REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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AMBLE ELECTRICAL DISTRIBUTORS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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AMBLE ELECTRICAL DISTRIBUTORS LIMITED |
AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2021 |
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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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AMBLE ELECTRICAL DISTRIBUTORS LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Amble Electrical Distributors Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Computer equipment | - |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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The gain or loss arising on disposal of an asset is determined at the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
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Government grants |
Council grant |
During the year the company received total £15,000 (2020: £25,000) Luton Borough Council grants. This is shown under other income in the profit and loss account. |
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Coronavirus Job Retention Scheme |
During the year the company received furlough income of £17,292 (2020: £49,419). This is shown under other income in the profit and loss account. |
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Bounce Back Loan |
In 2020, the company received a £50,000 bounce back loan. The first 12 interest payments on the bounce back loan of £625 were covered by the UK Government's business interruption payments and are recognised in the profit and loss under other income. |
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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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AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 tax payable 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Taxation and social security |
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VAT | 17,649 | 31,613 |
Other creditors |
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Directors' loan accounts | 1,500 | - |
Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Bank loans - 2-5 years |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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The company has an operating lease agreement for the rental of business premises. |
AMBLE ELECTRICAL DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03159446) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2021 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Factoring account | 39,269 | 49,705 |
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The bounce back loan is 100% guaranteed by the UK government. |
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The above factoring account amounts, included in other creditors, represents a Barclay's factoring finance account which is secured by means of fixed and floating charges against the company assets. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 4,800 | 4,800 |
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Ordinary A | £1 | 100 | 100 |
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Ordinary B | £1 | 100 | 100 |
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Ordinary C | £1 | 100 | 100 |
5,100 | 5,100 |
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Ordinary shares hold voting rights with rights to dividends and capital. |
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Ordinary A and B shares do not rank pari passu and in the case of winding up, they are only entitled to return face value. They are entitled to dividends issued by the board of directors. |
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Ordinary C shares are ordinary shares that do not carry any present or future preferential right to dividends, the company assets or at winding up to be redeemed in preference to shares in any other class of shares. They have full voting and dividend rights.They have capital distribution rights pro rata to the proportion of total number of shares. |