REGISTERED NUMBER: SC069019 (Scotland)

Financial Statements

for the Year Ended 31 August 2017

for

Academy Wholesale Electrics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Rakhra

G Rakhra

SECRETARY:

G Rakhra

REGISTERED OFFICE:

41 Nelson Street

GLASGOW

G5 8DZ

REGISTERED NUMBER:

SC069019 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

4

8,772

10,720

Investment property

5

85,000

63,783

93,772

74,503

CURRENT ASSETS

Inventories

174,981

172,494

Debtors

6

17,810

15,588

Cash at bank and in hand

1,182,107

1,060,518

1,374,898

1,248,600

CREDITORS

Amounts falling due within one year

7

186,771

230,835

NET CURRENT ASSETS

1,188,127

1,017,765

TOTAL ASSETS LESS CURRENT LIABILITIES

1,281,899

1,092,268

PROVISIONS FOR LIABILITIES

2,610

-

NET ASSETS

1,279,289

1,092,268

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

80

80

Investment property

revaluation reserve

17,610

-

Retained earnings

1,261,499

1,092,088

SHAREHOLDERS' FUNDS

1,279,289

1,092,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 March 2018 and were signed on its behalf by:

C Rakhra - Director

1.	STATUTORY INFORMATION

Academy Wholesale Electrics Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

This is the first year in which the financial statements have been prepared under FRS 102. The date of transition

was the 1 September 2015. There are no changes as a result of this transition.

Revenue

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax

and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over 15 years (period of lease)

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2016

3,826

12,797

61,649

20,200

98,472

Additions

-

-

586

-

586

At 31 August 2017

3,826

12,797

62,235

20,200

99,058

DEPRECIATION

At 1 September 2016

3,363

12,675

57,905

13,809

87,752

Charge for year

240

117

580

1,597

2,534

At 31 August 2017

3,603

12,792

58,485

15,406

90,286

NET BOOK VALUE

At 31 August 2017

223

5

3,750

4,794

8,772

At 31 August 2016

463

122

3,744

6,391

10,720

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

63,783

Revaluations

21,217

At 31 August 2017

85,000

NET BOOK VALUE

At 31 August 2017

85,000

At 31 August 2016

63,783

Fair value at 31 August 2017 is represented by:

£

Valuation in 2017

21,217

Cost

63,783

85,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

15,952

13,750

Other debtors

1,858

1,838

17,810

15,588

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

53,454

65,216

Taxation and social security

61,475

46,292

Other creditors

71,842

119,327

186,771

230,835