Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30451618truefalsetruetruetruefalse2023-07-0120truefalse 06935623 2023-07-01 2024-06-30 06935623 2022-07-01 2023-06-30 06935623 2024-06-30 06935623 2023-06-30 06935623 2022-07-01 06935623 1 2023-07-01 2024-06-30 06935623 1 2022-07-01 2023-06-30 06935623 6 2023-07-01 2024-06-30 06935623 6 2022-07-01 2023-06-30 06935623 d:CompanySecretary1 2023-07-01 2024-06-30 06935623 d:Director1 2023-07-01 2024-06-30 06935623 d:RegisteredOffice 2023-07-01 2024-06-30 06935623 e:Buildings e:LongLeaseholdAssets 2023-07-01 2024-06-30 06935623 e:Buildings e:LongLeaseholdAssets 2024-06-30 06935623 e:Buildings e:LongLeaseholdAssets 2023-06-30 06935623 e:PlantMachinery 2023-07-01 2024-06-30 06935623 e:PlantMachinery 2024-06-30 06935623 e:PlantMachinery 2023-06-30 06935623 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:MotorVehicles 2023-07-01 2024-06-30 06935623 e:MotorVehicles 2024-06-30 06935623 e:MotorVehicles 2023-06-30 06935623 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:FurnitureFittings 2023-07-01 2024-06-30 06935623 e:FurnitureFittings 2024-06-30 06935623 e:FurnitureFittings 2023-06-30 06935623 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:OfficeEquipment 2023-07-01 2024-06-30 06935623 e:OfficeEquipment 2024-06-30 06935623 e:OfficeEquipment 2023-06-30 06935623 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:ComputerEquipment 2023-07-01 2024-06-30 06935623 e:ComputerEquipment 2024-06-30 06935623 e:ComputerEquipment 2023-06-30 06935623 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06935623 e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06935623 e:CurrentFinancialInstruments 2024-06-30 06935623 e:CurrentFinancialInstruments 2023-06-30 06935623 e:Non-currentFinancialInstruments 2024-06-30 06935623 e:Non-currentFinancialInstruments 2023-06-30 06935623 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 06935623 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 06935623 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 06935623 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 06935623 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 06935623 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 06935623 e:UKTax 2023-07-01 2024-06-30 06935623 e:UKTax 2022-07-01 2023-06-30 06935623 e:ShareCapital 2024-06-30 06935623 e:ShareCapital 2023-06-30 06935623 e:ShareCapital 2022-07-01 06935623 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 06935623 e:RetainedEarningsAccumulatedLosses 2024-06-30 06935623 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 06935623 e:RetainedEarningsAccumulatedLosses 2023-06-30 06935623 e:RetainedEarningsAccumulatedLosses 2022-07-01 06935623 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 06935623 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 06935623 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2024-06-30 06935623 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-06-30 06935623 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 06935623 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 06935623 e:RetirementBenefitObligationsDeferredTax 2024-06-30 06935623 e:RetirementBenefitObligationsDeferredTax 2023-06-30 06935623 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 06935623 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 06935623 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 06935623 d:OrdinaryShareClass1 2023-07-01 2024-06-30 06935623 d:OrdinaryShareClass1 2024-06-30 06935623 d:OrdinaryShareClass1 2023-06-30 06935623 d:FRS102 2023-07-01 2024-06-30 06935623 d:Audited 2023-07-01 2024-06-30 06935623 d:FullAccounts 2023-07-01 2024-06-30 06935623 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06935623 e:HirePurchaseContracts e:WithinOneYear 2024-06-30 06935623 e:HirePurchaseContracts e:WithinOneYear 2023-06-30 06935623 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-30 06935623 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-06-30 06935623 2 2023-07-01 2024-06-30 06935623 6 2023-07-01 2024-06-30 06935623 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-06-30 06935623 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-06-30 06935623 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-06-30 06935623 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-06-30 06935623 e:LeasedAssetsHeldAsLessee 2024-06-30 06935623 e:LeasedAssetsHeldAsLessee 2023-06-30 06935623 3 2024-06-30 06935623 3 2023-06-30 06935623 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06935623









THE WRIGHT BUY LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
THE WRIGHT BUY LTD
 
 
COMPANY INFORMATION


Director
A Wright 




Company secretary
A Wright



Registered number
06935623



Registered office
7 Meadow Business Park
Piperell Way

Haverhill

Suffolk

CB9 8QX




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
THE WRIGHT BUY LTD
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3
Director's Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 28


 
THE WRIGHT BUY LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
This is a balance and comprehensive review of the performance of our business during the year and its position
at the year end consistent with the size and nature of our business and is written in the context of the risks and
uncertainties we face.

Business review
 
The company delivered a strong financial performance over the year, despite facing challenging trading conditions.
Volatile carrier prices from the Far East created pressures on cost management, but strategic initiatives including a refresh of supplier relationships and a continued focus on operational efficiency helped drive profitability.
Full-year (FY) sales increased by 15.9%, reaching £21.61 million compared to £18.63 million in the previous year. This growth, coupled with improved cost control and supplier negotiations, led to a 33.86% uplift in gross profit to £8.63 millions (2023 - £6.45 million).
Operating profit saw a 40.35% increase, rising to £1.65 million from £1.17 million, while profit before tax improved by 42.6% to £1.64 million (2023 - £1.15 million). 
Throughout the year, the organisation remained stable, maintaining a clear focus on efficiency and profitability. These results highlight the effectiveness of the company strategic initiatives and provide a solid foundation for continued success in the face of ongoing market challenges. Costs continue to be under control with a stable workforce and exchange rates closely monitored to ensure margins are maintained.

Principal risks and uncertainties
 
The UK economy is showing little growth, inflation has been high and the cost-of-living crisis has impacted households across the country. The global economic picture has been centred around the Russian invasion of the Ukraine and it’s impact on energy prices as well as staple food stuffs supplied worldwide from Ukraine .
The company minimises risk by continually monitoring key indicators:
 • Local market conditions - competitor activity beyond prices to include strategic developments such    as mergers and acquisitions, new categories, additional service offerings.
 • Exchange rates - principally $v£ and the £s strength
 • Shipping rates - from the far east and the calculation to compare against factories in Europe.
 • Cost of raw materials, components, and services
 • Staff - stability has been important and new people need to add value. 

Financial key performance indicators
 
Key performance indicators, as set out in the Statement of Comprehensive income, are:
 • Sales revenue
 • Gross and Net profit
 • EBITDA
 • Stock levels

Page 1

 
THE WRIGHT BUY LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Other key performance indicators
 
The company continues to monitor:
 • Percentage of orders arriving the following day after purchase
 • Customer satisfaction by solving customer enquiries.
 • Product performance according to after sales fault rates.
 • Customer product reviews - number of star ratings given by purchasers.
 • On-line site traffic and conversion rates for all e-commerce sites.
 • Out of stocks - aim to minimise by robust demand planning.
The company continues to make good progress in each of these indicators.


This report was approved by the board on 27 March 2025 and signed on its behalf.



................................................
A Wright
Director

Page 2

 
THE WRIGHT BUY LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the company continued to be that of the retailer of white goods.

Director

The director who served during the year was:

A Wright 

Results and dividends

The profit for the year, after taxation, amounted to £1,332,064 (2023 - £910,321).

The directors recommended the payment of a dividend of £1,060,000 (2023 - £518,000).

Future developments

The director feels that it is well placed to increase turnover & profitability.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





................................................
A Wright
Director

Page 3

 
THE WRIGHT BUY LTD
 
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies for the Company's financial statements 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Page 4

 
THE WRIGHT BUY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY LTD
 

Opinion


We have audited the financial statements of The Wright Buy Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 June 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
THE WRIGHT BUY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report 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 Director's Report.


We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
THE WRIGHT BUY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY LTD (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries of management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. 
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.
 
Page 7

 
THE WRIGHT BUY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY LTD (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Matthew Wells ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

27 March 2025
Page 8

 
THE WRIGHT BUY LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,608,571
18,628,851

Cost of sales
  
(12,979,717)
(12,182,678)

Gross profit
  
8,628,854
6,446,173

Distribution costs
  
(4,246,708)
(3,182,741)

Administrative expenses
  
(2,734,669)
(2,089,653)

Operating profit
 5 
1,647,477
1,173,779

Interest receivable and similar income
 9 
4,980
1

Interest payable and similar expenses
 10 
(4,691)
(21,731)

Profit before tax
  
1,647,766
1,152,049

Tax on profit
 11 
(315,702)
(241,728)

Profit for the financial year
  
1,332,064
910,321

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
THE WRIGHT BUY LTD
REGISTERED NUMBER: 06935623

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
369,110
305,497

Investments
 14 
227,338
111,814

  
596,448
417,311

Current assets
  

Stocks
 15 
10,552,831
9,667,515

Debtors: amounts falling due within one year
 16 
5,151,560
3,143,712

Cash at bank and in hand
 17 
997,558
1,049,592

  
16,701,949
13,860,819

Creditors: amounts falling due within one year
 18 
(7,746,036)
(5,035,530)

Net current assets
  
 
 
8,955,913
 
 
8,825,289

Total assets less current liabilities
  
9,552,361
9,242,600

Creditors: amounts falling due after more than one year
 19 
(50,782)
(50,900)

Provisions for liabilities
  

Deferred tax
 22 
(83,390)
(54,156)

Other provisions
 23 
(129,711)
(121,130)

  
 
 
(213,101)
 
 
(175,286)

Net assets
  
9,288,478
9,016,414


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
9,288,378
9,016,314

  
9,288,478
9,016,414


Page 10

 
THE WRIGHT BUY LTD
REGISTERED NUMBER: 06935623
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




................................................
A Wright
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 11
 

 
THE WRIGHT BUY LTD


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 July 2022
100
8,623,993
8,624,093



Comprehensive income for the year


Profit for the year
-
910,321
910,321



Contributions by and distributions to owners


Dividends: Equity capital
-
(518,000)
(518,000)





At 1 July 2023
100
9,016,314
9,016,414



Comprehensive income for the year


Profit for the year
-
1,332,064
1,332,064



Contributions by and distributions to owners


Dividends: Equity capital
-
(1,060,000)
(1,060,000)



At 30 June 2024
100
9,288,378
9,288,478



Page 12
 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Wright Buy Limited is a private company, limited by shares incorporated in England and Wales, United Kingdom, with a registered number 06935623. The address of the registered office is 7 Meadow Business Park, Piperell Way, Haverhill, Suffolk, England, CB9 8QX. The principal activity of the company continued to be that of the retailer of white goods.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company's financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of The Wright Buy Holdings Limited as at 30 June 2024 and these financial statements may be obtained from 7 Meadow Business Park, Piperell Way, Haverhill, Suffolk, England, CB9 8QX.

Page 13

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The principal activity of the company is a retailer of white goods. Turnover is recognised on the despatch of goods.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 15

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing Balance
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
25%
Reducing Balance
Office equipment
-
25%
Reducing Balance
Computer equipment
-
25%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in number plates are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Details of the company's significant accounting judgements and critical accounting estimates include:
Impairment of stock
Management have assessed the need to write off or provide against any specific items based on the levels held at the year end and the expected sales of such items in the immediate period post year end. Management take into account historic sales data at the date the estimate is made.
Warranty provisions
Management have assessed the need to provide for any costs which will be incurred in the future on behald of the warranties offered to its customers. Management have based the decision on their judgement of all available information and their experience of the specific nature of the warranty costs incurred.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
21,608,571
18,628,851


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(391,708)
(310,341)

Page 19

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,400
12,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
672,693
548,251

Social security costs
63,099
50,028

Cost of defined contribution scheme
62,222
54,297

798,014
652,576


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
20
18


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
7,500
7,500

Company contributions to defined contribution pension schemes
10,000
4,000

17,500
11,500


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.

Page 20

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
4,980
1


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
4,691
4,231

Share of associates
-
17,500

4,691
21,731


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
286,468
245,721


Total current tax
286,468
245,721

Deferred tax


Origination and reversal of timing differences
29,234
(3,993)

Total deferred tax
29,234
(3,993)


Tax on profit
315,702
241,728
Page 21

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,647,766
1,152,049


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
411,942
218,889

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,091
1,581

Capital allowances for year in excess of depreciation
(16,823)
10,145

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
909
18

Other timing differences leading to an increase (decrease) in taxation
(327)
15,088

Group relief
(110,324)
-

Deferred tax
29,234
(3,993)

Total tax charge for the year
315,702
241,728


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
1,060,000
518,000

Page 22
 


 
THE WRIGHT BUY LTD


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


13.


Tangible fixed assets






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£



Cost


At 1 July 2023
79,473
199,686
99,457
95,851
80,947
52,533
607,947


Additions
-
112,595
-
8,477
10,002
-
131,074



At 30 June 2024

79,473
312,281
99,457
104,328
90,949
52,533
739,021



Depreciation


At 1 July 2023
33,640
87,921
54,388
67,046
59,455
-
302,450


Charge for the year on owned assets
4,516
12,193
5,363
7,531
6,289
-
35,892


Charge for the year on financed assets
-
26,816
4,753
-
-
-
31,569



At 30 June 2024

38,156
126,930
64,504
74,577
65,744
-
369,911



Net book value



At 30 June 2024
41,317
185,351
34,953
29,751
25,205
52,533
369,110



At 30 June 2023
45,834
111,765
45,069
28,805
21,492
52,533
305,498

Page 23
 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
80,438
65,059

Motor vehicles
14,255
23,157

94,693
88,216


14.


Fixed asset investments





Other fixed asset investments

£



Cost 


At 1 July 2023
111,814


Additions
115,524



At 30 June 2024
227,338






Net book value



At 30 June 2024
227,338



At 30 June 2023
111,814


15.


Stocks

2024
2023
£
£

Finished goods
8,008,029
7,954,845

Stock in transit
2,544,802
1,712,670

10,552,831
9,667,515


Page 24

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

2024
2023
£
£


Trade debtors
166,682
403,586

Amounts owed by group undertakings
3,017,998
2,467,411

Other debtors
1,891,122
197,032

Prepayments and accrued income
75,758
75,683

5,151,560
3,143,712



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
997,558
1,049,592



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
4,528,407
2,323,035

Trade creditors
2,337,067
1,761,322

Corporation tax
135,573
201,464

Other taxation and social security
484,324
659,226

Obligations under finance lease and hire purchase contracts
39,811
6,478

Other creditors
5,765
6,653

Accruals and deferred income
215,089
77,352

7,746,036
5,035,530


All bank loans and overdafts of the Company are secured by a fixed charge over the property, plant and
equipment, share capital and stock. There is also a floating charge over any current or future assets the
business owns which is not covered by the fixed charge.
All obligations under finance lease and hire purchase contracts are secured against the asset to which they relate.

Page 25

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
50,782
50,900



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
39,811
6,478

Between 1-5 years
50,782
50,900

90,593
57,378


21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
997,558
1,049,592

Financial assets that are debt instruments measured at amortised cost
5,545,094
3,100,006

6,542,652
4,149,598


Financial liabilities


Financial liabilites measured at amortised costs
(7,080,563)
(4,166,232)


Financial assets measured at fair value through profit or loss comprise cash and cash equivilents.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings, others debtors and accrued income.


Financial liabilities measured at amortised cost comprise other loans, trade creditors, other creditors, accruals and deferred income.

Page 26

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Deferred taxation




2024


£






At beginning of year
(54,156)


Charged to profit or loss
(29,234)



At end of year
(83,390)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(81,949)
(53,751)

Pension surplus
(1,441)
(405)


23.


Provisions




Warranty provision

£





At 1 July 2023
121,130


Charged to profit or loss
8,581



At 30 June 2024
129,711


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 27

 
THE WRIGHT BUY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £62,222 (2023 - £54,297). Contributions totalling £5,765 (2023 - £2,130) were payable to the fund at the balance sheet date and are included in creditors


27.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group Companies.
During the year the company made a loan of £40,000 (2023 - £Nil) to W Wright, a closely related individual to a director. The loan is considered to be repayable on demand.
During the year the company had an amount due of £1,640,032 (2023 - £80,032) from J A Property Lets Limited, a company in which A Wright is a director.


28.


Controlling party

The parent company is The Wright Buy Holdings Limited a company registered in England & Wales.
The ultimate controlling party is A Wright by virtue of his shareholding in the parent company.

 
Page 28