false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
600,000
450,000
30,000
480,000
120,000
150,000
xbrli:pure
xbrli:shares
iso4217:GBP
04676514
2018-04-01
2019-03-31
04676514
2019-03-31
04676514
2018-03-31
04676514
2017-04-01
2018-03-31
04676514
2018-03-31
04676514
core:PlantMachinery
2018-04-01
2019-03-31
04676514
core:MotorVehicles
2018-04-01
2019-03-31
04676514
bus:LeadAgentIfApplicable
2018-04-01
2019-03-31
04676514
bus:Director1
2018-04-01
2019-03-31
04676514
bus:Director2
2018-04-01
2019-03-31
04676514
core:NetGoodwill
2018-03-31
04676514
core:NetGoodwill
2019-03-31
04676514
core:PlantMachinery
2018-03-31
04676514
core:MotorVehicles
2018-03-31
04676514
core:PlantMachinery
2019-03-31
04676514
core:MotorVehicles
2019-03-31
04676514
core:WithinOneYear
2019-03-31
04676514
core:WithinOneYear
2018-03-31
04676514
core:ShareCapital
2019-03-31
04676514
core:ShareCapital
2018-03-31
04676514
core:RetainedEarningsAccumulatedLosses
2019-03-31
04676514
core:RetainedEarningsAccumulatedLosses
2018-03-31
04676514
core:NetGoodwill
2018-04-01
2019-03-31
04676514
core:NetGoodwill
2018-03-31
04676514
core:PlantMachinery
2018-03-31
04676514
core:MotorVehicles
2018-03-31
04676514
bus:SmallEntities
2018-04-01
2019-03-31
04676514
bus:AuditExemptWithAccountantsReport
2018-04-01
2019-03-31
04676514
bus:FullAccounts
2018-04-01
2019-03-31
04676514
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
04676514
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
COMPANY REGISTRATION NUMBER:
04676514
Sharrow Electrical Wholesalers Limited
|
|
Filleted Unaudited Financial Statements
|
|
Sharrow Electrical Wholesalers Limited
|
|
Year ended 31 March 2019
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
1
|
|
|
Statement of financial position
|
2 to 3
|
|
|
Notes to the financial statements
|
4 to 7
|
|
|
Sharrow Electrical Wholesalers Limited
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Sharrow Electrical Wholesalers Limited
|
|
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sharrow Electrical Wholesalers Limited for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Sharrow Electrical Wholesalers Limited, as a body, in accordance with the terms of our engagement letter dated 10 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Sharrow Electrical Wholesalers Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharrow Electrical Wholesalers Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sharrow Electrical Wholesalers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sharrow Electrical Wholesalers Limited. You consider that Sharrow Electrical Wholesalers Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sharrow Electrical Wholesalers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
17 December 2019
Sharrow Electrical Wholesalers Limited
|
|
Statement of Financial Position
|
|
31 March 2019
Fixed assets
Intangible assets
|
5
|
120,000
|
150,000
|
Tangible assets
|
6
|
16,288
|
4,183
|
|
---------
|
---------
|
|
136,288
|
154,183
|
|
|
|
|
Current assets
Stocks
|
155,365
|
144,416
|
Debtors
|
7
|
206,806
|
182,584
|
Cash at bank and in hand
|
158,100
|
210,597
|
|
---------
|
---------
|
|
520,271
|
537,597
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
125,432
|
106,154
|
|
---------
|
---------
|
Net current assets
|
394,839
|
431,443
|
|
---------
|
---------
|
Total assets less current liabilities
|
531,127
|
585,626
|
|
|
|
|
Provisions
Taxation including deferred tax
|
3,095
|
794
|
|
---------
|
---------
|
Net assets
|
528,032
|
584,832
|
|
---------
|
---------
|
|
|
|
Sharrow Electrical Wholesalers Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2019
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
527,932
|
584,732
|
|
---------
|
---------
|
Shareholders funds
|
528,032
|
584,832
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2019 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 financial statements were approved by the
board of directors
and authorised for issue on
16 December 2019
, and are signed on behalf of the board by:
J M McKendrick
|
A E Lyons
|
Director
|
Director
|
|
|
Company registration number:
04676514
Sharrow Electrical Wholesalers Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 96 - 100 Vincent Road, Sharrow, Sheffield, S7 1BW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for electrical wholesale goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit can differ from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office Equipment
|
-
|
25% straight line
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2018:
11
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 April 2018 and 31 March 2019
|
600,000
|
|
---------
|
Amortisation
|
|
At 1 April 2018
|
450,000
|
Charge for the year
|
30,000
|
|
---------
|
At 31 March 2019
|
480,000
|
|
---------
|
Carrying amount
|
|
At 31 March 2019
|
120,000
|
|
---------
|
At 31 March 2018
|
150,000
|
|
---------
|
|
|
6.
Tangible assets
|
Office equipment
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2018
|
14,607
|
29,590
|
44,197
|
Additions
|
300
|
18,250
|
18,550
|
Disposals
|
–
|
(
15,295)
|
(
15,295)
|
|
--------
|
--------
|
--------
|
At 31 March 2019
|
14,907
|
32,545
|
47,452
|
|
--------
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 April 2018
|
13,386
|
26,628
|
40,014
|
Charge for the year
|
754
|
4,160
|
4,914
|
Disposals
|
–
|
(
13,764)
|
(
13,764)
|
|
--------
|
--------
|
--------
|
At 31 March 2019
|
14,140
|
17,024
|
31,164
|
|
--------
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 31 March 2019
|
767
|
15,521
|
16,288
|
|
--------
|
--------
|
--------
|
At 31 March 2018
|
1,221
|
2,962
|
4,183
|
|
--------
|
--------
|
--------
|
|
|
|
|
7.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
201,550
|
177,275
|
Other debtors
|
5,256
|
5,309
|
|
---------
|
---------
|
|
206,806
|
182,584
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
73,905
|
44,114
|
Corporation tax
|
14,990
|
18,035
|
Social security and other taxes
|
19,808
|
19,342
|
Other creditors
|
16,729
|
24,663
|
|
---------
|
---------
|
|
125,432
|
106,154
|
|
---------
|
---------
|
|
|
|