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REGISTERED NUMBER:
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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REGISTERED NUMBER:
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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BALANCE SHEET |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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BALANCE SHEET - continued |
31 MARCH 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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L. B. Electrical Wholesale Distributors Limited is a
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England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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The financial statements are presented in the British Pound Sterling (£) which is also the functional |
currency for the company. |
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Going concern |
The accounts are prepared on a going concern basis. The use of the going concern basis of |
accounting is appropriate because there are no material uncertainties related to events or conditions |
that may cast significant doubt about the ability of the company to continue as a going concern. |
However, the company is reliant upon the directors, trade creditors and the bank for their continuing |
financial support. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
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The directors consider that there are no significant judgements or estimates in the preparation of these |
financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and |
value added taxes. Turnover includes revenue earned from the rendering of services and rental |
income. |
L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Plant and machinery, fixtures and fittings, motor vehicles and computer equipment are measured at |
cost less accumulated depreciation and accumulated impairment losses. |
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At each reporting date, plant and machinery, fixtures and fittings, motor vehicles and computer |
equipment are reviewed to determine whether there is any indication that those assets have suffered |
an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If the estimated recoverable |
amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an |
impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the |
revised estimate of its recoverable amount, but not in excess of the amount that would have been |
determined had no impairment loss been recognised for the asset in prior years. A reversal of |
impairment is recognised immediately in profit or loss. |
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Depreciation has been computed to write off the cost of the plant and machinery, fixtures and fittings, |
motor vehicles and computer equipment over their useful expected lives using the following rates: |
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Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 25% on reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest . Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Trade and other creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
value net of their transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
deposits with an original maturity date of three months or less. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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L. B. ELECTRICAL WHOLESALE |
DISTRIBUTORS LIMITED (REGISTERED NUMBER: 02694757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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