REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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FOR |
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ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED |
ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED |
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COMPANY INFORMATION |
for the year ended 30 June 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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BALANCE SHEET |
30 June 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET (LIABILITIES)/ASSETS | ( |
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RESERVES |
Income and expenditure account | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Associated Electrical Distributors Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Due to the COVID-19 situation, the company looked at ways to support their membership and therefore reduced members' subscription income in y.e. 30.06.2021. As a result of this, the company has reported a loss for the year. |
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The company has net liabilities of £105,197 at the year end but the financial statements have been prepared on the going concern basis. The company has received subscription income in full for the 2021/22 year after the balance sheet date and the company has prepared budgets which reflect the directors position that the company has the ability to continue trading on the going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The policies adopted for the recognition of turnover is as follows:- |
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Income from members |
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Income from members can be in the form of subscription income, member fines and joining fees. This is all invoiced and sales ledger invoices are recognised at the date of invoice. |
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Prepayments and accrued income, other debtors and deferred income are recognised as appropriate. |
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Catalogue income |
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The company recognises profits on each version of their catalogue when the issue is finished. |
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Conference income |
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The company collects income from it's suppliers and members on an invoice basis for an annual conference. This is shown in a separate account in the financial statements under reserves and any conference expenditure is set against it. |
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Marketing support income |
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Marketing support income is recognised on an invoice basis and is made up of revenue received from industry suppliers and is calculated as a percentage of member rebates received, excluding discounts, rebates, value added tax and other sales taxes. |
ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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As the company falls under the category of a mutual trading body it's only taxed on it's external income. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
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Debtors and creditors receivable/payable within 1 year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter |
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The interest element of these obligations is charged to surplus or deficit over the relevant period. The |
capital element of the future payments is treated as a liability. |
ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 July 2020 |
and 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Hire purchase contracts | 12,977 | 18,743 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | LIMITED LIABILITY |
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The company is a company limited by guarantee and does not have any share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up, such amounts as may be required for the payments of its debts and liabilities not exceeding £1. |
ASSOCIATED ELECTRICAL DISTRIBUTORS |
LIMITED (REGISTERED NUMBER: 01234173) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2021 |
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13. | CAPITAL AND RESERVES |
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General | Conferences | Marketing | Total |
£ | £ | £ | £ |
At 1st July 2020 | 352,427 | (146,182 | ) | - | 206,245 |
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Profit/(loss) for the year | (339,546 | ) | - | 34,744 | (304,802 | ) |
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Taxation charge | (38 | ) | - | (6,602 | ) | (6,640 | ) |
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At 30th June 2021 | 12,843 | (146,182 | ) | 28,142 | (105,197 | ) |