Company Registration No. 01750902 (England and Wales)
Trade Forward Electrical Wholesalers Limited
Unaudited
Financial Statements
for the year ended 30 April 2022
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 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,482,596
2,506,018
Current assets
Stocks
1,531,946
1,460,244
Debtors
4
80,553
82,510
Cash at bank and in hand
882,659
788,596
2,495,158
2,331,350
Creditors: amounts falling due within one year
5
(552,394)
(647,840)
Net current assets
1,942,764
1,683,510
Total assets less current liabilities
4,425,360
4,189,528
Provisions for liabilities
6
(2,144)
(5,494)
Net assets
4,423,216
4,184,034
Capital and reserves
Called up share capital
7
350
350
Profit and loss reserves
4,422,866
4,183,684
Total equity
4,423,216
4,184,034
Trade Forward Electrical Wholesalers Limited
Statement of financial position (continued)
as at 30 April 2022
- 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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 23 January 2023 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 2022
- 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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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
No depreciation
Fixtures, fittings & equipment
15% per annum on written down value
Motor vehicles
25% per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Trade Forward Electrical Wholesalers Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2022
1
Accounting policies
(continued)
- 4 -
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19 and small business rates relief. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
32
29
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2021
2,454,354
198,733
318,634
2,971,721
Disposals
(12,240)
(12,240)
At 30 April 2022
2,454,354
198,733
306,394
2,959,481
Depreciation and impairment
At 1 May 2021
46,049
179,479
240,175
465,703
Depreciation charged in the year
2,888
19,615
22,503
Eliminated in respect of disposals
(11,321)
(11,321)
At 30 April 2022
46,049
182,367
248,469
476,885
Carrying amount
At 30 April 2022
2,408,305
16,366
57,925
2,482,596
At 30 April 2021
2,408,305
19,254
78,459
2,506,018
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
60,679
39,535
Other debtors
22,401
Prepayments and accrued income
19,874
20,574
80,553
82,510
Trade Forward Electrical Wholesalers Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
246,138
452,356
Corporation tax
114,805
92,172
Other taxation and social security
43,906
7,487
Other creditors
135,611
80,226
Accruals and deferred income
11,934
15,599
552,394
647,840
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
2,144
5,494
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
125
125
125
125
Ordinary B shares of £1 each
225
225
225
225
350
350
350
350
8
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 (2021 - £52,039).
9
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.