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Registered number: NI053328 CENTURY ELECTRICAL WHOLESALE LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CENTURY ELECTRICAL WHOLESALE LIMITED COMPANY INFORMATION
Directors | Alan Collins
| Carolyn Collins
| Colin Donnelly
Company secretary | Colin Donnelly
Registered number | NI053328
Registered office | 207 City Business Park
| Dunmurry
| Belfast
| BT17 9HY
Independent auditors | Crowe Ireland
| Chartered Accountants and Statutory Audit Firm
| 40 Mepsil Road
| Dublin 4
| D04 C2N4
Bankers | AIB (NI)
| 28-32 Main Street
| Newcastle
| Co. Down
| BT33 0AD
Solicitors | Arthur Cox
| Victoria House
| 15-27 Gloucester Street
| Belfast
| BT1 4LS
CENTURY ELECTRICAL WHOLESALE LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 28
CENTURY ELECTRICAL WHOLESALE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their strategic report on the company for the year ended 31 March 2025.
Business review
The principal activity of the company is the wholesaling of electrical supplies in Northern Ireland. The results of the company for the year ended 31 March 2025 show a pre tax profit of £671,221 (2024: £810,299) and turnover of £14,830,996 (2024: £15,471,013). The performance of the company during the year has produced encouraging results. Most branches continue to improve performance.
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the company and the directors take on an important oversight role in this regard. The company has developed a framework for identifying the risks that the company is exposed to and their potential impact on the business. Competition risk The entry of any competitor into an almost saturated market place means that they will take business from those already established. Management work in the business day to day and there are therefore well placed to react to any perceived or actual changes. Financial risk The risk and uncertainty in ensuring that the additional working capital necessary for growth in sales is controlled and the margin maintained if not increased. Liquidity risk Management do not foresee any short term issues relating to liquidity and consider the company's working capital solvency to be sufficient to the requirements of the business. Credit risk Trade debtors days have increased slightly from the prior year and management continue to pay particular attention to this throughout the year. Page 1
CENTURY ELECTRICAL WHOLESALE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
A summary of key performance indicators used by management to assess performance is provided below:
|  | 2025 | 2024
| Gross Profit (%) | 30 | 30
| Net profit before tax (%) | 4 | 3
| Stock turnover | 5 | 6
| Trade debtors days | 82 | 77
| Trade creditors days | 56 | 45
| Return on capital employed (%) | 11 | 14
This report was approved by the board on 1 September 2025 and signed on its behalf.
Alan Collins Date: 29/8/2025 | Colin Donnelly Date: 1/9/2025
Page 2
CENTURY ELECTRICAL WHOLESALE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2006. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors confirm that they have complied with the above requirements in preparing the financial statements. 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 to enable them to ensure that the financial statements comply with the Companies Act 2006 and enable them to be audited. 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.
Principal activity
The principal activity of the company is the wholesaling of electrical supplies in Northern Ireland.
Results and dividends
The profit for the year, after taxation, amounted to £536,826 (2024 - £526,118). The directors do not recommend the declaration of a dividend.
Group structure
The company is a wholly owned subsidiary of National Electrical Wholesalers (Irl) Limited, a company incorporated in the Republic of Ireland. The ultimate parent undertaking is The Collins Family Partnership, a general partnership. Page 3
CENTURY ELECTRICAL WHOLESALE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors
The directors who served during the year were: Alan Collins Carolyn Collins Colin Donnelly The directors and secretary did not hold any beneficial interests in the share capital of the company or the intermediate or ultimate parent companies. Alan Collins and Carolyn Collins are Partners in The Collins Family Partnership, the ultimate controlling undertaking.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director 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.
Auditors
The auditors, Crowe Ireland, being eligible, will continue in office in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Alan Collins Director | Colin Donnelly Director
Date: 29 August 2025 | Date: 1 September 2025
Page 4
CENTURY ELECTRICAL WHOLESALE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF CENTURY ELECTRICAL WHOLESALE LIMITED
Opinion
We have audited the financial statements of Century Electrical Wholesale Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 March 2025 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 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. Page 5
CENTURY ELECTRICAL WHOLESALE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF CENTURY ELECTRICAL WHOLESALE LIMITED (CONTINUED)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Directors' Report other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report has 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 Directors' 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
CENTURY ELECTRICAL WHOLESALE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF CENTURY ELECTRICAL WHOLESALE LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 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. Page 7
CENTURY ELECTRICAL WHOLESALE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF CENTURY ELECTRICAL WHOLESALE LIMITED (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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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: Our testing included, but was not limited to: ∙testing the financial statement disclosures to supporting documentation, performing substantive testing on account balances which were considered to be more susceptible to fraud; ∙designed audit procedures to test the timing and existence of revenue (including circularisation of debtors, testing samples of revenue items, performing cut off revenue testing around the year end, testing accrued and deferred revenue to contracts and invoices), testing of payroll costs (including recalculating payslips, vouching payslips to timesheets, reconciling payroll reports to the financial statements), testing of cost of sales and inventory (including testing samples of purchases invoices, performing cut off testing around the year end, reviewing amounts released from stock to cost of sales, attendance at a sample of year end stock counts, reviewing final stock listings for existence and completeness, performing stock cost and stock valuation testing on samples of stock items, testing for potential stock obsolescence, testing the reasonableness and accuracy of the provision for stock obsolescence), and testing samples of journals to confirm they were appropriate; ∙testing to gain assurance that costs and expenses are properly incurred in the trade of the company; and ∙critically assessing areas of the financial statements which include judgement and estimates. 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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. Page 8
CENTURY ELECTRICAL WHOLESALE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF CENTURY ELECTRICAL WHOLESALE LIMITED (CONTINUED) ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of 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 Auditors' 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 Auditors' 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.
Use of our report
This report is made solely to the Company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed. Signed by : Christopher Magill F.C.A. (Senior Statutory Auditor) for and on behalf of Crowe Ireland Chartered Accountants and Statutory Audit Firm 40 Mepsil Road Dublin 4 D04 C2N4 Date: 1 September 2025 Page 9
CENTURY ELECTRICAL WHOLESALE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,830,996 | 15,471,013
Cost of sales |  | (10,318,373) | (10,905,413)
Gross profit |  | 4,512,623 | 4,565,600
Administrative expenses |  | (3,841,402) | (3,755,301)
Operating profit | 5 | 671,221 | 810,299
Interest receivable and similar income | 9 | 45,598 | -
Profit before tax |  | 716,819 | 810,299
Tax on profit | 10 | (179,993) | (284,181)
Profit for the financial year |  | 536,826 | 526,118
Other comprehensive income |  | - | -
Total comprehensive income for the year |  | 536,826 | 526,118
The notes on pages 13 to 28 form part of these financial statements.
Page 10
CENTURY ELECTRICAL WHOLESALE LIMITED REGISTERED NUMBER: NI053328 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 499,621 |  | 358,950
|  |  | 499,621 |  | 358,950
Current assets |  |  |  |  |
Stocks | 13 | 2,417,296 |  | 1,552,912 |
Debtors: amounts falling due within one year | 14 | 3,619,207 |  | 3,584,177 |
Cash at bank and in hand | 15 | 1,836,309 |  | 2,773,440 |
|  | 7,872,812 |  | 7,910,529 |
Creditors: amounts falling due within one year | 16 | (2,478,293) |  | (2,432,208) |
Net current assets |  |  | 5,394,519 |  | 5,478,321
Total assets less current liabilities |  |  | 5,894,140 |  | 5,837,271
Deferred tax | 17 | (106,494) |  | (86,451) |
|  |  | (106,494) |  | (86,451)
Net assets |  |  | 5,787,646 |  | 5,750,820
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1,000,000 |  | 1,000,000
Share premium account |  |  | 3,300 |  | 3,300
Profit and loss account |  |  | 4,784,346 |  | 4,747,520
|  |  | 5,787,646 |  | 5,750,820
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Alan Collins | Colin Donnelly
Director | Director
Date: 29 August 2025 | Date:1 September 2025
The notes on pages 13 to 28 form part of these financial statements. Page 11
CENTURY ELECTRICAL WHOLESALE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 1,000,000 | 3,300 | 4,221,402 | 5,224,702
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 526,118 | 526,118
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 526,118 | 526,118
Total transactions with owners | - | - | - | -
At 31 March 2024 | 1,000,000 | 3,300 | 4,747,520 | 5,750,820
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 536,826 | 536,826
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 536,826 | 536,826
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (500,000) | (500,000)
Total transactions with owners | - | - | (500,000) | (500,000)
At 31 March 2025 | 1,000,000 | 3,300 | 4,784,346 | 5,787,646
| The notes on pages 13 to 28 form part of these financial statements.
Page 12
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Century Electrical Wholesale Limited is a limited liability company incorporated and tax resident in the United Kingdom with a registered office at 207 City Business Park, Dunmurry, Belfast, BT17 9HY. The company's registered number is NI053328. The principal activity of the company is the wholesaling of electrical supplies in Northern Ireland. The company's functional and presentational currency is Pounds Sterling. The significant accounting policies adopted by the company and applied consistently in the preparation of these financial statements are set out below. 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 judgment in applying the Company's accounting policies (see note 3). 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. This information is included in the consolidated financial statements of National Electrical Wholesalers (Irl) Limited as at 31 March 2025 and these financial statements may be obtained from the Companies Registration Office located at O'Brien Rd, Rathnapish, Carlow, R93 E920. Page 13
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 Profit and Loss Account within 'administrative expenses'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue 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 revenue 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | 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 income 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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.
| 2.7 | Intangible assets
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. 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 profit and loss account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 15
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 10 years straight line
|  |  |  | Motor vehicles | - | 3 years straight line
|  |  |  | Fixtures & fittings | - | 5 years straight line
|  |  |  | Computer equipment | - | 4 years straight line
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.
| 2.9 | 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 weighted average basis. Work in progress and finished goods include labour and attributable overheads. 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.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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. Page 16
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | 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 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.
| 2.14 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. Page 17
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the carrying value of the financial asset is greated than the assessed recoverable amount. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 18
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.16 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are discussed below. (a) Impairment of stocks The company holds stocks amounting to £2,417,296 (2024: £1,552,912) at the financial period end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. The provision represents management's best estimate of future outcomes, based on prior experience and information available to them at the financial reporting date. Any significant changes in the condition of stock which would lead to the possibility of stocks being sold at less than cost would impact upon the operating results. The level of provision required is reviewed on an on-going basis. (b) Providing for doubtful debts The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts which the company believes will not be collected. These estimates include such factors as the current credit rating of the debtors, the ageing profile of debtors and historical experience. Any significant increase or decrease in the level of customers that default on payments or other significant changes that resulted in an increase or decrease in the level of the bad debt provision would have an impact on the operating results. The level of provision required is reviewed on an on-going basis.
4. | Turnover
The total turnover of the company for the year has been derived from its principal activity, the wholesaling of electrical supplies in Northern Ireland. Page 19
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Profit on ordinary activities before taxation
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Key management personnel (the directors) remuneration | 276,439 | 286,289
| Exchange differences | 1,526 | 2,140
| Depreciation of tangible fixed assets | 207,149 | 222,114
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 10,500 | 10,000
| Other services relating to taxation | 1,850 | 1,750
Page 20
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,180,892 | 2,179,822
| Social security costs | 184,403 | 175,805
| Employer contributions to employee's pensions | 6,013 | 30,760
| Employer contributions to directors' pensions | 36,246 | 9,321
| Health insurance costs | 11,067 | 8,687
| Other staff costs | 45,535 | 16,809
|  | 2,464,156 | 2,421,204
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Selling and distribution | 48 | 47
|  | Administration | 12 | 10
|  |  | 60 | 57
| The company operates a defined contribution pension scheme in respect of employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £42,259 (2024: £40,081). Key management remuneration: Amounts of £276,439 (2024: £286,289) were paid to directors and connected persons who are considered the key management personnel during the year.
Page 21
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 235,075 | 272,000
| Company contributions to defined contribution pension schemes | 36,246 | 9,321
| Directors' health insurance | 5,118 | 4,968
|  | 276,439 | 286,289
| The highest paid director received total remuneration of £276,439 (2024 - £286,289).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36,246 (2024 - £9,321).
| The total accrued pension provision of the highest paid director at 31 March 2025 amounted to £NIL (2024 - £NIL).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 45,598 | -
|  | 45,598 | -
Page 22
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 159,950 | 251,360
|  | 159,950 | 251,360
| Total current tax | 159,950 | 251,360
| Deferred tax |  |
| Origination and reversal of timing differences (note 16) | 20,043 | 32,821
| Total deferred tax | 20,043 | 32,821
| Tax on profit | 179,993 | 284,181
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 716,819 | 810,299
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 179,205 | 202,575
| Effects of: |  |
| Expenses not deductible for tax purposes | 2,659 | 1,391
| Capital allowances for year in excess of depreciation | (11,805) | 61,025
| Profit on sale of tangible assets | (10,109) | (13,625)
| Origination and reversal of timing differences | 20,043 | 32,821
| Other timing differences leading to an increase in taxation | - | (6)
| Total tax charge for the year | 179,993 | 284,181
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 500,000 | -
|  | 500,000 | -
Page 24
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
|  | Leasehold improvements | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 246,596 | 586,555 | 257,252 | 226,303 | 1,316,706
| Additions | 81,486 | 250,490 | 55,193 | 16,283 | 403,452
| Disposals | - | (162,472) | - | - | (162,472)
| At 31 March 2025 | 328,082 | 674,573 | 312,445 | 242,586 | 1,557,686
| Depreciation |  |  |  |  |
| At 1 April 2024 | 167,936 | 350,504 | 215,103 | 224,213 | 957,756
| Charge for the year on owned assets | 23,331 | 156,948 | 21,453 | 5,417 | 207,149
| Disposals | - | (106,840) | - | - | (106,840)
| At 31 March 2025 | 191,267 | 400,612 | 236,556 | 229,630 | 1,058,065
| Net book value |  |  |  |  |
| At 31 March 2025 | 136,815 | 273,961 | 75,889 | 12,956 | 499,621
| At 31 March 2024 | 78,660 | 236,051 | 42,149 | 2,090 | 358,950
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 2,417,296 | 1,552,912
|  | 2,417,296 | 1,552,912
| Stocks are stated net of a specific provision for obsolescence of £190,015 (2024: £249,331).
Page 25
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,315,174 | 3,270,831
| Amounts owed by group undertakings (note 20) | 16,744 | 35,267
| Other debtors | 215,379 | 219,766
| Prepayments and accrued income | 71,910 | 58,313
|  | 3,619,207 | 3,584,177
| Trade debtors are stated net of a specific provision for impairment of £238,761 (2024: £270,107). Amounts due from group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank | 1,836,309 | 2,773,440
|  | 1,836,309 | 2,773,440
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,581,617 | 1,353,291
| Corporation tax | 23,239 | 123,289
| Other taxation and social security | 269,362 | 269,367
| Other creditors | 10,057 | -
| Accruals and other creditors | 594,018 | 686,261
|  | 2,478,293 | 2,432,208
Page 26
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (86,451)
| Debited to profit or loss | (20,043)
| At end of year | (106,494)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (106,494) | (86,451)
|  | (106,494) | (86,451)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000,000 (2024 - 1,000,000) Ordinary shares shares of £1.00 each | 1,000,000 | 1,000,000
19. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 159,550 | 162,650
| Later than 1 year and not later than 5 years | 486,592 | 482,392
| Later than 5 years | 168,108 | 280,667
|  | 814,250 | 925,709
Page 27
CENTURY ELECTRICAL WHOLESALE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Related party transactions
| In accordance with FRS 102, transactions between group companies which are 100% owned within the group, which are eliminated on consolidation in the group accounts, have not been disclosed. Transactions with related entities: During the year, the company paid rent on properties to a company related by commonality of directors and ownership of £71,250 net of VAT (2024: £71,250). The amount was fully paid during the year.
21. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
22. | Controlling party
The immediate parent company and controlling party is National Electrical Wholesalers (Irl) Limited which holds 100% of the ordinary share capital of the company. The ultimate parent undertaking is The Collins Family Partnership, a general partnership.
Page 28