REGISTERED NUMBER: |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH APRIL 2023 |
REGISTERED NUMBER: |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH APRIL 2023 |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 3 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 | to | 7 |
Statement of Income and Retained Earnings | 8 |
Statement of Financial Position | 9 |
Notes to the Financial Statements | 10 | to | 19 |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
BANKERS: |
225 High Street |
Lincoln |
Lincolnshire |
LN2 1AZ |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
The directors present their strategic report for the year ended 30th April 2023. |
The Directors are pleased to present their strategic report for the period ended 30th April 2023. |
REVIEW OF BUSINESS |
Automotive Parts Distribution is a family run business trading in the South and Norfolk regions of England. The business principally supplies motor vehicle parts, tools and accessories to motor traders, parts wholesalers and the general public. |
The Directors are pleased with the current Year's results as we continue to increase turnover and profit. The strategy of the board remains unchanged. We continue to maintain business within the Export department but are not focussed on growth within that segment. |
With the UK business we continue to focus on expanding our branch network. We have opened up our High Wycombe branch within the Year and that along with the other locations are growing well. |
The commercial environment within the UK and globally is challenging with the ongoing war in Ukraine affecting energy costs and helping to fuel inflation. The National Living Wage increases have also impacted wage costs as the business employees around 100 staff. The Directors are pleased that the company has been able to absorb these extra costs and still managed to grow profitability during the Year. |
The board have been spending time and effort on developing our website and turnover within the on-line segment is also growing in line with expectations. |
The Directors are continuing to search for areas to expand the business into and have opened 2 further branches post Year End. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The pandemic, war in Ukraine and cost of living crisis have resulted in continued supply chain issues and inflation. This creates a challenge to business as it means that stock levels need to be high and finding good quality staff at realistic prices is not as easy as in the past. The Directors feel however that our stock levels are good, our suppliers in the main are able to provide us with product to match our demand and our existing staff are highly skilled and motivated to grow the business. This is very helpful when we are looking to recruit. |
The Government are again looking into the MOT frequency and start date. It is unlikely that this will change but that is always a risk that could negatively impact our business. |
New technology surrounding electric vehicles is something that will affect the motor trade. This could have a negative or positive effect on our business. The industry over the Years has been very resistant to change but our garage customers will need to invest in training and equipment to make the transition. At APD we will need to ensure that we can identify and supply the key repair and maintenance components for the future. |
TREASURY OPERATIONS AND FINANCIAL INSTRUMENTS |
The company's principal financial instruments include bank accounts, bank loans and debt factoring. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising from operations. |
LIQUIDITY RISK |
The company manages its cash requirements in order to minimise interest expenses whilst ensuring it has sufficient liquidity to carry out its operational needs. |
CREDIT RISK |
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed at least monthly and a provision is made for doubtful debt. A 3rd party debt collection agency is used if the company is unable to pursue any debt in the usual manner. |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
KEY PERFORMANCE INDICATORS |
The key financial and other performance indicators during the Year were as follows. Turnover increased from £10.8mn to £12.7mn. The increase is due to increasing the company's trading area. Gross profit remained similar to the prior Year at 32.8%. |
Operating profit has risen from £397k to £408k. |
ON BEHALF OF THE BOARD: |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
The directors present their report with the financial statements of the company for the year ended 30th April 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th April 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st May 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
Opinion |
We have audited the financial statements of Automotive Parts Distribution Limited (the 'company') for the year ended 30th April 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations through the audit planning process; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's industry; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act, taxation legislation, employment legislation and health and safety legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED |
We assessed this susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence. |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
316,126 | 231,116 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 8 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
STATEMENT OF FINANCIAL POSITION |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 9 |
Investments | 10 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Capital redemption reserve | 20 |
Non distributable retained |
earnings | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
Automotive Parts Distribution Limited is a private company, limited by shares, and incorporated in England and Wales. |
The registered office is 69-71 Lower Bristol Road, Bath, Avon, BA2 3BE. The principle place of business is Unit B1, Glenmore Business Park, Bridgemead Cl, Westmead, Swindon, SN5 7AU. |
These financial statements are presented in Pound Sterling (£) which is the company's functional and presentational currency. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
Significant judgements and estimates |
The following estimates have had the most significant effect on amounts recognised in the financial statements: |
In preparing these financial statements the directors have considered a stock provision for slow and obsolete stock. Slow and obsolete stock is provided for through the calculation of a provision. |
The directors have also considered a provision for doubtful debts. Aged debtors have been reviewed in full to identify those which are unlikely to be receivable. |
Finally, the directors have considered the valuation of the foreign currency options in place as at the yearend. These options have been valued in accordance with the accounting policy for foreign currencies and options as noted. |
By nature the points above require assumptions, estimates and judgements from the directors, which are based on the best and most reliable evidence available at the time. These are regularly reviewed on an ongoing basis. |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, recognised when goods are despatched or made available for collection. Turnover in foreign currencies is translated into sterling at average monthly rates which match the rate of exchange on our price lists. |
Fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold and leasehold property are not depreciated as the directors believe that the residual value of the properties is higher than the carrying value. |
Investments in unquoted equity instruments are measured at cost less impairment. |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
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 Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies and options |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange according to our customer price list at the date of purchase. Any variance between this rate and the exchange rate used when the cash received is included as foreign exchange variances in the profit and loss account. For vat reporting purposes transactions in foreign currencies are translated into sterling at the rate of exchange published according to HMRC. Exchange differences are taken into account in arriving at the operating result. |
Under FRS 102 the company needs to put a valuation on any outstanding currency option as at the statement of financial position date. The trading company who the Company have taken these options out with were unable to provide such a valuation so the company have based a valuation on the mean exchange rate expectations of the Reuters poll of financial intuitions.. From these numbers the company extrapolated a sensible market valuation of the instruments outstanding and calculated the potential loss / gain arising. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis |
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. |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities, and are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of the share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
An analysis of revenue by class of business is given below: |
2023 | 2022 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Staff |
2023 | 2022 |
£ | £ |
Directors' remuneration |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Hire purchase |
Preference dividend | 6,021 | 6,021 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Under/over provision | - | (774 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Other timing differences | (623 | ) | 441 |
Deferred tax | (17,650 | ) | 51,113 |
Change in tax rates from 1.4.23 | 2,140 | - |
Total tax charge | 66,926 | 88,957 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
9. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st May 2022 |
Disposals | ( |
) | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investmen |
£ |
COST |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
11. | INVENTORIES |
2023 | 2022 |
£ | £ |
Stocks |
Stock relates to finished goods. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 162,483 | 153,320 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
Preference shares (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 89,200 | 89,200 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Preference | £1 | 89,200 | 89,200 |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 46,412 | 115,654 |
Factoring account | 860,678 | 800,015 |
All hire purchase liabilities are secured upon the asset in which the hire purchase agreement is for. |
National Westminster Bank Plc hold the following assets as security: |
A debenture is held over the assets of the Company and a personal charge given by Mr T Murray. |
The directors have also provided personal guarantees to the value of £100,000. |
There are two further guarantees provided to the value of £2,190,000. |
RBS Invoice Finance Limited hold the following assets as security: |
A legal mortgage is held over all land vested by the Company. |
A fixed and floating charge is held over all current and future assets of the Company. |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 94,646 | 112,296 |
Other provisions | 140,000 | 140,000 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1st May 2022 |
Provided during year | ( |
) |
Balance at 30th April 2023 |
The other provision relates to dilapidations. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 507,706 | 507,706 |
Each Ordinary share carries one full voting right, an entitlement to receive a dividend, and a |
return of capital on winding up. |
20. | RESERVES |
Non |
Capital | distributable |
Retained | Share | redemption | retained |
earnings | premium | reserve | earnings | Totals |
£ | £ | £ | £ | £ |
At 1st May 2022 | 916,848 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30th April 2023 | 1,055,229 |
The non-distributable retained earnings reserve relates to the uplift on both the freehold and leasehold property at transition since the directors have chosen to adopt the exemption permitted by FRS 102 to use a previous GAAP valuation as deemed cost. |
21. | ULTIMATE PARENT COMPANY |
Automotive Parts Distribution Group Limited is regarded by the directors as being the company's ultimate parent company. |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the Murray family. |
The parent of the largest and smallest group of which the company is a member, and which has included the company in it's financial statements is Automotive Parts Distribution Group Limited. These financial statements are available from the parent company's registered office: |
69-71 Lower Bath Road |
Bath |
Avon |
BA2 3BE |