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REGISTERED NUMBER: 07443795 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

VEHICLE ACCESSORIES SOLUTIONS LIMITED

VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


VEHICLE ACCESSORIES SOLUTIONS LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: J L Haycock
J A Haycock
Mrs S L Long





REGISTERED OFFICE: Latchford House
Shenstone Business Park Lynn Lane
Shenstone
Lichfield
WS14 0SB





REGISTERED NUMBER: 07443795 (England and Wales)






VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)

ABRIDGED BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,825 90,279

CURRENT ASSETS
Stocks 2,657,493 2,814,038
Debtors 5,480,116 4,817,549
Cash at bank 1,862,984 56,654
10,000,593 7,688,241
CREDITORS
Amounts falling due within one year 1,841,140 1,297,550
NET CURRENT ASSETS 8,159,453 6,390,691
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,281,278

6,480,970

PROVISIONS FOR LIABILITIES 17,481 15,054
NET ASSETS 8,263,797 6,465,916

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8,263,697 6,465,816
SHAREHOLDERS' FUNDS 8,263,797 6,465,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)

ABRIDGED BALANCE SHEET - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:





Mrs S L Long - Director


VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Vehicle Accessories Solutions 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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.

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.

VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 138,946
Additions 59,839
At 30 November 2023 198,785
DEPRECIATION
At 1 December 2022 48,667
Charge for year 28,293
At 30 November 2023 76,960
NET BOOK VALUE
At 30 November 2023 121,825
At 30 November 2022 90,279

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 56,980 2,600
Between one and five years 54,981 6,500
111,961 9,100

VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

6. SECURED DEBTS

The bank lending facility has been secured by fixed and floating charges over the purchased debts and any remaining assets of the company.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

8. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The amount outstanding at the year end was £1,904 (2022: £1,279).

9. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.