REGISTERED NUMBER: 03049898 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ELECTRICAL WHOLESALE SYSTEMS LIMITED |
REGISTERED NUMBER: 03049898 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ELECTRICAL WHOLESALE SYSTEMS LIMITED |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The group traded during the year as electrical wholesalers under the names of "Regent Electrical Distributors", "Gemini Electrical Supplies" and Select Electrical Supplies Limited with a wide commercial customer base. |
In May 2023 the group acquired all the share capital of Select Electrical Supplies Limited, an electrical wholesalers that has continued to trade under its own name in Worthing and the surrounding area. |
The group consists of the parent company Electrical Wholesale Systems Limited, a trading subsidiary, Select Electrical Supplies Limited and a non-trading subsidiary. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
£ | £ | £ | £ |
TURNOVER | 12,488,534 | 9,790,366 |
Cost of sales | 9,097,039 | 7,215,091 |
GROSS PROFIT | 3,391,495 | 2,575,275 |
Distribution costs | 208,187 | 202,195 |
Administrative expenses | 2,621,766 | 2,001,406 |
2,829,953 | 2,203,601 |
OPERATING PROFIT | 561,542 | 371,674 |
Interest receivable and similar income | 3,336 | 56 |
564,878 | 371,730 |
Interest payable and similar expenses | 36,628 | 23,633 |
PROFIT BEFORE TAXATION | 528,250 | 348,097 |
Tax on profit | 153,434 | 74,861 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 374,816 | 273,236 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 | 682,937 | 752,009 |
Tangible assets | 6 | 354,903 | 343,481 |
Investments | 7 | - | - |
1,037,840 | 1,095,490 |
CURRENT ASSETS |
Stocks | 8 | 1,630,051 | 1,904,264 |
Debtors | 9 | 2,681,512 | 2,125,794 |
Cash at bank | 96,114 | 319,307 |
4,407,677 | 4,349,365 |
CREDITORS |
Amounts falling due within one year | 10 | 2,567,171 | 2,860,677 |
NET CURRENT ASSETS | 1,840,506 | 1,488,688 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,878,346 |
2,584,178 |
CREDITORS |
Amounts falling due after more than one year |
11 |
323,525 |
324,173 |
NET ASSETS | 2,554,821 | 2,260,005 |
CAPITAL AND RESERVES |
Called up share capital | 42,000 | 42,000 |
Capital redemption reserve | 8,000 | 8,000 |
Retained earnings | 2,504,821 | 2,210,005 |
SHAREHOLDERS' FUNDS | 2,554,821 | 2,260,005 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by: |
P M Ford FCA - Director |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 235,101 | 239,733 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
COMPANY BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 42,000 | 2,032,769 | 8,000 | 2,082,769 |
Changes in equity |
Dividends | - | (96,000 | ) | - | (96,000 | ) |
Total comprehensive income | - | 273,236 | - | 273,236 |
Balance at 30 June 2023 | 42,000 | 2,210,005 | 8,000 | 2,260,005 |
Changes in equity |
Dividends | - | (80,000 | ) | - | (80,000 | ) |
Total comprehensive income | - | 374,816 | - | 374,816 |
Balance at 30 June 2024 | 42,000 | 2,504,821 | 8,000 | 2,554,821 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Electrical Wholesale Systems Limited is a |
The company's principal place of business is 182-186 Risborough Lane, Cheriton, Folkestone CT20 3LX. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the group. |
Significant judgements and estimates |
The preparation of the financial statements requires the directors to make estimates and assumptions that affect the amounts reported in the financial statements. The directors believe that the critical accounting policies where judgement or estimates are necessarily applied are summarised below. |
Depreciation and residual values |
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that they are appropriate. |
Intangible asset amortisation |
The directors have reviewed the useful life of the intangible assets and have concluded that they are appropriate. |
Turnover |
Turnover, which is stated exclusive of Value Added Tax, comprises the invoiced value of goods sold and services provided, after adjusting for income in advance. |
Goodwill |
Goodwill is amortised on a straight line basis over its expected life of five years and is subject to an annual impairment review. Goodwill arising on consolidation is amortised on a straight line basis over its expected life of ten years and is subject to an annual impairment review. |
Website |
The website purchased at the end of the year will be amortised over its estimated useful life of five years. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes import duty and transportation costs where appropriate. |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and are expected to reverse in the near future. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs |
The group operates defined contribution pension schemes for the benefit of the directors and staff. The assets of the Schemes are held separately from those of the company and are administered by insurance companies. Contributions payable for the year are charged in the profit and loss account. |
Fixed asset investments |
Investments in and loans to subsidiary undertakings are stated at cost net of any dividends received from accumulated reserves at the date of purchase, less provision for any permanent diminution in value. |
Group financial statements |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings from the date of acquisition and up to the date of disposal, where appropriate. Acquisitions are accounted for using the acquisition method of accounting. |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,613,938 | 1,204,597 |
Social security costs | 145,109 | 108,999 |
Other pension costs | 47,706 | 29,961 |
1,806,753 | 1,343,557 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees | 40 | 31 |
Directors | 4 | 4 |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill | Website | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 884,962 | 20,773 | 905,735 |
Additions | - | 11,029 | 11,029 |
At 30 June 2024 | 884,962 | 31,802 | 916,764 |
AMORTISATION |
At 1 July 2023 | 153,726 | - | 153,726 |
Amortisation for year | 75,268 | 4,833 | 80,101 |
At 30 June 2024 | 228,994 | 4,833 | 233,827 |
NET BOOK VALUE |
At 30 June 2024 | 655,968 | 26,969 | 682,937 |
At 30 June 2023 | 731,236 | 20,773 | 752,009 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | INTANGIBLE FIXED ASSETS - continued |
Group |
In the previous year the parent company purchased a subsidiary company for the consideration of £3,016,355. The fair values of the assets and liabilities acquired were as follows: |
£ |
Tangible fixed assets | 20,462 |
Stocks | 270,813 |
Debtors | 380,661 |
Cash at bank | 1,897,686 |
Creditors | (302,005 | ) |
Provisions | (3,944 | ) |
2,263,673 |
Less: pre-acquisition dividend | (1,900,000 | ) |
363,673 |
Consideration due | 1,116,355 |
Goodwill | 752,682 |
Company |
Goodwill | Website | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 | 228,801 | 24,947 | 50,567 | 280,139 | 584,454 |
Additions | - | 10,000 | 8,271 | 64,981 | 83,252 |
Disposals | - | - | (10,787 | ) | (27,181 | ) | (37,968 | ) |
At 30 June 2024 | 228,801 | 34,947 | 48,051 | 317,939 | 629,738 |
DEPRECIATION |
At 1 July 2023 | 32,800 | 24,947 | 32,020 | 151,206 | 240,973 |
Charge for year | 4,181 | 2,532 | 12,945 | 46,162 | 65,820 |
Eliminated on disposal | - | - | (8,353 | ) | (23,605 | ) | (31,958 | ) |
At 30 June 2024 | 36,981 | 27,479 | 36,612 | 173,763 | 274,835 |
NET BOOK VALUE |
At 30 June 2024 | 191,820 | 7,468 | 11,439 | 144,176 | 354,903 |
At 30 June 2023 | 196,001 | - | 18,547 | 128,933 | 343,481 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 | 15,850 |
Additions | 64,981 |
At 30 June 2024 | 80,831 |
DEPRECIATION |
At 1 July 2023 | 330 |
Charge for year | 3,963 |
At 30 June 2024 | 4,293 |
NET BOOK VALUE |
At 30 June 2024 | 76,538 |
At 30 June 2023 | 15,520 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 182-186 Risborough Lane, Cheriton, Folkestone |
Nature of business: |
% |
Class of shares: | holding |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: 2 Hawksdown Road, Walmer, Deal |
Nature of business: |
% |
Class of shares: | holding |
8. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 1,630,051 | 1,904,264 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,886,083 | 1,904,315 |
Other debtors | 736,370 | 177,332 |
Prepayments | 59,059 | 44,147 |
2,681,512 | 2,125,794 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts | 434,207 | 712,051 |
Hire purchase contracts (see note 12) | 7,432 | 4,941 |
Trade creditors | 1,395,939 | 1,373,059 |
Amounts owed to group undertakings | - | - |
Tax | 173,434 | 148,223 |
Social security and other taxes | 215,455 | 101,127 |
Directors' loan accounts | 35,000 | - | 35,000 | - |
Other creditors and accruals | 305,704 | 521,276 |
2,567,171 | 2,860,677 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Preference shares | 29,225 | 29,225 | 29,225 | 29,225 |
Hire purchase contracts (see note 12) | 70,013 | 10,661 |
Directors' loan | 199,287 | 284,287 | 199,287 | 284,287 |
Sundry loan | 25,000 | - | 25,000 | - |
323,525 | 324,173 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 7,432 | 4,941 |
Between one and five years | 70,013 | 10,661 |
77,445 | 15,602 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 144,523 | 147,164 |
Between one and five years | 370,492 | 361,752 |
In more than five years | 309,459 | 284,122 |
824,474 | 793,038 |
ELECTRICAL WHOLESALE SYSTEMS LIMITED (REGISTERED NUMBER: 03049898) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 434,207 | 712,051 |
The bank overdraft and bank loan are secured by fixed and floating charges over the company and all property and assets. |
14. | RELATED PARTY DISCLOSURES |
During the previous year the parent company purchased a website at a cost of £20,773 from Electrical Direct Store Limited, a company owned by one of the directors. |
15. | ULTIMATE CONTROLLING PARTY |
The directors regard P M Ford to be the ultimate controlling party by virtue of his shareholding in White Strake Investments Limited, the ultimate parent company. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
42,000 | Ordinary | £1 | 42,000 | 42,000 |