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REGISTERED NUMBER: 04704499 (England and Wales)







AUTOPARTS & DIAGNOSTICS
LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


AUTOPARTS & DIAGNOSTICS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A Seal
T Seal
P Seal





SECRETARY: T Seal





REGISTERED OFFICE: 5 Shepherd Road
Gloucester
Gloucestershire
GL2 5EL





REGISTERED NUMBER: 04704499 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company acts as an independent motor factor, distributing vehicle spares to the automotive repair trade, its customers and other distributors of said parts. The company has continued operating from eight branches located in Gloucestershire, South Gloucestershire, Oxfordshire, Worcestershire and the Forest of Dean. At the end of the financial year (Mar-23) a new depot was opened in Stratford-upon-Avon, Warwickshire, taking the number of branches to nine. In addition, our Export business operates from Tewkesbury, Gloucestershire.

The company saw a return to turnover growth in 2023, registering an increase of 11.7% (2022 - decline of 18.3%), taking turnover to £24.0m. Overall, turnover was strong at all branches which was very pleasing and reflects both the current trend of repairing rather than replacing vehicles in the face of the 'cost of living crisis' and an affirmation of our customer service focus from a family run business.

Gross margin has increased to 36.4% (2022: 33.7%) which reflects continued focus on margin improvement across the entire business. The company has been able to manage the impact of the significant inflation of car part prices from our suppliers due largely to the demand for parts from our customers and exercising the purchasing power of the company and our independent buying group wherever possible. The Directors continue to be satisfied with the resilience of the UK part of the business and enter the coming year seeking opportunities to expand the number of branches still further. The Export business continues to be a challenge but has stabilised at a sustainable level of turnover with the infrastructure and staffing levels reflected accordingly.


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider that the principal risks to the company are inflation, foreign exchange, competition, Brexit, labour shortages and technology shifts. Further consideration is given to each of these below.

Inflation has proved challenging in the year and we have experienced significant price increases across the board from all our suppliers. The company seeks to manage this risk by leveraging its position within an international buying group and bulk buying to take advantage of discounts and other favourable terms. Bulk purchases also enables the company to have the broadest range of products available for its customers and to reduce the purchases from smaller, more expensive suppliers.

The foreign exchange risk has reduced compared to a number of years ago due to the Export business now having found a lower level of post-Brexit turnover from which to grow from. However, a significant percentage of the company's turnover still remains in Euros. The company has adopted a foreign exchange policy that blends the use of basic forward contracts and SPOT deals, working closely with expert companies in the foreign exchange field, to ensure the company is appropriately covered to convert receipts from Euro customers into pounds to satisfy supplier payments in Sterling. Ensuring an element of certainty in our Euro to Sterling exchange rate enables the company to set prices to overseas customers which are competitive and consistent. Should the Euro to Sterling exchange rate weaken significantly, then the company has the flexibility in its policy to enable price lists to be amended to remain competitive overseas.

Competition in the market remains a challenge to the business. Large distributors and equity back groups have continued their branch expansion campaign within the counties where we operate. Our standing within a large international buying group ensures we continue to be well positioned to meet these competition challenges as they arise. In addition, our focus on customer service, and in particular prompt and accurate deliveries, has seen the company fend off many of these challenges. The company has invested significantly in a range of customer incentive schemes which enable us to differentiate from our competitors and encourage loyalty and additional spend from our customers.

Whilst the risk from Brexit has reduced significantly due to having operated successfully with the consequences for a number of years, Brexit itself continues to have challenges for the business from the point of view of price competitiveness and service delivery. We have developed close working relationships with logistic firms and embedded operational procedures that help ensure we remain compliant with customs requirements and provide as smooth a logistics experience as possible for our Customers. There still remains the risk however of logistical interruptions arising from delays at ports and the shortage of HGV drivers impacting our preferred suppliers of these services. Our price competitiveness risk is largely managed in the same way as we handle inflation and foreign exchange (see above for both).

Like much of the wider UK economy, the company is experiencing some difficulties in recruiting staff. There is simply not the supply of labour that there was previously. This is likely to continue to impact the business in the coming year as the company seeks to open new branches. The company seeks to address this issue by ensuring a positive working environment and fair remuneration to its staff.

An increasing risk for the business is the shift in technology throughout the motor industry as a result of the focus on Climate Change. The Directors are closely following these developments and will be seeking to adapt the business to embrace the new technologies by offering different products to supplement our existing range. Our aim will always be to satisfy our mission statement 'if you've got the car…we've got the part', regardless of what technology is within the cars.


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

A BALANCED AND COMPREHENSIVE ANALYSIS OF DEVELOPMENT AND PERFORMANCE
Financing of fixed asset purchases has been from cash generated by the business. Such expenditure has been significantly higher than in the prior year as the company has fitted out the new Stratford branch and also acquired a new long leasehold property to enable further growth of the business in the coming year. The fleet of vehicles has also been expanded to enable our new branches to be fully operational when opened.

Debt collection continues to not been an issue with debtor days at 40.9 [48.1 in 2022]. The incidence of bad debt continues to be very low and a focus on cash collection a priority. Administrative expenses have been well controlled but were higher due to the impact of the minimum wage changes, higher fuel and repairs costs for our enlarged fleet, rent for new premises and well known higher energy costs. These have been offset by a larger foreign exchange gain than in the prior year and business rates scheme savings.

Cash generation from operating activities of £1.9m was, as expected due to a push for growth, noticeably lower than in 2022 [£2.9m]. As noted above, the company has sought to take advantage of the benefits from bulk purchases, increasing our stock holdings for the benefit of customers in terms of range and availability. This approach will continue into 2024. The company continues to seek to pay all suppliers to terms and, wherever possible, take advantage of early settlement discounts. Creditors fell as the 2022 coincided with a ramp up in purchases to stock our Stratford branch.

Stock levels continue to be monitored to ensure optimum levels without tying cash up unnecessarily. Stock items are reviewed to ensure they reflect the demands of our customers therefore minimising obsolescence. The company has utilised space at the Tewkesbury site to hold group stock, thus ensuring that our UK branches can provide the best experience to our customers by always having as many parts available immediately within our business.

The company goes into the next year with a low gearing ratio [15.5%] and strong liquidity [Current Ratio 3.1]. It is therefore well placed to meet the challenges, whether anticipated or not, in the coming year.


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS
Turnover
- Increase of 11.7% in the year reflecting the strong performances of the UK branches and an increase from the Export business as it stabilises further from the impact of Brexit.

Gross Margin
- This has increased from 33.7% to 36.4% reflecting the strong price resilient demand and leveraging our purchasing power within an independent buying group.

Gearing Ratio
- The gearing ratio has reduced from 22.9% to 15.5% reflecting the reduction in amounts owed to Directors and the standard capital instalments against bank loans, indicating the continued strength of its balance sheet;

Current Ratio
- The current ratio has remained strong;

Debtor Days
- Debtor days of 40.9 reflect minimal debt issues and a keen focus on the monitoring of customers to ensure payment to agreed terms.

ON BEHALF OF THE BOARD:




T Seal - Director


2 November 2023

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
During the year dividends of £788,598 (2022: £1,418,653) were paid.

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

A Seal
T Seal
P Seal

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). 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, Prime, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





T Seal - Director


2 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOPARTS & DIAGNOSTICS
LIMITED


Opinion
We have audited the financial statements of Autoparts & Diagnostics Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 March 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOPARTS & DIAGNOSTICS
LIMITED


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.

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 six, 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;
- 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 industry sector;
- 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 2006, taxation legislation and data protection, anti-bribery, employment, environmental 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;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOPARTS & DIAGNOSTICS
LIMITED


We assessed the 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.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

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 HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

9 November 2023

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 3 23,983,837 21,468,098

Cost of sales 15,250,729 14,233,966
GROSS PROFIT 8,733,108 7,234,132

Administrative expenses 5,357,963 5,118,821
3,375,145 2,115,311

Other operating income - 55,920
OPERATING PROFIT 5 3,375,145 2,171,231

Interest receivable and similar income 162 -
3,375,307 2,171,231

Interest payable and similar expenses 6 156,384 286,239
PROFIT BEFORE TAXATION 3,218,923 1,884,992

Tax on profit 7 630,094 398,179
PROFIT FOR THE FINANCIAL YEAR 2,588,829 1,486,813

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,588,829 1,486,813


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,588,829

1,486,813

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,759,459 2,944,005

CURRENT ASSETS
Stocks 10 3,788,061 3,214,293
Debtors 11 4,122,594 4,133,932
Cash at bank and in hand 4,937,775 5,963,780
12,848,430 13,312,005
CREDITORS
Amounts falling due within one year 12 4,198,978 5,572,026
NET CURRENT ASSETS 8,649,452 7,739,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,408,911

10,683,984

CREDITORS
Amounts falling due after more than one
year

13

(918,964

)

(1,066,237

)

PROVISIONS FOR LIABILITIES 17 (205,910 ) (133,941 )
NET ASSETS 11,284,037 9,483,806

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Share premium 19 382,688 382,688
Retained earnings 19 10,900,349 9,100,118
SHAREHOLDERS' FUNDS 11,284,037 9,483,806

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





T Seal - Director


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 April 2021 1,000 9,031,958 382,688 9,415,646

Changes in equity
Dividends - (1,418,653 ) - (1,418,653 )
Total comprehensive income - 1,486,813 - 1,486,813
Balance at 31 March 2022 1,000 9,100,118 382,688 9,483,806

Changes in equity
Dividends - (788,598 ) - (788,598 )
Total comprehensive income - 2,588,829 - 2,588,829
Balance at 31 March 2023 1,000 10,900,349 382,688 11,284,037

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,855,088 2,870,666
Interest paid (156,384 ) (286,239 )
Tax paid (444,371 ) (373,779 )
Net cash from operating activities 1,254,333 2,210,648

Cash flows from investing activities
Purchase of tangible fixed assets (1,071,357 ) (57,713 )
Sale of tangible fixed assets 5,480 45,000
Interest received 162 -
Net cash from investing activities (1,065,715 ) (12,713 )

Cash flows from financing activities
Loan repayments in year (142,117 ) (148,816 )
Amount withdrawn by directors (283,908 ) (775,481 )
Equity dividends paid (788,598 ) (1,418,653 )
Net cash from financing activities (1,214,623 ) (2,342,950 )

Decrease in cash and cash equivalents (1,026,005 ) (145,015 )
Cash and cash equivalents at
beginning of year

2

5,963,780

6,108,795

Cash and cash equivalents at end of
year

2

4,937,775

5,963,780

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 3,218,923 1,884,992
Depreciation charges 247,311 219,852
Loss/(profit) on disposal of fixed assets 3,112 (5,655 )
Finance costs 156,384 286,239
Finance income (162 ) -
3,625,568 2,385,428
(Increase)/decrease in stocks (573,768 ) 14,499
Decrease/(increase) in trade and other debtors 11,338 (918,499 )
(Decrease)/increase in trade and other creditors (1,208,050 ) 1,389,238
Cash generated from operations 1,855,088 2,870,666

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,937,775 5,963,780
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 5,963,780 6,108,795


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 5,963,780 (1,026,005 ) 4,937,775
5,963,780 (1,026,005 ) 4,937,775
Debt
Debts falling due within 1 year (140,817 ) (5,156 ) (145,973 )
Debts falling due after 1 year (1,066,237 ) 147,273 (918,964 )
(1,207,054 ) 142,117 (1,064,937 )
Total 4,756,726 (883,888 ) 3,872,838

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Autoparts & Diagnostics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - Straight line over 50 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Derivative financial instruments
Derivative financial instruments are initially measured at fair value on the date in which the contract is entered and are subsequently valued at fair value with any movement being included in the income statement.

3. TURNOVER

Turnover by geographical market has not been disclosed as the directors are of the opinion that to do so would be prejudicial to the company.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,148,117 3,049,486
Social security costs 298,109 277,053
Other pension costs 172,215 170,724
3,618,441 3,497,263

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

Employees 125 130

2023 2022
£    £   
Directors' remuneration 273,927 277,485
Directors' pension contributions to money purchase schemes 41,850 42,394

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 3 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 129,231 103,639
Pension contributions to money purchase schemes 12,650 10,120

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 247,311 219,852
Loss/(profit) on disposal of fixed assets 3,112 (5,655 )
Auditors' remuneration 18,700 17,000
Foreign exchange differences (82,196 ) (29,776 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 156,384 286,239

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 558,125 381,710

Deferred tax 71,969 16,469
Tax on profit 630,094 398,179

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,218,923 1,884,992
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

611,595

358,148

Effects of:
Expenses not deductible for tax purposes 14,269 163
Capital allowances in excess of depreciation (68,330 ) -
Depreciation in excess of capital allowances - 24,473
Disposal of assets 591 (1,074 )
Deferred tax 71,969 16,469
Total tax charge 630,094 398,179

The provision of deferred tax is calculated based on tax rates enacted or substantially enacted at the balance sheet date. The rate of corporation tax at 1 April 2022 is 19%. This has increased from 1 April 2023 to 25%. It is expected that the deferred tax will unwind at the rate of 25%.

8. DIVIDENDS

2023 2022
£   £   
Ordinary A shares of £1 each
Interim-484,653
Ordinary B shares of £1 each
Interim84,174324,000
Ordinary C shares of £1 each
Interim375,000375,000
Ordinary D shares of £1 each
Interim85,42440,000
Ordinary E shares of £1 each
Interim244,000195,000

788,5981,418,653


AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2022 2,896,818 - 498,626
Additions - 607,091 2,720
Disposals - - -
At 31 March 2023 2,896,818 607,091 501,346
DEPRECIATION
At 1 April 2022 515,987 - 386,012
Charge for year 57,936 4,043 22,604
Eliminated on disposal - - -
At 31 March 2023 573,923 4,043 408,616
NET BOOK VALUE
At 31 March 2023 2,322,895 603,048 92,730
At 31 March 2022 2,380,831 - 112,614

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 316,656 737,269 172,211 4,621,580
Additions 86,439 351,957 23,150 1,071,357
Disposals - (35,605 ) (80,243 ) (115,848 )
At 31 March 2023 403,095 1,053,621 115,118 5,577,089
DEPRECIATION
At 1 April 2022 193,885 433,415 148,276 1,677,575
Charge for year 20,625 128,575 13,528 247,311
Eliminated on disposal - (27,013 ) (80,243 ) (107,256 )
At 31 March 2023 214,510 534,977 81,561 1,817,630
NET BOOK VALUE
At 31 March 2023 188,585 518,644 33,557 3,759,459
At 31 March 2022 122,771 303,854 23,935 2,944,005

10. STOCKS
2023 2022
£    £   
Finished goods 3,788,061 3,214,293

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,688,732 2,827,758
Other debtors 1,419,334 1,230,342
VAT 14,528 75,832
4,122,594 4,133,932

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 145,973 140,817
Trade creditors 2,772,954 3,415,402
Tax 322,475 208,721
Social security and other taxes 69,732 64,535
Other creditors 201,593 772,392
Directors' loan accounts 686,251 970,159
4,198,978 5,572,026

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 918,964 1,066,237

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 145,973 140,817

Amounts falling due between one and two years:
Bank loans - 1-2 years 151,317 145,973

Amounts falling due between two and five years:
Bank loans - 2-5 years 488,013 470,776

Amounts falling due in more than five years:

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. LOANS - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans due after 5 years
by installments 279,634 449,488
279,634 449,488

The company has two loans with Natwest Bank totalling £1,064,937 (2022: £1,257,054). The loans are repayable over the periods to 2028 and 2031 respectively.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 199,070 137,969
Between one and five years 631,764 419,113
In more than five years 165,462 197,960
996,296 755,042

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,064,937 1,207,054

The bank overdraft is secured by way of a debenture consisting of a fixed and floating charge over the company's assets. This was registered on 12 January 2004.

All bank loans are secured by way of a fixed legal charge over the leasehold premises within the company. These were registered on 17 January 2013 and 29 January 2015.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 205,910 133,941

Deferred
tax
£   
Balance at 1 April 2022 133,941
Provided during year 71,969
Balance at 31 March 2023 205,910

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:


Number: Class: Nominal 2022 2022
Value: £    £   
5 Ordinary A £1 5 25
375 Ordinary B £1 375 375
375 Ordinary C £1 375 375
5 Ordinary D £1 5 25
240 Ordinary E £1 240 200

1,000 1,000

The A, B, C, D and E ordinary shares rank pari passu in all respects, save that different dividends may be declared on each class of shares.

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 9,100,118 382,688 9,482,806
Profit for the year 2,588,829 2,588,829
Dividends (788,598 ) (788,598 )
At 31 March 2023 10,900,349 382,688 11,283,037

The company's reserves are as follows:

The retained earnings reserve represents the cumulative profits and losses, net of dividends.

The share premium reserve represents the excess paid above the nominal value for the purchase of shares in the company.

20. OTHER FINANCIAL COMMITMENTS

At 31 March 2023, the company had entered into a contract to purchase foreign currency at future dates. The amount committed to was dependent on future exchange rates. The maximum potential commitment as at 31 March 2023 was 3,900,000 Euros (2022: 900,000 Euros).

21. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

Key management personnel consists of the directors of the company. Key management personnel compensation is disclosed within note 4 to the accounts.

AUTOPARTS & DIAGNOSTICS
LIMITED (REGISTERED NUMBER: 04704499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


21. RELATED PARTY DISCLOSURES - continued

Other related parties
2023 2022
£    £   
Dividends paid to the directors 788,598 1,418,653
Gross interest paid on balances due to directors 116,710 240,674
Amount due to related party 686,251 2,012,894

Remuneration of £109,773 (2022: £85,776) was paid to other related parties.