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REGISTERED NUMBER: 02614439 (England and Wales)















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



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



REGISTERED NUMBER: 02614439 (England and Wales)



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



BANKERS: National Westminster Bank Plc
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:





Mr E S D Murray - Director


25th October 2023

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 £ 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 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:





Mr E S D Murray - Director


25th October 2023

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.




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 LIMITED (REGISTERED NUMBER: 02614439)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30TH APRIL 2023

2023 2022
Notes £    £   

REVENUE 3 12,703,309 10,752,396

Cost of sales 8,534,099 7,306,562
GROSS PROFIT 4,169,210 3,445,834

Administrative expenses 3,853,084 3,214,718
316,126 231,116

Other operating income 92,216 166,262
OPERATING PROFIT 5 408,342 397,378


Interest payable and similar expenses 6 50,693 39,945
PROFIT BEFORE TAXATION 357,649 357,433

Tax on profit 7 66,926 88,957
PROFIT FOR THE FINANCIAL YEAR 290,723 268,476

Retained earnings at beginning of year 808,976 692,842

Dividends 8 (152,342 ) (152,342 )

RETAINED EARNINGS AT END OF
YEAR

947,357

808,976

AUTOMOTIVE PARTS DISTRIBUTION LIMITED (REGISTERED NUMBER: 02614439)

STATEMENT OF FINANCIAL POSITION
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 540,933 618,185
Investments 10 1 1
540,934 618,186

CURRENT ASSETS
Inventories 11 2,426,951 2,408,359
Debtors 12 1,791,585 2,386,220
Cash at bank and in hand 57,572 29,700
4,276,108 4,824,279
CREDITORS
Amounts falling due within one year 13 2,924,422 3,261,253
NET CURRENT ASSETS 1,351,686 1,563,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,892,620

2,181,212

CREDITORS
Amounts falling due after more than
one year

14

(95,039

)

(504,362

)

PROVISIONS FOR LIABILITIES 18 (234,646 ) (252,296 )
NET ASSETS 1,562,935 1,424,554

CAPITAL AND RESERVES
Called up share capital 19 507,706 507,706
Share premium 20 50,000 50,000
Capital redemption reserve 20 55,536 55,536
Non distributable retained
earnings 20 2,336 2,336
Retained earnings 20 947,357 808,976
SHAREHOLDERS' FUNDS 1,562,935 1,424,554

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

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
£    £   
Sale of goods 12,703,309 10,752,396
12,703,309 10,752,396

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

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

Staff 92 87

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

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 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 128,123 70,841
Depreciation - assets on hire purchase contracts 72,060 82,350
Profit on disposal of fixed assets (14,467 ) (15,894 )
Auditors' remuneration 14,500 13,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 38,811 26,303
Hire purchase 5,861 7,621
Preference dividend 6,021 6,021
50,693 39,945

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 84,576 38,618
Under/over provision - (774 )
Total current tax 84,576 37,844

Deferred tax (17,650 ) 51,113
Tax on profit 66,926 88,957

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 357,649 357,433
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

67,953

67,912

Effects of:
Expenses not deductible for tax purposes 1,849 3,089
Capital allowances in excess of depreciation - (32,824 )
Depreciation in excess of capital allowances 13,257 -
Adjustments to tax charge in respect of previous periods - (774 )

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 152,342 152,342

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st May 2022 969,325 617,884 1,587,209
Additions 36,539 87,625 124,164
Disposals (4,009 ) (67,760 ) (71,769 )
At 30th April 2023 1,001,855 637,749 1,639,604
DEPRECIATION
At 1st May 2022 618,891 350,133 969,024
Charge for year 92,606 107,577 200,183
Eliminated on disposal (2,776 ) (67,760 ) (70,536 )
At 30th April 2023 708,721 389,950 1,098,671
NET BOOK VALUE
At 30th April 2023 293,134 247,799 540,933
At 30th April 2022 350,434 267,751 618,185

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 87,329 396,003 483,332
Disposals - (26,490 ) (26,490 )
At 30th April 2023 87,329 369,513 456,842
DEPRECIATION
At 1st May 2022 55,288 273,686 328,974
Charge for year 17,295 54,765 72,060
Eliminated on disposal - (26,490 ) (26,490 )
At 30th April 2023 72,583 301,961 374,544
NET BOOK VALUE
At 30th April 2023 14,746 67,552 82,298
At 30th April 2022 32,041 122,317 154,358

10. FIXED ASSET INVESTMENTS
Unlisted
investmen
£   
COST
At 1st May 2022
and 30th April 2023 1
NET BOOK VALUE
At 30th April 2023 1
At 30th April 2022 1

11. INVENTORIES
2023 2022
£    £   
Stocks 2,426,951 2,408,359

Stock relates to finished goods.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,592,949 1,242,604
Amounts owed by group undertakings 33,313 832,823
Other debtors 13,014 6,742
VAT 16,488 112,863
Prepayments and accrued income 135,821 191,188
1,791,585 2,386,220

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)
-

225,000
Hire purchase contracts (see note 16) 40,573 69,242
Trade creditors 1,304,981 1,672,706
Corporation tax 84,575 38,618
Social security and other taxes 51,255 50,476
Other creditors 1,015,931 812,551
Directors' current accounts 162,483 153,320
Accruals and deferred income 264,624 239,340
2,924,422 3,261,253

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) - 368,750
Preference shares (see note 15) 89,200 89,200
Hire purchase contracts (see note 16) 5,839 46,412
95,039 504,362

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 - 225,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 368,750

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: £    £   
89,200 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 40,573 69,242
Between one and five years 5,839 46,412
46,412 115,654

Non-cancellable operating leases
2023 2022
£    £   
Within one year 86,699 15,000
Between one and five years 214,098 35,000
300,797 50,000

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 593,750
Hire purchase contracts 46,412 115,654
Factoring account 860,678 800,015
907,090 1,509,419

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
234,646 252,296

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.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
507,706 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 808,976 50,000 55,536 2,336 916,848
Profit for the year 290,723 290,723
Dividends (152,342 ) (152,342 )
At 30th April 2023 947,357 50,000 55,536 2,336 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