Group B Wholesale Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01020449 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Group B Wholesale Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Bevan

Mrs J L Bevan

SECRETARY:

Mrs J L Bevan

REGISTERED OFFICE:

436 - 438 Uxbridge Road

London

W12 0NS

REGISTERED NUMBER:

01020449 (England and Wales)

ACCOUNTANTS:

Visionary Accountants

2 Adelaide Street

St Albans

Hertfordshire

AL3 5BH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

30,042

-

30,042

CURRENT ASSETS

Stocks

-

258,222

Debtors

6

98,125

328,495

Cash at bank and in hand

71,898

100,465

170,023

687,182

CREDITORS

Amounts falling due within one year

7

125,201

153,389

NET CURRENT ASSETS

44,822

533,793

TOTAL ASSETS LESS CURRENT LIABILITIES

44,822

563,835

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

44,722

563,735

SHAREHOLDERS' FUNDS

44,822

563,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2023 and were signed on its behalf by:

Mr D J Bevan - Director

1.	STATUTORY INFORMATION

Group B Wholesale Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been amortised evenly over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

25% on reducing balance and 15% on reducing balance

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 10 (2021 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

25,000

Disposals

(25,000

)

At 31 December 2022

-

AMORTISATION

At 1 January 2022

25,000

Eliminated on disposal

(25,000

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

112,028

Disposals

(112,028

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

81,986

Charge for year

2,768

Eliminated on disposal

(84,754

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

30,042

6.

DEBTORS

31.12.22

31.12.21

£

£

Amounts falling due within one year:

Trade debtors

8,348

136,100

Amounts owed by group undertakings

-

9,651

Other debtors

58,501

182,744

66,849

328,495

Amounts falling due after more than one year:

Other debtors

31,276

-

Aggregate amounts

98,125

328,495

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

-

134,840

Amounts owed to group undertakings

125,201

-

Taxation and social security

-

13,892

Other creditors

-

4,657

125,201

153,389

8.	RELATED PARTY DISCLOSURES

During the year the company held a loan account with Group B Holdings Limited. A company which is the ultimate controlling party of Group B Wholesale Limited. At the year end the company owed £125,201 to Group B Holdings Limited (2021 - £9,650 owed to Group B Wholesale Limited). This loan is unsecured, interest free and repayable on demand.

During the year the company paid Group B Holdings Limited dividends totalling £200,000 (2021 - £85,000).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Group B Holdings Limited.