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Registered number: 01479269
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| WILSON ELECTRICAL DISTRIBUTORS LIMITED
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
COMPANY INFORMATION
Director | A J Powell
Company secretary | A J Powell
Registered number | 01479269
Registered office | Unit 8
| Midleton Industrial Estate
| Guildford
| Surrey
| GU2 8XN
Independent auditors | Menzies LLP
| Chartered Accountants & Statutory Auditor
| Victoria House
| 50-58 Victoria Road
| Farnborough
| Hampshire
| GU14 7PG
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
CONTENTS
| Page
Strategic Report | 1
Director's Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Analysis of Net Debt | 12
Notes to the Financial Statements | 13 - 22
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Director presents the strategic report for the year ended 31 March 2026.
Business review
Our main activity is the supply of electrical materials and products. This year, although the pre-tax profits have only risen slightly, from £1.33 to £1.38 million, this represents a much improved performance from the previous year. We have increased our turnover from £23.8 to £25.9 million in a difficult market and although our gross profit percentage has fallen our market penetration has risen and continues to rise. The effects of good recruitment and local initiatives are keeping us moving forward. Government policies have added £200,000 to our costs but our finance team have worked tirelessly to counteract some of this. To sum up we are moving forward but the next year will be difficult as our costs will continue to rise at an above inflation rate. The Company's key financial and other performance indicators during the year were as follows:
Principal risks and uncertainties
The outlook for the UK economy is not good, increasing unemployment, cost of living and taxation rises conspire to make life difficult and even more difficult to predict. Whilst we are currently outperforming the market, both local competition and on-line seller’s pricing policies continue to make life challenging. Bad debts have risen over the last year but not above historical levels, our customer mix shields us from the very big numbers, we must all work together to control failures, a sale is only good when we receive payment. Having said that we will continue to support our customers who need it, if only they will work with us. We still believe that there is a demand for local well stocked branches with helpful and knowledgeable staff. We cannot see an increase in our market , so we will continue to grow our market share and hope the government will not find new ways of making life difficult. This report was approved by the board and signed on its behalf by:
................................................ A J Powell Director
Date: 15 July 2026
Page 1
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Director presents his report and the financial statements for the year ended 31 March 2026.
Director's responsibilities statement
The Director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,017,191 (2025 - £997,950). No ordinary dividends were paid during the year 2026 (2025 - £NIL).
Director
The Director who served during the year was:
A J Powell
Disclosure of information to auditors
The Director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Auditors
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf by:
................................................ A J Powell Director
Date: 15 July 2026
Page 3
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON ELECTRICAL DISTRIBUTORS LIMITED
Opinion
We have audited the financial statements of Wilson Electrical Distributors Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Analysis of net debt, the Statement of financial position, the Statement of cash flows, 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 2026 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON ELECTRICAL DISTRIBUTORS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Director's responsibilities statement set out on page 2, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Page 5
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON ELECTRICAL DISTRIBUTORS 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. 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: • The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation, GDPR and the tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. • We understood how the Company is complying with legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments made by management in its significant accounting estimates; and - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. The assessment did not identify any issues in these areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON ELECTRICAL DISTRIBUTORS LIMITED (CONTINUED)
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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Mike Ayres FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Victoria House 50-58 Victoria Road Farnborough Hampshire GU14 7PG Date: 15 July 2026 Page 7
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 25,939,671 | 23,801,135
Cost of sales |  | (22,213,823) | (20,185,460)
Gross profit |  | 3,725,848 | 3,615,675
Administrative expenses |  | (2,530,278) | (2,577,844)
Other operating income | 5 | 104,235 | 104,235
Operating profit | 6 | 1,299,805 | 1,142,066
Interest receivable and similar income | 9 | 78,509 | 190,225
Profit before tax |  | 1,378,314 | 1,332,291
Tax on profit | 10 | (361,123) | (334,341)
Profit for the financial year |  | 1,017,191 | 997,950
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 13 to 22 form part of these financial statements.
Page 8
WILSON ELECTRICAL DISTRIBUTORS LIMITED REGISTERED NUMBER:01479269 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 4,108,536 |  | 4,149,159
Investment property | 12 |  | 609,842 |  | 609,842
|  |  | 4,718,378 |  | 4,759,001
Current assets |  |  |  |  |
Stocks | 13 | 3,790,566 |  | 3,309,765 |
Debtors: amounts falling due within one year | 14 | 5,360,670 |  | 4,353,264 |
Cash at bank and in hand |  | 3,122,643 |  | 2,832,225 |
|  | 12,273,879 |  | 10,495,254 |
Creditors: amounts falling due within one year | 15 | (3,730,596) |  | (2,991,805) |
Net current assets |  |  | 8,543,283 |  | 7,503,449
Total assets less current liabilities |  |  | 13,261,661 |  | 12,262,450
Net assets |  |  | 13,261,661 |  | 12,262,450
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 33,346 |  | 33,404
Share premium account | 17 |  | 249,204 |  | 245,496
Capital redemption reserve | 17 |  | 21,870 |  | 21,800
Profit and loss account | 17 |  | 12,957,241 |  | 11,961,750
|  |  | 13,261,661 |  | 12,262,450
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A J Powell
Director
Date: 15 July 2026
The notes on pages 13 to 22 form part of these financial statements. Page 9
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 46,374 | 233,736 | 8,790 | 14,966,750 | 15,255,650
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 997,950 | 997,950
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 40 | 11,760 | - | - | 11,800
Purchase of own shares | (13,010) | - | 13,010 | (4,002,950) | (4,002,950)
At 1 April 2025 | 33,404 | 245,496 | 21,800 | 11,961,750 | 12,262,450
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,017,191 | 1,017,191
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 12 | 3,708 | - | - | 3,720
Purchase of own shares | (70) | - | 70 | (21,700) | (21,700)
At 31 March 2026 | 33,346 | 249,204 | 21,870 | 12,957,241 | 13,261,661
| The notes on pages 13 to 22 form part of these financial statements.
Page 10
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,017,191 | 997,950
Adjustments for: |  |
Depreciation of tangible assets | 165,890 | 182,323
Loss on disposal of tangible assets | (834) | (31,560)
Interest received | (78,509) | (190,225)
Taxation charge | 361,123 | 334,341
(Increase)/decrease in stocks | (480,801) | 138,295
(Increase)/decrease in debtors | (1,007,406) | 284,211
Increase/(decrease) in creditors | 709,654 | (193,646)
Corporation tax (paid) | (331,986) | (224,280)
Net cash generated from operating activities | 354,322 | 1,297,409
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (127,433) | (191,463)
Sale of tangible fixed assets | 3,000 | 129,354
Interest received | 78,509 | 190,225
Net cash from investing activities | (45,924) | 128,116
Cash flows from financing activities |  |
Issue of ordinary shares | 3,720 | 11,800
Purchase of ordinary shares | (21,700) | (4,002,950)
Net cash used in financing activities | (17,980) | (3,991,150)
Net increase/(decrease) in cash and cash equivalents | 290,418 | (2,565,625)
Cash and cash equivalents at beginning of year | 2,832,225 | 5,397,850
Cash and cash equivalents at the end of year | 3,122,643 | 2,832,225
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,122,643 | 2,832,225
The notes on pages 13 to 22 form part of these financial statements.
Page 11
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2026
| At 1 April 2025 | Cash flows | At 31 March 2026
| £ | £ | £
Cash at bank and in hand | 2,832,225 | 290,418 | 3,122,643
| 2,832,225 | 290,418 | 3,122,643
The notes on pages 13 to 22 form part of these financial statements.
Page 12
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Wilson Electrical Distributors Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The registered office, which is also the principal place of business, is disclosed on the company information page. 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 Company's functional and presentational currency is GBP, which is also rounded to the nearest pound sterling. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Revenue
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in the financial statements when goods are dispatched to the customer. Rent receivable Rent receivable is recognised on an accruals basis relating to the period of the lease.
| 2.4 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.5 | Operating leases: the Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Page 13
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 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. Depreciation is provided on the following basis:
|  |  |  | Leasehold land and buildings | - | Over the lease term
|  |  |  | Motor vehicles | - | 25% straight line method
|  |  |  | Fixtures and fittings | - | 20% straight line method
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. Freehold property is reviewed annually for depreciation. No depreciation has been charged because the Directors estimate that the residual value of the property is not materially different from its carrying amount. Any building alterations made to the freehold property are depreciated over their useful life of 5 - 20 years. Page 14
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.9 | Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Material changes in fair value are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each 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.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Stock provision Stock values can decrease due to obsolescence. A provision is therefore determined based on each stockline's movement history. The methodology used to calculate the stock provision is based on the sales history of all items in stock. Where stock has been held for at least 12 months and there have been no sales in the most recent 12 months, a 100% provision of the stock value is made. Bad debt provision An estimated provision is made for bad debts when collection of the full amount is no longer probable and the amount of the loss is recognised in the income statement within administrative expenses. The provision is calculated using management's past experience, knowledge of customers and general market conditions. Page 15
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Sale of goods | 25,939,671 | 23,801,135
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Rents receivable | 104,235 | 104,235
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Auditors' remuneration | 19,750 | 16,900
| Depreciation expense | 165,890 | 182,323
| Operating lease rentals | 306,602 | 306,611
| Profit on sale of tangible fixed assets | (834) | (31,560)
Page 16
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | Employees
| Staff costs, including Director's remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 4,098,060 | 4,051,262
| Social security costs | 531,300 | 440,092
| Cost of defined contribution scheme | 170,755 | 171,328
|  | 4,800,115 | 4,662,682
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Administration and management | 16 | 15
|  | Sales and operations | 86 | 84
|  |  | 102 | 99
8. | Director's remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Director's emoluments | 163,627 | 265,075
| Company contributions to defined contribution pension schemes | 2,625 | 9,600
|  | 166,252 | 274,675
| During the year retirement benefits were accruing to 1 Director (2025 - 2) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £163,627 (2025 - £161,518).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,625 (2025 - £4,800).
9. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Interest on bank deposits | 78,509 | 190,225
Page 17
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
10. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 358,856 | 336,164
| Adjustments in respect of previous periods | 2,267 | (1,823)
| Total current tax | 361,123 | 334,341
| Tax on profit | 361,123 | 334,341
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 -25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,378,314 | 1,332,291
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 344,579 | 333,073
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 4,023 | 3,091
| Expenses not deductible for tax purposes | 3,783 | -
| Adjustments to tax charge in respect of prior periods | 2,267 | (1,823)
| Other timing differences leading to an increase in taxation | 6,471 | -
| Total tax charge for the year | 361,123 | 334,341
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 18
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Tangible fixed assets
|  | Freehold land and buildings | Leasehold land and buildings | Fixtures and fittings | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2025 | 3,339,007 | 778,808 | 583,045 | 631,978 | 5,332,838
| Additions | - | - | 26,983 | 100,450 | 127,433
| Disposals | - | - | (6,850) | (21,318) | (28,168)
| At 31 March 2026 | 3,339,007 | 778,808 | 603,178 | 711,110 | 5,432,103
| Depreciation |  |  |  |  |
| At 1 April 2025 | 67,697 | 210,531 | 527,381 | 378,070 | 1,183,679
| Charge for the year | 3,120 | 17,308 | 20,769 | 124,693 | 165,890
| Disposals | - | - | (4,684) | (21,318) | (26,002)
| At 31 March 2026 | 70,817 | 227,839 | 543,466 | 481,445 | 1,323,567
| Net book value |  |  |  |  |
| At 31 March 2026 | 3,268,190 | 550,969 | 59,712 | 229,665 | 4,108,536
| At 31 March 2025 | 3,271,310 | 568,277 | 55,664 | 253,908 | 4,149,159
| Included within the net book value of land and buildings above is £3,268,190 (2025 - £3,271,310) in respect of freehold land and building, £543,002 (2025 - £557,438) in respect of long leasehold land and buildings and £7,967 (2025 - £10,839) in respect of short leasehold land and buildings.
12. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2025 | 609,842
| At 31 March 2026 | 609,842
Investment property comprises of buildings that are leased out to third parties. The 2026 valuations were made by reference to market evidence of transaction prices for similar properties, on an open market value basis.
Page 19
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,790,566 | 3,309,765
14. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 4,922,674 | 3,868,244
| Other debtors | 320,150 | 290,511
| Prepayments and accrued income | 117,846 | 194,509
|  | 5,360,670 | 4,353,264
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 2,172,701 | 1,580,432
| Corporation tax | 358,856 | 329,719
| Other taxation and social security | 446,739 | 415,500
| Other creditors | 19,033 | 18,761
| Accruals and deferred income | 733,267 | 647,393
|  | 3,730,596 | 2,991,805
Page 20
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
16. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,290,000 (2025 - 3,290,000) Ordinary shares of £0.01 each | 32,900 | 32,900
|  | 44,600 (2025 - 50,400) Ordinary B shares of £0.01 each | 446 | 504
|  |  | 33,346 | 33,404
| The Ordinary shares and Ordinary B shares rank pari passu in all respects except that Ordinary B shares do not carry voting rights. During the year ended 31 March 2026, 1,200 Ordinary B shares with a nominal value of £0.01 each were issued for a total consideration of £3,720. During the year ended 31 March 2026, 7,000 Ordinary B shares with a nominal value of £0.01 each were bought back by the Company for a total consideration of £21,700.
17. | Reserves
Share premium account The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve This reserve arises from a transfer made as a result of shares in the Company being redeemed wholly or partly out of distributable profits. Profit and loss account This reserve records retained earnings and accumulated losses.
18. | Pension commitments
The Company operates a defined contribution pension scheme. The contributions payable in the year are charged to the profit and loss account and amounted to £170,755 (2025 - £171,328). Commitments provided for in the accounts amounted to £209 (2025 - £440). Page 21
WILSON ELECTRICAL DISTRIBUTORS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Commitments under operating leases
| Lessee At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 307,467 | 387,274
| Later than 1 year and not later than 5 years | 869,771 | 955,605
| Later than 5 years | 1,819,150 | 2,018,250
|  | 2,996,388 | 3,361,129
| The amount of non-cancellable operating lease payments recognised as an expense during the year was £387,274 (2025 - £367,202).
| Lessor At 31 March 2026 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 102,400 | 102,400
| Later than 1 year and not later than 5 years | 333,100 | 333,100
| Later than 5 years | 267 | 102,667
|  | 435,767 | 538,167
20. | Ultimate controlling party
Following the re-purchase of the company's own share capital from the former Director, the ultimate controlling party is A J Powell.
Page 22