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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: P M Ford FCA
N P Ford FCCA





SECRETARY: N P Ford FCCA





REGISTERED OFFICE: 2 Hawksdown Road
Walmer
DEAL
Kent
CT14 7PW





REGISTERED NUMBER: 03049898 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
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.

P M Ford FCA
N P Ford FCCA

Other changes in directors holding office are as follows:

G A Allen - resigned 16 April 2024

S Charlton ceased to be a director after 30 June 2024 but prior to the date of this report.

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:





P M Ford FCA - Director


18 March 2025

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 374,816 273,236

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 26,969 20,773
Tangible assets 6 341,717 324,819
Investments 7 1,116,355 1,116,355
1,485,041 1,461,947

CURRENT ASSETS
Stocks 8 1,405,524 1,642,676
Debtors 9 2,250,418 1,802,733
Cash at bank 54,206 80,637
3,710,148 3,526,046
CREDITORS
Amounts falling due within one year 10 2,490,061 2,437,318
NET CURRENT ASSETS 1,220,087 1,088,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,705,128

2,550,675

CREDITORS
Amounts falling due after more than one
year

11

323,525

324,173
NET ASSETS 2,381,603 2,226,502

CAPITAL AND RESERVES
Called up share capital 42,000 42,000
Capital redemption reserve 8,000 8,000
Retained earnings 2,331,603 2,176,502
SHAREHOLDERS' FUNDS 2,381,603 2,226,502

Company's profit for the financial year 235,101 239,733

The company is 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 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 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 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)

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 42,000 2,032,769 8,000 2,082,769

Changes in equity
Dividends - (96,000 ) - (96,000 )
Total comprehensive income - 239,733 - 239,733
Balance at 30 June 2023 42,000 2,176,502 8,000 2,226,502

Changes in equity
Dividends - (80,000 ) - (80,000 )
Total comprehensive income - 235,101 - 235,101
Balance at 30 June 2024 42,000 2,331,603 8,000 2,381,603

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
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.
Freehold property - Straight line over 50 years
Short leasehold - Over the period of the lease
Plant and machinery - Straight line between 1 and 7 years
Motor vehicles - Straight line over 4 years

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
44 35

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 132,280 20,773 153,053
Additions - 11,029 11,029
At 30 June 2024 132,280 31,802 164,082
AMORTISATION
At 1 July 2023 132,280 - 132,280
Amortisation for year - 4,833 4,833
At 30 June 2024 132,280 4,833 137,113
NET BOOK VALUE
At 30 June 2024 - 26,969 26,969
At 30 June 2023 - 20,773 20,773

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 228,801 24,947 47,683 262,561 563,992
Additions - 10,000 8,271 64,981 83,252
Disposals - - (7,903 ) (27,181 ) (35,084 )
At 30 June 2024 228,801 34,947 48,051 300,361 612,160
DEPRECIATION
At 1 July 2023 32,800 24,947 31,570 149,856 239,173
Charge for year 4,181 2,532 12,945 43,120 62,778
Eliminated on disposal - - (7,903 ) (23,605 ) (31,508 )
At 30 June 2024 36,981 27,479 36,612 169,371 270,443
NET BOOK VALUE
At 30 June 2024 191,820 7,468 11,439 130,990 341,717
At 30 June 2023 196,001 - 16,113 112,705 324,819


7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,116,355
NET BOOK VALUE
At 30 June 2024 1,116,355
At 30 June 2023 1,116,355

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Regent Electrical Wholesale Limited
Registered office: 182-186 Risborough Lane, Cheriton, Folkestone
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

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

Select Electrical Supplies Limited
Registered office: 2 Hawksdown Road, Walmer, Deal
Nature of business: Electrical wholesaler
%
Class of shares: holding
Ordinary 100.00


8. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 1,630,051 1,904,264 1,405,524 1,642,676

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,886,083 1,904,315 1,466,101 1,535,751
Other debtors 736,370 177,332 732,758 227,835
Prepayments 59,059 44,147 51,559 39,147
2,681,512 2,125,794 2,250,418 1,802,733

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts 434,207 712,051 340,996 712,051
Hire purchase contracts (see note 12) 7,432 4,941 7,432 4,941
Trade creditors 1,395,939 1,373,059 1,131,486 1,069,175
Amounts owed to group undertakings - - 529,262 -
Tax 173,434 148,223 72,912 60,861
Social security and other taxes 215,455 101,127 126,455 101,127
Directors' loan accounts 35,000 - 35,000 -
Other creditors and accruals 305,704 521,276 246,518 489,163
2,567,171 2,860,677 2,490,061 2,437,318

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 70,013 10,661
Directors' loan 199,287 284,287 199,287 284,287
Sundry loan 25,000 - 25,000 -
323,525 324,173 323,525 324,173

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 7,432 4,941
Between one and five years 70,013 10,661
77,445 15,602

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 114,523 117,164
Between one and five years 250,492 241,752
In more than five years 189,459 134,122
554,474 493,038

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