IRIS Accounts Production v24.3.2.46 02262735 Board of Directors 1.9.23 31.8.24 31.8.24 true true false true true false false false true true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022627352023-08-31022627352024-08-31022627352023-09-012024-08-31022627352022-08-31022627352022-09-012023-08-31022627352023-08-3102262735ns15:EnglandWales2023-09-012024-08-3102262735ns14:PoundSterling2023-09-012024-08-3102262735ns10:Director12023-09-012024-08-3102262735ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102262735ns10:FRS1022023-09-012024-08-3102262735ns10:Audited2023-09-012024-08-3102262735ns10:LargeCompaniesRegimeForDirectorsReport2023-09-012024-08-3102262735ns10:LargeCompaniesRegimeForAccounts2023-09-012024-08-3102262735ns10:FullAccounts2023-09-012024-08-310226273512023-09-012024-08-3102262735ns10:OrdinaryShareClass12023-09-012024-08-3102262735ns10:OrdinaryShareClass22023-09-012024-08-3102262735ns10:Director22023-09-012024-08-3102262735ns10:Director32023-09-012024-08-3102262735ns10:Director42023-09-012024-08-3102262735ns10:Director52023-09-012024-08-3102262735ns10:Director62023-09-012024-08-3102262735ns10:CompanySecretary12023-09-012024-08-3102262735ns10:RegisteredOffice2023-09-012024-08-3102262735ns5:CurrentFinancialInstruments2024-08-3102262735ns5:CurrentFinancialInstruments2023-08-3102262735ns5:ShareCapital2024-08-3102262735ns5:ShareCapital2023-08-3102262735ns5:CapitalRedemptionReserve2024-08-3102262735ns5:CapitalRedemptionReserve2023-08-3102262735ns5:RetainedEarningsAccumulatedLosses2024-08-3102262735ns5:RetainedEarningsAccumulatedLosses2023-08-3102262735ns5:ShareCapital2022-08-3102262735ns5:RetainedEarningsAccumulatedLosses2022-08-3102262735ns5:CapitalRedemptionReserve2022-08-3102262735ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3102262735ns5:CapitalRedemptionReserve2022-09-012023-08-3102262735ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3102262735ns5:CapitalRedemptionReserve2023-09-012024-08-310226273512023-09-012024-08-3102262735ns5:NetGoodwill2023-09-012024-08-3102262735ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3102262735ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-09-012024-08-3102262735ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-09-012023-08-3102262735ns5:OwnedAssets2023-09-012024-08-3102262735ns5:OwnedAssets2022-09-012023-08-3102262735ns5:NetGoodwill2022-09-012023-08-3102262735ns5:ComputerSoftware2023-09-012024-08-3102262735ns5:ComputerSoftware2022-09-012023-08-3102262735ns5:NetGoodwill2023-08-3102262735ns5:ComputerSoftware2023-08-3102262735ns5:NetGoodwill2024-08-3102262735ns5:ComputerSoftware2024-08-3102262735ns5:NetGoodwill2023-08-3102262735ns5:ComputerSoftware2023-08-3102262735ns5:LandBuildingsns5:ShortLeaseholdAssets2023-08-3102262735ns5:PlantMachinery2023-08-3102262735ns5:FurnitureFittings2023-08-3102262735ns5:MotorVehicles2023-08-3102262735ns5:LandBuildingsns5:ShortLeaseholdAssets2023-09-012024-08-3102262735ns5:PlantMachinery2023-09-012024-08-3102262735ns5:FurnitureFittings2023-09-012024-08-3102262735ns5:MotorVehicles2023-09-012024-08-3102262735ns5:LandBuildingsns5:ShortLeaseholdAssets2024-08-3102262735ns5:PlantMachinery2024-08-3102262735ns5:FurnitureFittings2024-08-3102262735ns5:MotorVehicles2024-08-3102262735ns5:LandBuildingsns5:ShortLeaseholdAssets2023-08-3102262735ns5:PlantMachinery2023-08-3102262735ns5:FurnitureFittings2023-08-3102262735ns5:MotorVehicles2023-08-3102262735ns5:CostValuation2023-08-3102262735ns5:RevaluationsIncreaseDecreaseInInvestments2024-08-3102262735ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2024-08-3102262735ns5:CostValuation2024-08-3102262735ns5:Subsidiary12023-09-012024-08-31022627351ns5:Subsidiary12023-09-012024-08-3102262735ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102262735ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102262735ns5:CurrentFinancialInstruments2023-09-012024-08-3102262735ns5:WithinOneYear2024-08-3102262735ns5:WithinOneYear2023-08-3102262735ns5:BetweenOneFiveYears2024-08-3102262735ns5:BetweenOneFiveYears2023-08-3102262735ns5:MoreThanFiveYears2024-08-3102262735ns5:MoreThanFiveYears2023-08-3102262735ns5:AllPeriods2024-08-3102262735ns5:AllPeriods2023-08-3102262735ns5:DeferredTaxation2023-08-3102262735ns5:DeferredTaxation2023-09-012024-08-3102262735ns5:DeferredTaxation2024-08-3102262735ns10:OrdinaryShareClass12024-08-3102262735ns10:OrdinaryShareClass22024-08-3102262735ns5:RetainedEarningsAccumulatedLosses2023-08-3102262735ns5:CapitalRedemptionReserve2023-08-31
REGISTERED NUMBER: 02262735 (England and Wales)









LINCS. ELECTRICAL WHOLESALERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024






LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Notes to the Financial Statements 16


LINCS. ELECTRICAL WHOLESALERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: A S Johnson
J P Ring
L T Martin
J Johnson
S A Berry
K M Johnson





SECRETARY: A S Johnson





REGISTERED OFFICE: 2 Somerby Way
Somerby Park
Gainsborough
Lincolnshire
DN21 1QT





REGISTERED NUMBER: 02262735 (England and Wales)





AUDITORS: WP Audit Services LLP
Chartered Accountant & Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

REVIEW OF BUSINESS
The directors are satisfied with the results for the year given the continued economic challenges that have been placed on the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the following to be the financial key performance indicators for the company:

2024 2023
Year on year sales growth 8.2% 7.5%
Gross profit margin 29.3% 28.3%

Revenue grew year on year by 8.2% as trading remained broadly in line with expectations. Gross margin increased slightly and remained acceptable given the continued pricing pressures faced.

CREDITOR PAYMENT POLICY AND PRACTICE
It is the company's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the company and its suppliers, provided that all trading terms and conditions have been complied with. At the year end, creditor days total 67 (2023: 63).

DEVELOPMENT AND PERFORMANCE
Whilst trading conditions remain challenging given the prolonged difficult economic environment the company remains committed to opening additional trading branches in the future. The directors remain optimistic regarding future trading performance.

During the prior year the company acquired two independent single branch wholesalers. Both sites were subsequently rebranded in line with all other existing sites.

Other key developments have been discussed below.

LEW Academy: Cultivating Talent and Elevating Employee Experience
In alignment with our commitment to fostering an exceptional employee experience, we are proud to introduce the LEW Academy - a transformative initiative dedicated to in-house training and development. The LEW Academy serves as a cornerstone for nurturing growth, enhancing skills, and creating meaningful career pathways for all members of the LEW team.

The Academy is designed to deliver a comprehensive suite of learning and development opportunities, including:
- Apprenticeship Annual Recruitment Programme: Attracting and nurturing the next generation of talent, providing robust training and mentorship to build solid foundations for successful careers.
- Emerging Talent Programme: Empowering high-potential individuals with targeted support to accelerate their development and prepare them for future leadership roles.
- General Learning and Development Programmes: Offering accessible upskilling opportunities for employees at all levels, ensuring continuous growth and alignment with evolving industry demands.

By investing in the professional growth of our people, the LEW Academy reinforces our belief that the success of our organization is built on the passion, innovation, and expertise of our team. Together, we aim to create a workplace where everyone is inspired to reach their full potential and contribute to our shared success.

New Head Office: A New Era of Growth and Innovation
August 2024 marked the successful completion of a transformative three-year project to relocate and modernize our Head Office. Staying true to our roots in the historic market town of Gainsborough, this move ensures the continued employment of our dedicated colleagues while positioning the company for future growth and innovation.

Our purpose-built, two-story facility offers a total workspace of 13,000 sq. ft., thoughtfully designed to meet the evolving needs of our business. Key features include:
- Collaborative Workspaces: Enabling seamless teamwork and fostering innovation across departments.
- Well-Being Areas: Dedicated spaces to promote the health, comfort, and productivity of our employees.
- Scalable Capacity: Designed with a 20% expansion capability to accommodate future workforce growth.

This milestone reflects our commitment to providing a dynamic, supportive environment that drives both employee satisfaction and operational excellence.


LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


New Gainsborough Branch: Strengthening Local Presence
Building on our strategic vision, we are pleased to announce plans to relocate the Gainsborough branch to our new Head Office site. Approved by West Lindsey District Council, the project will include the construction of a 5,000 sq. ft. unit, enabling us to enhance operational efficiencies and consolidate our presence in the area.

Key project milestones:
- Construction Start: March 2025.
- Operational Launch: September 2025.

This investment underlines our dedication to supporting local communities, streamlining operations, and providing a foundation for continued success in the years to come.

LEW Lighting Solutions: Illuminating the Future
In 2025, we will launch LEW Lighting Solutions, a new department dedicated to helping our existing and new customers achieve innovative, energy-efficient, and visually appealing lighting designs for their projects.

Under the leadership of an industry veteran with extensive experience, LEW Lighting Solutions has assembled a talented team poised to bring this concept to market. The department's mission is to deliver:
- Aesthetically Pleasing Designs: Creating visually impactful lighting solutions tailored to each customer's unique needs.
- Energy Efficiency: Prioritising sustainable, cost-effective lighting options for modern projects.
- Enhanced Functionality: Ensuring that designs not only look great but also meet the highest standards of practicality and performance.

This new offering will add significant value to our branch network by expanding our portfolio and further enhancing the award-winning customer experience that sets LEW apart. By integrating cutting-edge lighting solutions with exceptional service, LEW Lighting Solutions represents a key step in our strategic growth plans for the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the following to be the principal risks and uncertainties that could affect the company:

- Significant external events that reduce demand for product, including the current cost of living crisis;
- Disruption in the product supply chain and product price increases;
- Aggressive product pricing by competitors;
- Recruitment.

The reputation of the company has grown over many years of trading and the company consider themselves to be in a strong financial and market position to deal with the risks outlined above.

SECTION 172(1) STATEMENT
The directors are aware of their duties under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders. The directors consider it crucial that the company maintains a reputation for high standards of business conduct. The directors are responsible for setting, monitoring and upholding cultures, values, standards, ethics, brand and reputation of the company. Management drives the embedding of the desired culture throughout the organisation.

ENVIRONMENT AND SUSTAINABILITY
The company continues to improve their sustainable approach to business, maintaining their drive to positively impact the environment.

Our Grimsby and Doncaster sites continue to benefit from having Solar Panels installed.

We now have 12 EVs and 19 PHEVs on our company vehicle fleet, and these continue to be charged on site via our electric chargers. More EVs are being considered as our existing vehicles come to the end of their current lease agreements.

As part of our commitment to sustainability, the Board recently approved the installation of an 81kW Solar PV system at our new Head Office. This state-of-the-art system will provide a renewable and sustainable source of electricity, working in tandem with the mains supply to reduce our carbon footprint and enhance energy efficiency.


LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


In addition our strategic waste recycling approach has prevented 11 tonnes of waste going to landfill and 6.6 tonnes of CO2 from being generated, by continuing to use an environmentally conscious shredding company. We continue to recycle both paper and cardboard as a business and all of our LED lamps are recycled is a safe and controlled manner through our waste providers.

During 2024 we partnered with a new strategic provider to manage waste recycling across our entire business. This collaboration offers advanced insights and data-driven solutions, enabling us to prevent unnecessary waste from ending up in landfills. As a result of this initiative, over 97% of our waste is now successfully recycled, underscoring our dedication to environmental responsibility and operational sustainability.

EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY
All team members undergo a continuous training programme, relevant to their role, to ensure the safety of all customers, suppliers and employees. The company is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification.

DISABLED EMPLOYEES
The company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

ENERGY AND CARBON REPORT

Commitment
We are committed to reducing the emissions by employee and by turnover and are actively taking steps to do this including installing solar panels, introducing hybrid/fully electric vehicles and managing energy consumption through control measures. During the year, a working group within the business was set up, which is dedicated to finding ways to help reduce our environmental impact. We also made a commitment to achieve a minimum 5% reduction in the measured market-based Scope 1 and 2 carbon footprint emissions year on year.


LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


Methodology
The methodology adopted to calculate our energy consumption and emissions is the GHG Protocol Corporate Accounting and Reporting Standard, Planet Mark Certification Scheme. The scope of our reporting covers our 19 sites across England which include our administrative headquarters and the branches.

The annual quantity of emissions arising from different sources are as follows:

2024 2023
Energy consumption kWh kWh
Electricity purchased 532,846 576,668
Natural Gas 24,638 4,054
Combustion of fuel for transport purposes 1,683,247 1 ,551,720
Business travel 257,467 170,146

2024 2023
Tonnes of CO2e Tonnes of CO2e
Emissions of CO2
Scope 1 - direct emissions
Gas Combustion 4.5 0.7
Combustion of fuel for transport purposes - owned 448.6 368.8

Scope 2 - indirect emissions
Electricity purchased 110.3 119.4
Combustion of fuel for transport purposes - owned 6.9 *

Scope 3 - indirect emissions
Transport and distribution losses 9.3 *
Emissions from disposal and transportation of waste 1.8 *
Emissions from water supply and water treatment 0.4 *
Combustion of fuel for transport purposes - owned 0.6 *
Business travel including employee-owned vehicles where company is responsible
for purchasing the fuel or rental cars

71.6

42
Procurement : Paper - primary content 3.6 *
*
Total gross emissions 657.6 530.9
Intensity ratio
Per employee
Per million pound of turnover 3.5 3
11.9 10.2

* The 2023 figures do not include these * metrics - our data management processes were updated to include these figures in the 2024 report.

Energy efficiency action taken
We have been working on migrating our fleet of company cars, which used to be a fully diesel fleet, to a mixture of hybrid, plug-in hybrid and fully electric vehicles. The latest policy we worked on will increase the amount of fully EV vehicles so that by the end of 2026, 75% of the car fleet will be fully electric. The aim following this is to bring that number up to 100% of company cars being full EV by 2028. Furthermore, are looking at the potential for putting some electric vans on to our fleet, as some sites do a lot of small, local deliveries and an electric van could be the solution.

ON BEHALF OF THE BOARD:





J P Ring - Director


9 April 2025

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical equipment wholesalers.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £1,050,000. (2023: £1,593,750).

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

A S Johnson
J P Ring
L T Martin
J Johnson
S A Berry

Other changes in directors holding office are as follows:

K M Johnson - appointed 1 February 2024

FUTURE DEVELOPMENTS
While trading conditions remain tough given the prolonged difficult economic environment, the company remains committed to opening additional trading branches in the future. The directors remain cautiously optimistic regarding future trading performance.

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding business performance, risk and KPIs is reported in the Strategic Report.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


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

ON BEHALF OF THE BOARD:



J P Ring - Director


9 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCS. ELECTRICAL WHOLESALERS LIMITED

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

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

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

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

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCS. ELECTRICAL WHOLESALERS LIMITED


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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCS. ELECTRICAL WHOLESALERS LIMITED


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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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 Audit 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 the 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 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, to detect material misstatement in respect of irregularities, including fraud.

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

Objectives
The objectives of our audit in respect of fraud, are;

- to identify and assess the risks of material misstatement of the financial statements due to fraud;
- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and
- to respond appropriately to instances of fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Audit Approach
Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Consumer Rights Act, the Consumer Protection (Distance Selling) Regulations, the Companies Act 2006, FRS 102, and UK taxation legislation.
- We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.
- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.
- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINCS. ELECTRICAL WHOLESALERS LIMITED

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

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

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




Stephanie Williams (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP
Chartered Accountant & Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

10 April 2025

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 55,179,519 50,980,504

Cost of sales (39,020,488 ) (36,560,558 )
GROSS PROFIT 16,159,031 14,419,946

Distribution costs (288,684 ) (261,076 )
Administrative expenses (13,339,012 ) (11,781,116 )
OPERATING PROFIT 5 2,531,335 2,377,754

Income from shares in group undertakings 101,005 -
Interest receivable and similar income 40,213 10,385
2,672,553 2,388,139
Amounts written off investments 6 (101,005 ) -
PROFIT BEFORE TAXATION 2,571,548 2,388,139

Tax on profit 7 (784,808 ) (511,481 )
PROFIT FOR THE FINANCIAL YEAR 1,786,740 1,876,658

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,786,740 1,876,658


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,786,740 1,876,658

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,214,910 909,946
Tangible assets 10 2,665,414 1,893,186
Investments 11 - 437,095
3,880,324 3,240,227

CURRENT ASSETS
Stocks 12 5,404,644 5,605,111
Debtors 13 14,950,387 12,741,769
Cash at bank and in hand 528,804 1,311,601
20,883,835 19,658,481
CREDITORS
Amounts falling due within one year 14 12,376,895 11,443,711
NET CURRENT ASSETS 8,506,940 8,214,770
TOTAL ASSETS LESS CURRENT LIABILITIES 12,387,264 11,454,997

PROVISIONS FOR LIABILITIES 17 659,604 464,077
NET ASSETS 11,727,660 10,990,920

CAPITAL AND RESERVES
Called up share capital 18 900 900
Capital redemption reserve 19 3,100 3,100
Retained earnings 19 11,723,660 10,986,920
SHAREHOLDERS' FUNDS 11,727,660 10,990,920

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:





J P Ring - Director


LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 900 10,704,012 3,100 10,708,012

Changes in equity
Total comprehensive income - 1,876,658 - 1,876,658
Dividends - (1,593,750 ) - (1,593,750 )
Balance at 31 August 2023 900 10,986,920 3,100 10,990,920

Changes in equity
Total comprehensive income - 1,786,740 - 1,786,740
Dividends - (1,050,000 ) - (1,050,000 )
Balance at 31 August 2024 900 11,723,660 3,100 11,727,660

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

1. STATUTORY INFORMATION

Lincs. Electrical Wholesalers 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

Critical accounting judgements and key sources of estimation uncertainty
The critical accounting estimates that affect these accounts which required judgement from management are depreciation and amortisation of fixed assets and accrued rebate income and its impact on stock value. Further detail on these estimates has been given below:

Accrued rebate income and impact on stock
In line with general industry practice, at times the company receives rebates from some suppliers in relation to purchases made. At any one time there is stock held on which rebates have or are due to be received, which would reduce the actual unit cost of this stock below the initial amount invoiced. To reflect the impact of these rebates on the stock value, and properly record stock at the lower of cost and net realisable value, an adjustment has been made to lower the value of stock reported. The directors have estimated the impact of the purchase rebates on stock by looking at ratios of rebates, purchases and stock.

Depreciation and amortisation
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Useful life of goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life. A 10 year amortisation period for goodwill has been chosen as the directors are of the opinion that this period most accurately reflects the goodwill life, based on the expected future cash flows.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of goods, net of discounts and excluding value added tax. Turnover is recognised on the raising of the invoice, which takes place when the goods are either delivered or collected.

Purchases and sales rebates
Purchase rebates from suppliers are credited to the profit and loss account (against purchases) and sales rebates to customers are charged to the profit and loss account (against sales) on an accruals basis.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Goodwill is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and Machinery-25% on cost
Fixtures and Fittings-50% on cost, 33% on cost, 25% on cost, 10% on cost and 25% on reducing balance
Motor Vehicles-25% on cost

All assets are held at cost less accumulated depreciation and impairment losses.

Assets under construction are not depreciated until the assets are brought into productive use.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items as well as subsequent reductions to cost in relation to rebates.

Whilst stock is sold on a First In First Out basis, the cost of stock is derived using an average purchase price where applicable.

At each reporting 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.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

3. ACCOUNTING POLICIES - continued

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Hire purchase and leasing commitments
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,611,123 6,691,931
Social security costs 819,701 735,435
Other pension costs 151,353 133,053
8,582,177 7,560,419

The average number of employees during the year was as follows:
2024 2023

Selling and administration 188 176

2024 2023
£    £   
Directors' remuneration - gross salary and benefits 1,102,942 902,596
Pension contributions to money purchase schemes 13,286 8,975

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

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:

2024 2023
£    £   
Gross salary 412,726 370,150
Pension contributions to money purchase schemes 4,636 2,702

The directors were the only key management personnel within the company in the current and prior year. It is considered that directors who are appointed during a year only become key management at the point when they are appointed as directors.

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 242,453 217,285
Other operating leases 669,282 503,387
Depreciation - owned assets 516,435 428,320
Profit on disposal of fixed assets (16,622 ) (231,262 )
Goodwill amortisation 72,000 -
Computer software amortisation 62,450 53,146
Auditors' remuneration 13,500 15,765
Preparation of accounts 6,000 6,000
Taxation compliance services 2,500 2,500
Other non- audit services 6,485 3,479

6. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amounts written off investment 101,005 -

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 589,281 476,048

Deferred tax 195,527 35,433
Tax on profit 784,808 511,481

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

2024 2023
£    £   
Profit before tax 2,571,548 2,388,139
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
21.515%)

642,887

513,808

Effects of:
Expenses not deductible for tax purposes 68,853 105,824
Income not taxable for tax purposes - (49,756 )
Capital allowances in excess of depreciation (122,459 ) (93,828 )
Deferred tax charge 195,527 35,433
Total tax charge 784,808 511,481

8. DIVIDENDS

20242023
£   £   
Ordinary A shares of £1 each525,000796,875
Ordinary B shares of £1 each525,000796,875
1,050,000 1,593,750

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 September 2023 390,000 585,954 975,954
Additions - 103,324 103,324
Reclassification/transfer 336,090 - 336,090
At 31 August 2024 726,090 689,278 1,415,368
AMORTISATION
At 1 September 2023 - 66,008 66,008
Amortisation for year 72,000 62,450 134,450
At 31 August 2024 72,000 128,458 200,458
NET BOOK VALUE
At 31 August 2024 654,090 560,820 1,214,910
At 31 August 2023 390,000 519,946 909,946

10. TANGIBLE FIXED ASSETS
Assets Fixtures
under Plant and and Motor
construction machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 - 254,145 2,507,706 753,241 3,515,092
Additions 679,496 31,365 247,324 346,856 1,305,041
Disposals - - (55,375 ) (134,149 ) (189,524 )
At 31 August 2024 679,496 285,510 2,699,655 965,948 4,630,609
DEPRECIATION
At 1 September 2023 - 204,325 1,077,499 340,082 1,621,906
Charge for year - 23,658 300,281 192,496 516,435
Eliminated on disposal - - (55,375 ) (117,771 ) (173,146 )
At 31 August 2024 - 227,983 1,322,405 414,807 1,965,195
NET BOOK VALUE
At 31 August 2024 679,496 57,527 1,377,250 551,141 2,665,414
At 31 August 2023 - 49,820 1,430,207 413,159 1,893,186

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 September 2023 437,095
Revaluations (101,005 )
Reclassification/transfer (336,090 )
At 31 August 2024 -
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 437,095


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

Intellipower (Nottingham) Limited
Registered office: Unit 16, Primrose Street, Gainsborough, Lincolnshire, DN21 1HU
Nature of business: Electrical wholesalers
%
Class of shares: holding
Ordinary 100.00

Intellipower (Nottingham) Limited was dissolved on 1 October 2024, following the transfer of trade and assets into Lincs. Electrical Wholesalers Limited on 31st August 2023.

As a result of the transfer of trade and assets, there has been an impairment review and a transfer of the remaining value of the investment to goodwill.

12. STOCKS
2024 2023
£    £   
Stocks 5,404,644 5,605,111

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,062,756 9,561,044
Prepayments and accrued income 3,887,631 3,180,725
14,950,387 12,741,769

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,377,476 7,677,661
Amounts owed to group undertakings - 199,844
Tax 340,888 226,281
Social security and other taxes 154,461 143,291
VAT 485,939 467,356
Other creditors - 564,413
Accruals and deferred income 2,018,131 2,164,865
12,376,895 11,443,711

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts owed to group undertakings are unsecured, interest free and repayable on demand

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 567,542 620,557
Between one and five years 1,106,308 1,415,558
In more than five years 228,542 380,745
1,902,392 2,416,860

16. INVOICE DISCOUNTING FACILITY

There is an invoice discounting facility available to the company, self-capped at £3.6m, whereby they can draw down in advance of customers payments to fund working capital if required. No amounts were outstanding in relation to this facility at the year end.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 659,604 464,077

Deferred
tax
£   
Balance at 1 September 2023 464,077
Provided during year 195,527
Balance at 31 August 2024 659,604

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
450 Ordinary A 1 450 450
450 Ordinary B 1 450 450
900 900

The Ordinary A and Ordinary B shares carry equal voting rights.

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 10,986,920 3,100 10,990,020
Profit for the year 1,786,740 1,786,740
Dividends (1,050,000 ) (1,050,000 )
At 31 August 2024 11,723,660 3,100 11,726,760

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735)

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

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension charge for the year represents contributions paid by the company to the fund and amounted to £151,353 (2023: £133,053).

At the year end, there is a liability in relation to pensions of £30,777 (2023: £28,674)

21. ULTIMATE CONTROLLING PARTY

No one person controls the company. LEW Group Holdings Limited (13869957) became the parent of this company through a business restructure on 1 December 2022, through a share for share exchange.

Post-year end a business restructure was carried out and Johnson Family Investment Holdings Ltd (16029438) became the parent of this company. This restructure took place on 21/10/2024 and was a share for share exchange. Following the restructure, there is still no one controlling party of this entity.