The Electronics Warehouse Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07933123

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

The Electronics Warehouse Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N Hakim

SECRETARY:

REGISTERED OFFICE:

Unit 1b Barton Hill Trading Estate

Herapath Street

Bristol

BS5 9RD

REGISTERED NUMBER:

07933123

ACCOUNTANTS:

Wormald & Partners

Chartered Accountants (ICAEW)

Redland House

157 Redland Road

Redland

Bristol

BS6 6YE

FIXED ASSETS

Tangible assets

4

23,555

100,123

CURRENT ASSETS

Stocks

197,755

223,140

Debtors

5

463,538

75,587

Cash at bank and in hand

133,454

166,693

794,747

465,420

CREDITORS

Amounts falling due within one year

6

143,851

170,166

NET CURRENT ASSETS

650,896

295,254

TOTAL ASSETS LESS CURRENT LIABILITIES

674,451

395,377

CREDITORS

Amounts falling due after more than one year

7

(99,667

)

(130,000

)

PROVISIONS FOR LIABILITIES

(7,021

)

(10,784

)

NET ASSETS

567,763

254,593

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

567,363

254,193

SHAREHOLDERS' FUNDS

567,763

254,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

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

(b)

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 June 2022 and were signed by:

N Hakim - Director

1.	STATUTORY INFORMATION

The Electronics Warehouse Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the Directors believe that the Company has sufficient support from existing shareholders to enable it to trade and be profitable for a period of at least 12 months from the date that the unaudited financial statements are signed.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on straight line basis

Fixtures and fittings

-

15% on reducing balance basis

Motor vehicles

-

25% on reducing balance basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2021

4,979

2,843

100,224

108,046

Additions

11,343

-

16,250

27,593

Disposals

-

-

(100,224

)

(100,224

)

At 31 December 2021

16,322

2,843

16,250

35,415

DEPRECIATION

At 1 January 2021

4,738

1,097

2,088

7,923

Charge for year

1,700

262

4,063

6,025

Eliminated on disposal

-

-

(2,088

)

(2,088

)

At 31 December 2021

6,438

1,359

4,063

11,860

NET BOOK VALUE

At 31 December 2021

9,884

1,484

12,187

23,555

At 31 December 2020

241

1,746

98,136

100,123

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

7,689

16,095

Other debtors

63,310

-

Loans - Matrix Office Supplies

40,031

-

Loans - NRZ Properties

339,192

34,692

Directors' loan accounts

-

21,430

VAT

9,924

-

Prepayments

3,392

3,370

463,538

75,587

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

15,167

-

Trade creditors

30,361

9,754

Tax

86,236

50,066

Social security and other taxes

1,659

13,625

Other creditors

2,545

61

Loan - Matrix Office Supplies

-

85,970

Loan - V Gonzalez

-

6,690

Directors' loan accounts

80

-

Accrued expenses

7,803

4,000

143,851

170,166

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

99,667

130,000

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £21,100 (2020 - £36,000) were paid to the director .

Mr Nasser Hakim is a controlling shareholder of Matrix Office Supplies Limited

During the period, the company paid £34,500 (2020: £30,000) in rent. The company also has a the debtor due from the above company of £40,031 (2020: £85,970 creditor).

During the year, the company made purchases of £5,503,722 (2020: £2,617,040) at normal commercial rates.

Mr Nasser Hakim is a controlling shareholder of NRZ Properties Limited

The company also has a debtor due from the above company of £339,192 (2020: £34,692).

9.	ULTIMATE CONTROLLING PARTY

The controlling party is N Hakim.