Registered number
05210705
A to Z Autoparts (Midlands) Ltd.
Filleted Accounts
30 June 2023
A to Z Autoparts (Midlands) Ltd.
Registered number: 05210705
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 62,812 18,425
Tangible assets 4 417,069 375,176
479,881 393,601
Current assets
Stocks 2,135,744 2,361,596
Debtors 5 913,942 819,606
Cash at bank and in hand 446,148 181,045
3,495,834 3,362,247
Creditors: amounts falling due within one year 6 (2,260,052) (2,297,333)
Net current assets 1,235,782 1,064,914
Total assets less current liabilities 1,715,663 1,458,515
Creditors: amounts falling due after more than one year 7 (587,140) (551,462)
Net assets 1,128,523 907,053
Capital and reserves
Called up share capital 105 105
Profit and loss account 1,128,418 906,948
Shareholders' funds 1,128,523 907,053
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Ishtiaq Rehman
Director
Approved by the board on 28 March 2024
A to Z Autoparts (Midlands) Ltd.
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Intangibles over 20 years
Leasehold land and buildings over the lease term
Plant and machinery 20% RB
Vehicle 20% RB
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 81 89
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 62,264
Additions 50,000
At 30 June 2023 112,264
Amortisation
At 1 July 2022 43,839
Provided during the year 5,613
At 30 June 2023 49,452
Net book value
At 30 June 2023 62,812
At 30 June 2022 18,425
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 421,754 401,146 822,900
Additions 68,723 77,438 146,161
At 30 June 2023 490,477 478,584 969,061
Depreciation
At 1 July 2022 192,363 255,361 447,724
Charge for the year 59,623 44,645 104,268
At 30 June 2023 251,986 300,006 551,992
Net book value
At 30 June 2023 238,491 178,578 417,069
At 30 June 2022 229,391 145,785 375,176
5 Debtors 2023 2022
£ £
Trade debtors 866,130 781,718
Other debtors 47,812 37,888
913,942 819,606
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 75,443 133,638
Obligations under finance lease and hire purchase contracts 5,198 5,198
Trade creditors 1,787,396 1,828,811
Taxation and social security costs 203,455 138,906
Other creditors 188,560 190,780
2,260,052 2,297,333
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 580,381 539,603
Obligations under finance lease and hire purchase contracts 6,759 11,859
587,140 551,462
8 Other information
A to Z Autoparts (Midlands) Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
106-112 Emily Street
Highgate
Birmingham
West Midlands
B12 0SL
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