Company Registration No. 01962647 (England and Wales)
WESTMINSTER ELECTRICAL WHOLESALERS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2014
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 2014
30 November 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
51,624
62,374
Current assets
Stocks
747,750
957,210
Debtors
495,580
488,482
Cash at bank and in hand
195,756
180,746
1,439,086
1,626,438
Creditors: amounts falling due within one year
(527,203)
(723,639)
Net current assets
911,883
902,799
Total assets less current liabilities
963,507
965,173
Creditors: amounts falling due after more than one year
(500,000)
(500,000)
Provisions for liabilities
(9,436)
(11,509)
454,071
453,664
Capital and reserves
Called up share capital
3
101
101
Profit and loss account
453,970
453,563
Shareholders' funds
454,071
453,664
WESTMINSTER ELECTRICAL WHOLESALERS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2014
30 November 2014
- 2 -
For the financial year ended 30 November 2014 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 3 June 2015
S. Droy
Director
Company Registration No. 01962647
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2014
- 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 April 2008).
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
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 2014
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2013
157,611
Additions
2,989
Disposals
(215)
At 30 November 2014
160,385
Depreciation
At 1 December 2013
95,238
On disposals
(107)
Charge for the year
13,630
At 30 November 2014
108,761
Net book value
At 30 November 2014
51,624
At 30 November 2013
62,374
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
101 Ordinary shares of £1 each
101
101