Company Registration No. 01750902 (England and Wales)
Trade Forward Electrical Wholesalers Limited
Financial Statements
for the year ended 30 April 2017
PAGES FOR FILING WITH REGISTRAR
Trade Forward Electrical Wholesalers Limited
Company information
Directors
S Hinchliff
G J Hinchliff
Secretary
S Hinchliff
Company number
01750902
Registered office
Trinity Business Centre
Skircoat Road
Halifax
HX1 2QZ
Accountants
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Trade Forward Electrical Wholesalers Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Trade Forward Electrical Wholesalers Limited
Statement of financial position
as at 30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,680,182
2,693,676
Current assets
Stocks
1,753,887
1,485,918
Debtors
4
87,502
105,263
Cash at bank and in hand
298,503
1,009,787
2,139,892
2,600,968
Creditors: amounts falling due within one year
5
(829,462)
(1,231,115)
Net current assets
1,310,430
1,369,853
Total assets less current liabilities
3,990,612
4,063,529
Creditors: amounts falling due after more than one year
6
-
(142,624)
Provisions for liabilities
-
(655)
Net assets
3,990,612
3,920,250
Capital and reserves
Called up share capital
8
350
350
Profit and loss reserves
3,990,262
3,919,900
Total equity
3,990,612
3,920,250
Trade Forward Electrical Wholesalers Limited
Statement of financial position (continued)
as at 30 April 2017
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2018 and are signed on its behalf by:
S Hinchliff
Director
Company Registration No. 01750902
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements
for the year ended 30 April 2017
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Transition to FRS102
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Trade Forward Electrical Wholesalers Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Turnover
Turnover
represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised when goods are invoiced to customers.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Fixtures, fittings & equipment
15% per annum on written down value
Motor vehicles
25% per annum on written down value
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences
.
Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements (continued)
for the year ended 30 April 2017
1
Accounting policies
(continued)
- 4 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 28 (2016 - 28).
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2016 and 30 April 2017
2,701,334
198,733
217,781
3,117,848
Depreciation and impairment
At 1 May 2016
78,994
155,338
189,840
424,172
Depreciation charged in the year
-
6,509
6,985
13,494
At 30 April 2017
78,994
161,847
196,825
437,666
Carrying amount
At 30 April 2017
2,622,340
36,886
20,956
2,680,182
At 30 April 2016
2,622,340
43,395
27,941
2,693,676
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
76,372
94,283
Prepayments and accrued income
11,130
10,980
87,502
105,263
Trade Forward Electrical Wholesalers Limited
Notes to the financial statements (continued)
for the year ended 30 April 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
134,188
116,705
Trade creditors
578,809
737,681
Corporation tax
25,863
35,433
Other taxation and social security
67,245
81,051
Other creditors
14,377
245,220
Accruals and deferred income
8,980
15,025
829,462
1,231,115
The bank loan is secured by a fixed charge on the asset to which it relates.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
-
142,624
The bank loan is secured by a fixed charge on the asset to which it relates.
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
-
655
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
125 Ordinary A shares of £1 each
125
125
225 Ordinary B shares of £1 each
225
225
350
350
9
Related party transactions
One of the properties from where the company operates is owned by the director's pension scheme. The company paid annual rent of £51,500 (2016 - £51,500). At the balance sheet date the company owed £Nil (2016 - £Nil) to the director's pension scheme.
10
Company information
Trade Forward Electrical Wholesalers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Trinity Business Centre, Skircoat Road, Halifax, HX1 2QZ.