Company Registration No. 01962647 (England and Wales)
WESTMINSTER ELECTRICAL WHOLESALERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
WESTMINSTER ELECTRICAL WHOLESALERS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
WESTMINSTER ELECTRICAL WHOLESALERS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,935
52,347
Current assets
Stocks
551,384
577,488
Debtors
4
549,225
561,636
Cash at bank and in hand
94,557
100,856
1,195,166
1,239,980
Creditors: amounts falling due within one year
5
(507,058)
(511,549)
Net current assets
688,108
728,431
Total assets less current liabilities
731,043
780,778
Creditors: amounts falling due after more than one year
6
(400,000)
(400,000)
Provisions for liabilities
(7,500)
(9,392)
Net assets
323,543
371,386
Capital and reserves
Called up share capital
7
101
101
Profit and loss reserves
323,442
371,285
Total equity
323,543
371,386
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 November 2017 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.
WESTMINSTER ELECTRICAL WHOLESALERS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2018 and are signed on its behalf by:
S. Droy
Director
Company Registration No. 01962647
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Westminster Electrical Wholesalers Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Higgison House, 381/383 City Road, London, EC1V 1NW.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents amounts receivable for goods net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are stated at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over 20 years
Plant and machinery
33% Straight line
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
33% Straight line
Motor vehicles
25% Reducing balance
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
.
1.4
Stocks
Stocks
are
valued at the lower of cost and net realisable value.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2016 - 13).
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2016
31,888
123,901
155,789
Additions
-
2,053
2,053
Disposals
-
(10,982)
(10,982)
At 30 November 2017
31,888
114,972
146,860
Depreciation and impairment
At 1 December 2016
8,823
94,619
103,442
Depreciation charged in the year
1,594
9,871
11,465
Eliminated in respect of disposals
-
(10,982)
(10,982)
At 30 November 2017
10,417
93,508
103,925
Carrying amount
At 30 November 2017
21,471
21,464
42,935
At 30 November 2016
23,065
29,282
52,347
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
443,969
355,467
Corporation tax recoverable
-
353
Other debtors
105,256
205,816
549,225
561,636
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
436,052
429,008
Other taxation and social security
11,170
34,617
Other creditors
59,836
47,924
507,058
511,549
WESTMINSTER ELECTRICAL WHOLESALERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
400,000
400,000
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
101 Ordinary shares of £1 each
101
101
101
101