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REGISTERED NUMBER: 03198592 (England and Wales)















AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH APRIL 2023






AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 7

Consolidated Statement of Comprehensive
Income

8


Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash
Flows

14


Notes to the Consolidated Financial Statements 15 to 25


AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: Mr T Murray
Mr F Murray
Mr E S D Murray





SECRETARY: Mr T Murray





REGISTERED OFFICE: 69-71 Lower Bristol Road
BATH
Avon
BA2 3BE





REGISTERED NUMBER: 03198592 (England and Wales)





AUDITORS: Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH APRIL 2023


The directors present their strategic report of the company and the group 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 West and Norfolk regions of England. The business principally supplies of 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 groups principal financial instruments include bank accounts, bank loans and debt factoring. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising from operations.

LIQUIDITY RISK
The group 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 of doubtful debt. A 3rd party debt collection agency is used if the group is unable to pursue any debt in the usual manner.


AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

GROUP 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 also risen from £484k to £539k for the group.

ON BEHALF OF THE BOARD:





Mr E S D Murray - Director


25th October 2023

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH APRIL 2023


The directors present their report with the financial statements of the company and the group for the year ended 30th April 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30th April 2023 will be £ 152,342 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2022 to the date of this report.

Mr T Murray
Mr F Murray
Mr E S D Murray

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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:





Mr E S D Murray - Director


25th October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED


Opinion
We have audited the financial statements of Automotive Parts Distribution Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30th April 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 GROUP
LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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 GROUP
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.




Robert Andrew Beale (Senior Statutory Auditor)
for and on behalf of Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

26th October 2023

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30TH APRIL 2023

2023 2022
Notes £    £   

REVENUE 3 12,717,984 10,770,096

Cost of sales 8,534,099 7,306,562
GROSS PROFIT 4,183,885 3,463,534

Administrative expenses 3,736,608 3,145,598
447,277 317,936

Other operating income 92,216 166,262
OPERATING PROFIT 5 539,493 484,198


Interest payable and similar expenses 6 103,764 61,608
PROFIT BEFORE TAXATION 435,729 422,590

Tax on profit 7 82,861 108,245
PROFIT FOR THE FINANCIAL YEAR 352,868 314,345

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

352,868

314,345

Profit attributable to:
Owners of the parent 352,868 314,345

Total comprehensive income attributable to:
Owners of the parent 352,868 314,345

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 2,151,455 2,619,487
Investments 11
Interest in associate 25 25
Other investments 1 1
2,151,481 2,619,513

CURRENT ASSETS
Inventories 12 2,426,951 2,408,359
Debtors 13 1,765,410 1,551,169
Cash at bank and in hand 67,542 56,985
4,259,903 4,016,513
CREDITORS
Amounts falling due within one year 14 3,043,210 4,023,393
NET CURRENT ASSETS/(LIABILITIES) 1,216,693 (6,880 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,368,174

2,612,633

CREDITORS
Amounts falling due after more than
one year

15

(1,384,014

)

(811,349

)

PROVISIONS FOR LIABILITIES 19 (234,646 ) (252,296 )
NET ASSETS 1,749,514 1,548,988

CAPITAL AND RESERVES
Called up share capital 20 507,806 507,806
Share premium 21 50,000 50,000
Capital redemption reserve 21 55,536 55,536
Retained earnings 21 1,136,172 935,646
SHAREHOLDERS' FUNDS 1,749,514 1,548,988

The financial statements were approved by the Board of Directors and authorised for issue on 25th October 2023 and were signed on its behalf by:





Mr E S D Murray - Director


AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

COMPANY STATEMENT OF FINANCIAL POSITION
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 - -
Investments 11 596,910 596,910
596,910 596,910

CURRENT ASSETS
Debtors 13 96 96
NET CURRENT ASSETS 96 96
TOTAL ASSETS LESS CURRENT
LIABILITIES

597,006

597,006

CREDITORS
Amounts falling due after more than
one year

15

89,200

89,200
NET ASSETS 507,806 507,806

CAPITAL AND RESERVES
Called up share capital 20 507,806 507,806
SHAREHOLDERS' FUNDS 507,806 507,806

Company's profit for the financial year 152,342 152,342

The financial statements were approved by the Board of Directors and authorised for issue on 25th October 2023 and were signed on its behalf by:





Mr E S D Murray - Director


AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1st May 2021 507,806 773,643 50,000 55,536 1,386,985

Changes in equity
Dividends - (152,342 ) - - (152,342 )
Total comprehensive income - 314,345 - - 314,345
Balance at 30th April 2022 507,806 935,646 50,000 55,536 1,548,988

Changes in equity
Dividends - (152,342 ) - - (152,342 )
Total comprehensive income - 352,868 - - 352,868
Balance at 30th April 2023 507,806 1,136,172 50,000 55,536 1,749,514

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st May 2021 507,806 - 507,806

Changes in equity
Dividends - (152,342 ) (152,342 )
Total comprehensive income - 152,342 152,342
Balance at 30th April 2022 507,806 - 507,806

Changes in equity
Dividends - (152,342 ) (152,342 )
Total comprehensive income - 152,342 152,342
Balance at 30th April 2023 507,806 - 507,806

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30TH APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 283,409 1,294,209
Interest paid (85,105 ) (47,966 )
Interest element of hire purchase
payments paid

(5,861

)

(7,621

)
Finance costs paid (6,021 ) (6,021 )
Tax paid (57,832 ) (98,730 )
Net cash from operating activities 128,590 1,133,871

Cash flows from investing activities
Purchase of tangible fixed assets (124,164 ) (530,756 )
Sale of tangible fixed assets 461,612 21,998
Net cash from investing activities 337,448 (508,758 )

Cash flows from financing activities
New loans in year 1,350,000 -
Loan repayments in year (1,593,060 ) (386,378 )
Capital repayments in year (69,242 ) (83,480 )
Amount introduced by directors 17,241 29,915
Amount withdrawn by directors (8,078 ) (52,552 )
Equity dividends paid (152,342 ) (152,342 )
Net cash from financing activities (455,481 ) (644,837 )

Increase/(decrease) in cash and cash equivalents 10,557 (19,724 )
Cash and cash equivalents at
beginning of year

2

56,985

76,709

Cash and cash equivalents at end
of year

2

67,542

56,985

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30TH APRIL 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 435,729 422,590
Depreciation charges 226,294 183,818
Profit on disposal of fixed assets (95,709 ) (15,894 )
Increase in provisions - 35,000
Finance costs 103,764 61,608
670,078 687,122
Increase in inventories (18,592 ) (446,819 )
(Increase)/decrease in trade and other debtors (210,707 ) 83,965
(Decrease)/increase in trade and other creditors (157,370 ) 969,941
Cash generated from operations 283,409 1,294,209

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 67,542 56,985
Year ended 30th April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 56,985 76,709


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank and in hand 56,985 10,557 67,542
56,985 10,557 67,542
Debt
Finance leases (115,654 ) 69,242 (46,412 )
Debts falling due within 1 year (883,218 ) 856,298 (26,920 )
Debts falling due after 1 year (764,937 ) (613,238 ) (1,378,175 )
(1,763,809 ) 312,302 (1,451,507 )
Total (1,706,824 ) 322,859 (1,383,965 )

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023


1. STATUTORY INFORMATION

Automotive Parts Distribution Group Limited is a private company, limited by shares, and incorporated in England and Wales.

The registered office address is 69-71 Lower Bristol Road, Bath, Avon, BA2 3BE. The principal 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. The financial statements have been prepared under the historical cost convention.

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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and depreciated to residual value
Fixtures and fittings - 20% on cost and 15% on cost
Motor vehicles - 25% on cost

Investments in unquoted equity instruments are measured at cost less impairment.

Investments in associates
Investments in associate undertakings are recognised at cost.

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

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
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 balance sheet 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Sale of Goods 12,717,984 10,770,096
12,717,984 10,770,096

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,333,276 1,954,686
Social security costs 202,825 161,139
Other pension costs 128,755 52,567
2,664,856 2,168,392

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Staff 92 87

2023 2022
£    £   
Directors' remuneration 219,823 236,576

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 98,831 91,709

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 154,233 101,469
Depreciation - assets on hire purchase contracts 72,060 82,350
Profit on disposal of fixed assets (95,709 ) (15,894 )
Auditors' remuneration 19,430 17,250

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 91,882 47,966
Hire purchase 5,861 7,621
Preference dividend 6,021 6,021
103,764 61,608

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


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 100,514 57,835
Under/over provision (3 ) (703 )
Total current tax 100,511 57,132

Deferred tax (17,650 ) 51,113
Tax on profit 82,861 108,245

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 152,342 152,342

10. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st May 2022 2,119,285 566,173 571,185 3,256,643
Additions - 36,539 87,625 124,164
Disposals (387,096 ) (4,009 ) (67,760 ) (458,865 )
At 30th April 2023 1,732,189 598,703 591,050 2,921,942
DEPRECIATION
At 1st May 2022 117,983 215,739 303,434 637,156
Charge for year 26,110 92,606 107,577 226,293
Eliminated on disposal (22,426 ) (2,776 ) (67,760 ) (92,962 )
At 30th April 2023 121,667 305,569 343,251 770,487
NET BOOK VALUE
At 30th April 2023 1,610,522 293,134 247,799 2,151,455
At 30th April 2022 2,001,302 350,434 267,751 2,619,487

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


10. PROPERTY, PLANT AND EQUIPMENT - continued

Group

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 87,329 395,006 482,335
Disposals - (26,490 ) (26,490 )
At 30th April 2023 87,329 368,516 455,845
DEPRECIATION
At 1st May 2022 55,288 272,688 327,976
Charge for year 17,295 54,765 72,060
Eliminated on disposal - (26,490 ) (26,490 )
At 30th April 2023 72,583 300,963 373,546
NET BOOK VALUE
At 30th April 2023 14,746 67,553 82,299
At 30th April 2022 32,041 122,318 154,359

11. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1st May 2022
and 30th April 2023 25 1 26
NET BOOK VALUE
At 30th April 2023 25 1 26
At 30th April 2022 25 1 26
Company
Shares in
group
undertaki
£   
COST
At 1st May 2022
and 30th April 2023 596,910
NET BOOK VALUE
At 30th April 2023 596,910
At 30th April 2022 596,910

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Automotive Parts Distribution Ltd
Registered office: 69-71 Lower Bristol Road, Bath, Avon, BA2 3BE
Nature of business: Wholesale of motor vehicle parts
%
Class of shares: holding
Ordinary 100.00
Preference 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,562,935 1,424,554
Profit for the year 138,381 116,134

APD Properties Limited
Registered office: 69-71 Lower Bristol Road, Bath, Avon, BA2 3BE
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 273,510 211,366
Profit for the year 62,144 45,870


12. STOCKS

Group
2023 2022
£    £   
Inventories 2,426,951 2,408,359

All stock relates to finished goods.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,592,949 1,243,602 - -
Other debtors 13,014 6,742 - -
Directors' current accounts - - 96 96
VAT 14,257 107,097 - -
Prepayments and accrued income 145,190 193,728 - -
1,765,410 1,551,169 96 96

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Bank loans and overdrafts (see note 16)
26,920

883,218
Hire purchase contracts (see note 17) 40,573 69,242
Trade creditors 1,304,982 1,672,708
Corporation tax 100,514 57,835
Social security and other taxes 51,255 50,476
Other creditors 1,076,588 885,209
Directors' current accounts 162,387 153,224
Accruals and deferred income 279,991 251,481
3,043,210 4,023,393

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 1,288,975 675,737 - -
Preference shares (see note 16) 89,200 89,200 89,200 89,200
Hire purchase contracts (see note 17) 5,839 46,412 - -
1,384,014 811,349 89,200 89,200

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 26,920 883,218 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 27,983 306,987 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 96,624 368,750 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 89,200 89,200 89,200 89,200
Repayable by instalments
Bank loans more 5 yr by instal 1,164,368 - - -

Details of shares shown as liabilities are as follows:

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
89,200 Preference £1 89,200 89,200

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 40,573 69,242
Between one and five years 5,839 46,412
46,412 115,654

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 1,315,895 1,558,955
Hire purchase contracts 46,412 115,654
1,362,307 1,674,609

A debenture is held over the assets of the company by National Westminster Bank PLC as well as first legal charges over the following properties and associated assets:

- Units 2 & 3 Aurillac Business Park, Retford, Nottinghamshire
- Butt Close, Glastonbury, Somerset
- Unit B1, Glenmore Business Park, Swindon, Wiltshire

A personal charge has been given by Mr T Murray and the directors have also provided personal guarantees to National Westminster Bank PLC 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.

All hire purchase liabilities are secured upon the asset in which the hire purchase agreement is for.

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 94,646 112,296

Other provisions 140,000 140,000

Aggregate amounts 234,646 252,296

Group
Deferred Other
tax provisions
£    £   
Balance at 1st May 2022 112,296 140,000
Provided during year (17,650 ) -
Balance at 30th April 2023 94,646 140,000

The other provision relates to dilapidations.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
507,806 Ordinary £1 507,806 507,806

Each Ordinary share carries one voting right, an entitlement to receive a dividend, and a return of capital on winding up.

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1st May 2022 935,646 50,000 55,536 1,041,182
Profit for the year 352,868 352,868
Dividends (152,342 ) (152,342 )
At 30th April 2023 1,136,172 50,000 55,536 1,241,708

AUTOMOTIVE PARTS DISTRIBUTION GROUP
LIMITED (REGISTERED NUMBER: 03198592)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


21. RESERVES - continued

Company
Retained
earnings
£   

Profit for the year 152,342
Dividends (152,342 )
At 30th April 2023 -


22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Murray family.