UK Electrical Wholesale (Chelmsford) Ltd Accounts

UK ELECTRICAL WHOLESALE (CHELMSFORD) LIMITED - Company Information






UK Electrical Wholesale (Chelmsford) Ltd

	Company No. 07700993
		Information for Filing with The Registrar
		31 March 2020

The Directors present their report and the accounts for the year ended 31 March 2020.

Principal activities
The principal activity of the company during the year under review was electrical wholesalers.




Directors

The Directors who served at any time during the year were as follows:

K.J. Loke
C.J. Pope




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

K.J. Loke
Director
24 July 2020

at	31 March 2020
Company No.		07700993	Notes	2020	2019
				£	£
Fixed assets

	Tangible assets		4	181,868	175,976


				181,868	175,976
Current assets
	Stocks		5	542,759	526,769
	Debtors		6	446,542	538,678

	Cash at bank and in hand			27,308	8,824
				1,016,609	1,074,271
Creditors: Amount falling due within one year			7	(532,415)	(599,965)
Net current assets				484,194	474,306
Total assets less current liabilities				666,062	650,282

Provisions for liabilities
	Deferred taxation		9	(33,914)	(32,681)

Net assets				632,148	617,601

Capital and reserves
	Called up share capital			4	4



	Profit and loss account		10	632,144	617,597

Total equity				632,148	617,601



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 July 2020
And signed on its behalf by:
K.J. Loke
Director
24 July 2020

for the year ended 31 March 2020

General information

Its registered number is: 07700993

Its registered office is:

Its trading address is:

1 Second Avenue

5 Atholl Road

Halstead

Dukes Park Industrial Estate

Essex

Chelmsford

Essex

CO9 2SU

CM2 6TB

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 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.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

15% Reducing balance

Motor vehicles

15% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

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 payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2020	2019
			Number	Number
		The average number of persons employed during the year :	12	11

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 April 2019	6,033	2,345	50,934	218,623	277,935
		Additions	-	-	28,677	5,232	33,909



		At 31 March 2020	6,033	2,345	79,611	223,855	311,844
		Depreciation
		At 1 April 2019	2,060	1,651	13,541	84,707	101,959
		Charge for the year	603	104	6,326	20,984	28,017



		At 31 March 2020	2,663	1,755	19,867	105,691	129,976
		Net book values
		At 31 March 2020	3,370	590	59,744	118,164	181,868
		At 31 March 2019	3,973	694	37,393	133,916	175,976

5	Stocks
			2020	2019
			£	£


		Finished goods	542,759	526,769
			542,759	526,769

6	Debtors
			2020	2019
			£	£
		Trade debtors	413,432	502,043





		Other debtors	800	-
		Prepayments and accrued income	32,310	36,635
			446,542	538,678

7	Creditors:
		amounts falling due within one year
			2020	2019
			£	£

		Bank loans and overdrafts	21,987	47,837


		Trade creditors	391,143	414,814

		Corporation tax	53,962	68,578
		Other taxes and social security	57,511	63,749

		Other creditors	5,617	2,835
		Accruals and deferred income	2,195	2,152
			532,415	599,965

		The bank loan is secured against the trade debtors of the company.

8	Creditors: secured liabilities
			2020	2019
			£	£
		The aggregate amount of secured liabilities included within creditors	21,987	47,837

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2019	32,681	32,681
		Charge to the profit and loss account for the period	1,233	1,233

		At 31 March 2020	33,914	33,914



			2020	2019
			£	£
		Accelerated capital allowances	33,914	32,681



			33,914	32,681

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2020	2019
			£	£
		Dividends for the period:
		Dividends paid in the period	211,250	211,625

			211,250	211,625

		Dividends by type:

		Equity dividends	211,250	211,625
			211,250	211,625

12	Related party disclosures
				2020	2019
		Transactions with related parties		£	£

		Name of related party	UK Electrical Wholesale Ltd
		Description of relationship between the parties	C Pope is a director of both companies
		Description of transaction and general amounts involved	Goods and services purchased from this company during the year of £16,994 (2019: £26,732). Sales made to this company during the year £45,555 (2019: £23,247). All transactions were undertaken on normal commercial terms and on an arms length basis.
		Amount due from/(to) the related party		(70)	1,041

UK Electrical Wholesale (Chelmsford) Ltd0770099331 March 202001 April 2019false24 July 2020BTCSoftware AP Solution 2020 7.2.067.2.06true077009932019-04-012020-03-31077009932020-03-31077009932019-03-3107700993core:WithinOneYear2020-03-3107700993core:WithinOneYear2019-03-3107700993core:ShareCapital2020-03-3107700993core:ShareCapital2019-03-3107700993core:RetainedEarningsAccumulatedLosses2020-03-3107700993core:RetainedEarningsAccumulatedLosses2019-03-3107700993bus:RegisteredOffice2019-04-012020-03-3107700993core:PlantMachinery2019-04-012020-03-3107700993core:MotorVehicles2019-04-012020-03-3107700993core:FurnitureFittingsToolsEquipment2019-04-012020-03-31077009932018-04-012019-03-3107700993core:LandBuildings2019-04-0107700993core:PlantMachinery2019-04-0107700993core:MotorVehicles2019-04-0107700993core:FurnitureFittingsToolsEquipment2019-04-01077009932019-04-0107700993core:LandBuildings2019-04-012020-03-3107700993core:LandBuildings2020-03-3107700993core:PlantMachinery2020-03-3107700993core:MotorVehicles2020-03-3107700993core:FurnitureFittingsToolsEquipment2020-03-3107700993core:LandBuildings2019-03-3107700993core:PlantMachinery2019-03-3107700993core:MotorVehicles2019-03-3107700993core:FurnitureFittingsToolsEquipment2019-03-3107700993core:WithinOneYear2019-04-012020-03-3107700993core:Secured2020-03-3107700993core:Secured2019-03-3107700993core:AcceleratedTaxDepreciationDeferredTax2020-03-3107700993core:AcceleratedTaxDepreciationDeferredTax2019-03-3107700993core:RetainedEarningsAccumulatedLosses2019-04-012020-03-3107700993bus:AllOrdinaryShares2019-04-012020-03-3107700993core:EntityWithJointControlOrSignificantInfluence12019-04-012020-03-3107700993core:EntityWithJointControlOrSignificantInfluence12020-03-3107700993core:EntityWithJointControlOrSignificantInfluence12019-03-3107700993bus:SmallEntities2019-04-012020-03-3107700993bus:FullAccounts2019-04-012020-03-3107700993bus:AuditExempt-NoAccountantsReport2019-04-012020-03-3107700993bus:Director12019-04-012020-03-3107700993bus:PrivateLimitedCompanyLtd2019-04-012020-03-31iso4217:GBPxbrli:pure