REGISTERED NUMBER: 01177960 (England and Wales)

Bulk Hardware Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Rees

J Rees

G Rees

SECRETARY:

J Rees

REGISTERED OFFICE:

One New Street

Wells

Somerset

BA5 2LA

REGISTERED NUMBER:

01177960 (England and Wales)

ACCOUNTANTS:

Webb & Co Ltd

Accountants and Business Advisers

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Intangible assets

3

342,115

397,170

Tangible assets

4

1,107,524

1,186,907

Investments

5

100

100

1,449,739

1,584,177

CURRENT ASSETS

Stocks

3,174,596

3,030,001

Debtors

6

495,389

712,865

Cash at bank and in hand

4,590

2,167

3,674,575

3,745,033

CREDITORS

Amounts falling due within one year

7

1,905,593

1,893,450

NET CURRENT ASSETS

1,768,982

1,851,583

TOTAL ASSETS LESS CURRENT LIABILITIES

3,218,721

3,435,760

PROVISIONS FOR LIABILITIES

52,305

66,147

NET ASSETS

3,166,416

3,369,613

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

3,165,416

3,368,613

SHAREHOLDERS' FUNDS

3,166,416

3,369,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:

W Rees - Director

1.	ACCOUNTING POLICIES

General information and basis of preparing the financial statements

The company is a private company limited by shares, registered in England, United Kingdom. The address of the registered office is One New Street, Wells, Somerset,BA5 2LA.

The principal place of business is Parsonage Way Industrial Estate, Chippenham, Wiltshire, SN15 5QQ.

The nature of the company's operations and principal activities are the packaging and selling of hardware products.

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

Preparation of consolidated financial statements

The financial statements contain information about Bulk Hardware Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods.

Critical Judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Depreciation and amortisation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on insert detail dispatch of the goods.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated on a straight line basis so as to write off the cost of tangible assets, less their residual value, over the useful economic life of that asset as follows:

Freehold property

- Land not depreciated

Plant and equipment

- 10% on cost

Computer equipment

- 33.33% on cost

Fixtures and fittings

- 10% on cost

Leasehold

- over the period of the lease

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are measured at the lower of cost and estimated net realisable value. Costs include all costs of purchase and other costs incurred in bringing the stock to its present location and condition, Stock is calculated using the first in first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 46 ) .

3.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

935,588

Additions

162,171

At 31 December 2024

1,097,759

AMORTISATION

At 1 January 2024

538,418

Amortisation for year

217,226

At 31 December 2024

755,644

NET BOOK VALUE

At 31 December 2024

342,115

At 31 December 2023

397,170

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2024

1,371,168

1,191,034

2,562,202

Additions

-

1,310

1,310

At 31 December 2024

1,371,168

1,192,344

2,563,512

DEPRECIATION

At 1 January 2024

455,483

919,812

1,375,295

Charge for year

22,821

57,872

80,693

At 31 December 2024

478,304

977,684

1,455,988

NET BOOK VALUE

At 31 December 2024

892,864

214,660

1,107,524

At 31 December 2023

915,685

271,222

1,186,907

5.	FIXED ASSET INVESTMENTS

Shares in

group

under-

takings

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

427,202

646,842

Other debtors

68,187

66,023

495,389

712,865

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

1,262,363

1,093,847

Trade creditors

37,664

83,202

Amounts owed to group undertakings

100

100

Taxation and social security

113,538

112,614

Other creditors

491,928

603,687

1,905,593

1,893,450

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

1,262,363

1,093,847

The bank overdraft is secured by a debenture and first priority legal charge over the commercial Freehold Warehouse at Parsonage Way Industrial Estate, Chippenham, as well as a fixed and floating charge covering all property and undertakings of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

89,840

Ordinary A

1p

898

898

9,920

Ordinary B

1p

99

99

80

Ordinary C

1p

1

1

80

Ordinary D

1p

1

1

80

Ordinary E

1p

1

1

1,000

1,000

10.	RELATED PARTY DISCLOSURES

The directors charge interest to the company at 10% on their credit loan account balances. Interest charged to the company during the year amounted to £45,151 (2023 £45,133).

Dividends were paid to key management personnel totalling £86,646 (2023 £82,000) and other related parties totalling £123,938 during the year (2023 £126,268).