Registration number:
Worth Electrical Wholesalers Ltd
for the Year Ended 31 July 2016
18 Tamar Close
Bere Alston
Yelverton
Devon
PL20 7HF
Worth Electrical Wholesalers Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Worth Electrical Wholesalers Ltd
Company Information
Directors |
Neil Antony Worth Deborah Walsh |
Registered office |
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Accountants |
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Page 1 |
Worth Electrical Wholesalers Ltd
Directors' Report for the Year Ended 31 July 2016
The directors present their report and the financial statements for the year ended 31 July 2016.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the wholesale and retail of electrical goods and components.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Neil Antony Worth
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Worth Electrical Wholesalers Ltd
for the Year Ended 31 July 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Worth Electrical Wholesalers Ltd for the year ended 31 July 2016 as set out on pages 4 to 12 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Worth Electrical Wholesalers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Worth Electrical Wholesalers Ltd and state those matters that we have agreed to state to the Board of Directors of Worth Electrical Wholesalers Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worth Electrical Wholesalers Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Worth Electrical Wholesalers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Worth Electrical Wholesalers Ltd. You consider that Worth Electrical Wholesalers Ltd 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 accounts of Worth Electrical Wholesalers Ltd. 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 accounts.
......................................
Bere Alston
Yelverton
Devon
PL20 7HF
Page 3 |
Worth Electrical Wholesalers Ltd
Profit and Loss Account for the Year Ended 31 July 2016
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Interest payable and similar expenses |
( |
( |
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(38) |
(16) |
||
Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Worth Electrical Wholesalers Ltd
Statement of Comprehensive Income for the Year Ended 31 July 2016
Note |
2016 |
2015 |
|
Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
Page 5 |
Worth Electrical Wholesalers Ltd
(Registration number: 09035359)
Balance Sheet as at 31 July 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Neil Antony Worth
Director
Page 6 |
Worth Electrical Wholesalers Ltd
Statement of Changes in Equity for the Year Ended 31 July 2016
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 August 2015 |
|
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed |
- |
|
- |
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At 31 July 2016 |
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|
( |
( |
Share capital |
Profit and loss account |
Total |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
New share capital subscribed |
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- |
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At 31 July 2015 |
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( |
( |
Page 7 |
Worth Electrical Wholesalers Ltd
Notes to the Financial Statements for the Year Ended 31 July 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
15% reducing balance |
Fixtures & fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
33% straight line |
Page 8 |
Worth Electrical Wholesalers Ltd
Notes to the Financial Statements for the Year Ended 31 July 2016
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 9 |
Worth Electrical Wholesalers Ltd
Notes to the Financial Statements for the Year Ended 31 July 2016
Staff numbers |
Average number of employees
Loss before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
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Depreciation expense |
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Page 10 |
Worth Electrical Wholesalers Ltd
Notes to the Financial Statements for the Year Ended 31 July 2016
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
||||
At 1 August 2015 |
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Additions |
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- |
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Disposals |
( |
( |
- |
( |
At 31 July 2016 |
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Depreciation |
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At 1 August 2015 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
- |
( |
At 31 July 2016 |
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Carrying amount |
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At 31 July 2016 |
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At 31 July 2015 |
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Stocks |
2016 |
2015 |
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Other inventories |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Total current trade and other debtors |
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Creditors |
Page 11 |
Worth Electrical Wholesalers Ltd
Notes to the Financial Statements for the Year Ended 31 July 2016
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Other borrowings |
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2016 |
2015 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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- |
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Page 12 |