Company Registration No. 01962647 (England and Wales)
WESTMINSTER ELECTRICAL WHOLESALERS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
WESTMINSTER ELECTRICAL WHOLESALERS LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
WESTMINSTER ELECTRICAL WHOLESALERS LTD
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
52,347
60,974
Current assets
Stocks
577,488
620,853
Debtors
561,636
576,125
Cash at bank and in hand
100,856
238,254
1,239,980
1,435,232
Creditors: amounts falling due within one year
(511,549)
(578,747)
Net current assets
728,431
856,485
Total assets less current liabilities
780,778
917,459
Creditors: amounts falling due after more than one year
(400,000)
(450,000)
Provisions for liabilities
(9,392)
(6,445)
371,386
461,014
Capital and reserves
Called up share capital
3
101
101
Profit and loss account
371,285
460,913
Shareholders' funds
371,386
461,014
WESTMINSTER ELECTRICAL WHOLESALERS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2016
30 November 2016
- 2 -
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 August 2017
S. Droy
Director
Company Registration No. 01962647
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Straight line over 20 years
Plant and machinery
33% Straight line
Computer equipment
33% Straight line
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2015
155,542
Additions
5,893
Disposals
(5,646)
At 30 November 2016
155,789
Depreciation
At 1 December 2015
94,569
On disposals
(4,556)
Charge for the year
13,429
At 30 November 2016
103,442
Net book value
At 30 November 2016
52,347
At 30 November 2015
60,974
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
101 Ordinary shares of £1 each
101
101