,372 6,083,139
CREDITORS
Amounts falling due within one year 12 3,192,056 3,049,820
NET CURRENT ASSETS 3,050,316 3,033,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,981,527

4,018,660

CREDITORS
Amounts falling due after more than one
year

13

(437,565

)

(537,752

)

PROVISIONS FOR LIABILITIES 17 (208,436 ) (197,789 )
NET ASSETS 3,335,526 3,283,119

CAPITAL AND RESERVES
Called up share capital 18 110 110
Capital redemption reserve 105 105
Retained earnings 3,335,311 3,282,904
SHAREHOLDERS' FUNDS 3,335,526 3,283,119

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





E D Wheeler - Director


WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2022 110 2,890,226 105 2,890,441

Changes in equity
Dividends - (800,500 ) - (800,500 )
Total comprehensive income - 1,193,178 - 1,193,178
Balance at 31 May 2023 110 3,282,904 105 3,283,119

Changes in equity
Dividends - (692,000 ) - (692,000 )
Total comprehensive income - 744,407 - 744,407
Balance at 31 May 2024 110 3,335,311 105 3,335,526

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,943,122 154,373
Interest paid - (10,193 )
Interest element of hire purchase
payments paid

(46,349

)

(25,132

)
Tax paid (218,286 ) (95,916 )
Taxation refund - 232,600
Net cash from operating activities 1,678,487 255,732

Cash flows from investing activities
Purchase of tangible fixed assets (252,310 ) (376,136 )
Sale of tangible fixed assets 64,088 46,458
Interest received 25,891 2,979
Net cash from investing activities (162,331 ) (326,699 )

Cash flows from financing activities
Loan repayments in year (46,914 ) (216,880 )
Amount introduced by directors 15,152 16,707
Amount withdrawn by directors (15,152 ) (16,707 )
Equity dividends paid (692,000 ) (800,500 )
Net cash from financing activities (738,914 ) (1,017,380 )

Increase/(decrease) in cash and cash equivalents 777,242 (1,088,347 )
Cash and cash equivalents at
beginning of year

2

127,791

1,216,138

Cash and cash equivalents at end of
year

2

905,033

127,791

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.5.24 31.5.23
£    £   
Profit before taxation 965,959 1,291,745
Depreciation charges 258,419 238,553
(Profit)/loss on disposal of fixed assets (16,068 ) 649
Increase/(Decrease) in group company (379,287 ) (252,656 )
Other provision 30,000 (18,643 )
Finance costs 46,349 35,325
Finance income (25,891 ) (2,979 )
879,481 1,291,994
Increase in inventories (5,000 ) (5,000 )
Decrease/(increase) in trade and other debtors 1,103,096 (1,454,998 )
(Decrease)/increase in trade and other creditors (34,455 ) 322,377
Cash generated from operations 1,943,122 154,373

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 1,005,832 127,791
Bank overdrafts (100,799 ) -
905,033 127,791
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 127,791 1,216,138


WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 127,791 878,041 1,005,832
Bank overdrafts - (100,799 ) (100,799 )
127,791 777,242 905,033
Debt
Finance leases (745,554 ) 46,914 (698,640 )
(745,554 ) 46,914 (698,640 )
Total (617,763 ) 824,156 206,393

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Wheeler Electrical Limited is a private company, limited by shares, registered in England and Wales. Its registered office is Church View Chambers, 38 Market Square, Toddington, Bedfordshire, LU5 6BS.

Its principal place of business is Unit 3-4, Blackmoore Business Park, New Road, Maulden, MK45 2BG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis.

Monetary amounts are expressed in £ sterling and are rounded to the nearest pound.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised based on the completed progress of the project. This ensures that revenue is matched with expenses incurred, providing a clear view of financial performance throughout the project duration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

The assets are carried at cost less accumulated depreciation and impairment.

Assets are removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.


WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Lease modifications provided by the lessor to the lessee are recognised in the period benefiting from the payment holiday.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. OTHER OPERATING INCOME
31.5.24 31.5.23
£    £   
Sundry receipts - 590
Government grants - 5,500
- 6,090

During the prior year the company received apprenticeship grants amounting to £5,500.

There are no unfulfilled conditions or other contingencies attached to these grants.

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 3,367,760 3,465,375
Social security costs 339,962 357,665
Other pension costs 74,735 91,038
3,782,457 3,914,078

The average number of employees during the year was as follows:
31.5.24 31.5.23

Number of directors 2 2
Number of operational staff 88 94
90 96

31.5.24 31.5.23
£    £   
Directors' remuneration 153,924 38,691
Directors' pension contributions to money purchase schemes 18,986 12,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 19,826 19,558
Depreciation - owned assets 23,369 24,121
Depreciation - assets on hire purchase contracts 235,051 214,430
(Profit)/loss on disposal of fixed assets (16,068 ) 649
Auditors' remuneration 8,000 7,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest - 10,193
Hire purchase 46,349 25,132
46,349 35,325

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 240,905 68,962

Deferred tax (19,353 ) 29,605
Tax on profit 221,552 98,567

UK corporation tax has been charged at 25% (2023 - 20%).

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
£    £   
Profit before tax 965,959 1,291,745
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 20%)

241,490

258,349

Effects of:
Expenses not deductible for tax purposes 9,099 28,099
Deferred tax: origination and reversal of timing differences (19,353 ) 29,605
Other timing differences 20,421 15,114
Under provision in prior year 40,000 -
R&D claim (70,105 ) (232,600 )
Total tax charge 221,552 98,567

8. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 688,000 788,000
Ordinary B shares of £1 each
Interim 4,000 12,500
692,000 800,500

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 202,219 133,975 1,401,503 1,737,697
Additions 13,045 2,751 236,514 252,310
Disposals (20,850 ) - (116,591 ) (137,441 )
At 31 May 2024 194,414 136,726 1,521,426 1,852,566
DEPRECIATION
At 1 June 2023 105,644 80,733 565,979 752,356
Charge for year 13,213 8,227 236,980 258,420
Eliminated on disposal (6,640 ) - (82,781 ) (89,421 )
At 31 May 2024 112,217 88,960 720,178 921,355
NET BOOK VALUE
At 31 May 2024 82,197 47,766 801,248 931,211
At 31 May 2023 96,575 53,242 835,524 985,341

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 1,362,688
Additions 236,514
Disposals (116,591 )
At 31 May 2024 1,482,611
DEPRECIATION
At 1 June 2023 534,881
Charge for year 235,051
Eliminated on disposal (82,781 )
At 31 May 2024 687,151
NET BOOK VALUE
At 31 May 2024 795,460
At 31 May 2023 827,807

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. INVENTORIES
31.5.24 31.5.23
£    £   
Raw materials 70,000 65,000

11. DEBTORS
31.5.24 31.5.23
£    £   
Amounts falling due within one year:
Trade debtors 2,908,438 3,833,074
Amounts owed by group undertakings 1,836,588 1,457,300
Other debtors 97 13,100
VAT 274,183 311,800
Prepayments and accrued income 13,540 81,915
5,032,846 5,697,189

Amounts falling due after more than one year:
Trade debtors 133,694 193,159

Aggregate amounts 5,166,540 5,890,348

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 14) 100,799 -
Hire purchase contracts (see note 15) 261,075 207,802
Trade creditors 1,748,540 1,828,321
Tax 269,941 247,322
Social security and other taxes 82,785 68,635
Other creditors 406,156 272,794
Accruals and deferred income 322,760 424,946
3,192,056 3,049,820

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 15) 437,565 537,752

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 100,799 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Gross obligations repayable:
Within one year 295,747 240,823
Between one and five years 477,665 579,374
773,412 820,197

Finance charges repayable:
Within one year 34,672 33,021
Between one and five years 40,100 41,622
74,772 74,643

Net obligations repayable:
Within one year 261,075 207,802
Between one and five years 437,565 537,752
698,640 745,554

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 2,588 6,154
Between one and five years 4,240 5,830
6,828 11,984

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdraft 100,799 -
Hire purchase contracts 698,640 745,554
799,439 745,554

The bank holds an all assets debenture dated 21st May 2018 incorporating a fixed and floating charge over all current and future assets of the company.

17. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 178,436 197,789
Other provisions 30,000 -
208,436 197,789

Deferred Other
tax provisions
£    £   
Balance at 1 June 2023 197,789 -
Provided during year - 30,000
Movement in the year (19,353 ) -
Balance at 31 May 2024 178,436 30,000

Deferred tax liabilities arise on taxable temporary differences resultant from annual capital allowances.

Other provisions relate to known defect rectification liabilities.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100
10 Ordinary B £1 10 10
110 110

WHEELER ELECTRICAL LIMITED (REGISTERED NUMBER: 00801027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

19. RELATED PARTY DISCLOSURES

The total remuneration of key management personnel in 2024 (including salaries and other benefits) was £153,925 (2023: £38,691).

20. ULTIMATE CONTROLLING PARTY

Wheeler Electrical Limited is a 100% owned subsidiary of TDH Wheeler Limited.

TDH Wheeler Limited's registered office is Church View Chambers 38 Market Square, Toddington, Bedfordshire, England, LU5 6BS and it's principal place of business is Unit 3-4, Blackmoore Business Park, New Road, Maulden, MK45 2BG.

Group accounts are prepared which include Wheeler Electrical Limited and can be obtained from Companies House.