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GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AUTOSUPPLIES (CHESTERFIELD) LIMITED

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


AUTOSUPPLIES (CHESTERFIELD) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: D Clarke



SECRETARY: D Clarke



REGISTERED OFFICE: 72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN



BUSINESS ADDRESS: 2 Riverside Way
Gateway Business Park
Bolsover
Derbyshire
S44 6GA



REGISTERED NUMBER: 02479774 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr James Timothy Card FCCA



AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

Our objectives are to provide a competitive, wholesale supply or motor vehicle parts and accessories within the motor trade industry. Through this we aim to achieve an acceptable return for the shareholders and provide for longer term planning to secure the future of the group.

REVIEW OF BUSINESS
During the 2023 financial year the group has seen an increase in turnover of 13.99%. In terms of customers, the business continues to be well spread within the motor industry.

Gross margins have remained consistent with previous years.
Net results for the year show a profit before tax of £1.39m and after tax £1.1m, showing the company is continuing to grow and maintain its market position.

The Key performance indicators by which financial performance is measured are as follows:
2023 2022
Turnover £15.2m £13.4m
Gross profit percentage 34.42% 35.36%
Net profit pre tax £1.39m £1.19m
Shareholders funds £5.47m £4.81m

The business is an ISO registered company.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks that we face are those arising from competition in the marketplace, particularly in the form of price and supply.
In addition effective working capital management is required to ensure that products are available at the right time.
Retention of experienced and reliable staff is also a key risk, however, this is something we have not currently experienced any difficulty with.

ON BEHALF OF THE BOARD:





D Clarke - Director


8 August 2024

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

REPORT OF THE DIRECTOR
for the year ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of motor accessory suppliers.

DIVIDENDS
Interim dividends per share were paid as follows:
£180.00 - 31 March 2023
£180.00 - 30 June 2023
£180.00 - 30 September 2023
£8,540.00 - 31 December 2023
£9,080.00

The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 454,000 .

DIRECTOR
D Clarke held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Clarke - Director


8 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOSUPPLIES (CHESTERFIELD) LIMITED

Opinion
We have audited the financial statements of Autosupplies (Chesterfield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOSUPPLIES (CHESTERFIELD) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims. - Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUTOSUPPLIES (CHESTERFIELD) LIMITED


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.




Mr James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

8 August 2024

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 15,219,033 13,351,245

Cost of sales 9,980,873 8,629,739
GROSS PROFIT 5,238,160 4,721,506

Administrative expenses 3,876,063 3,553,039
1,362,097 1,168,467

Other operating income 23,013 22,236
OPERATING PROFIT 4 1,385,110 1,190,703

Interest receivable and similar income 9,890 -
1,395,000 1,190,703

Interest payable and similar expenses 5 (1,035 ) 2,953
PROFIT BEFORE TAXATION 1,396,035 1,187,750

Tax on profit 6 284,232 248,965
PROFIT FOR THE FINANCIAL YEAR 1,111,803 938,785

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

CONSOLIDATED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 81,974 96,204
Tangible assets 10 1,434,021 1,323,620
Investments 11 - -
1,515,995 1,419,824

CURRENT ASSETS
Stocks 12 3,102,481 2,620,706
Debtors 13 2,347,296 2,050,247
Cash at bank and in hand 1,387,758 1,143,506
6,837,535 5,814,459
CREDITORS
Amounts falling due within one year 14 2,793,513 2,314,087
NET CURRENT ASSETS 4,044,022 3,500,372
TOTAL ASSETS LESS CURRENT LIABILITIES 5,560,017 4,920,196

PROVISIONS FOR LIABILITIES 17 87,273 105,255
NET ASSETS 5,472,744 4,814,941

CAPITAL AND RESERVES
Called up share capital 18 50 50
Share premium 19 8,467 8,467
Capital redemption reserve 19 49 49
Retained earnings 19 5,464,178 4,806,375
SHAREHOLDERS' FUNDS 5,472,744 4,814,941

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





D Clarke - Director


AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

COMPANY BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 857,022 868,830
Investments 11 222,211 222,211
1,079,233 1,091,041

CURRENT ASSETS
Stocks 12 2,430,900 2,071,639
Debtors 13 2,572,460 2,363,331
Cash at bank and in hand 1,353,540 1,060,795
6,356,900 5,495,765
CREDITORS
Amounts falling due within one year 14 2,305,264 1,938,633
NET CURRENT ASSETS 4,051,636 3,557,132
TOTAL ASSETS LESS CURRENT LIABILITIES 5,130,869 4,648,173

PROVISIONS FOR LIABILITIES 17 81,613 75,985
NET ASSETS 5,049,256 4,572,188

CAPITAL AND RESERVES
Called up share capital 18 50 50
Share premium 19 8,467 8,467
Capital redemption reserve 19 49 49
Retained earnings 19 5,040,690 4,563,622
SHAREHOLDERS' FUNDS 5,049,256 4,572,188

Company's profit for the financial year 931,068 890,511

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





D Clarke - Director


AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 50 4,024,923 8,467 49 4,033,489

Changes in equity
Dividends - (157,333 ) - - (157,333 )
Total comprehensive income - 938,785 - - 938,785
Balance at 31 December 2022 50 4,806,375 8,467 49 4,814,941

Changes in equity
Dividends - (454,000 ) - - (454,000 )
Total comprehensive income - 1,111,803 - - 1,111,803
Balance at 31 December 2023 50 5,464,178 8,467 49 5,472,744

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 50 3,830,444 8,467 49 3,839,010

Changes in equity
Dividends - (157,333 ) - - (157,333 )
Total comprehensive income - 890,511 - - 890,511
Balance at 31 December 2022 50 4,563,622 8,467 49 4,572,188

Changes in equity
Dividends - (454,000 ) - - (454,000 )
Total comprehensive income - 931,068 - - 931,068
Balance at 31 December 2023 50 5,040,690 8,467 49 5,049,256

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,165,403 1,358,943
Interest paid 1,035 (1,832 )
Interest element of hire purchase payments
paid

-

(1,121

)
Tax paid (202,943 ) (256,832 )
Net cash from operating activities 963,495 1,099,158

Cash flows from investing activities
Purchase of tangible fixed assets (297,433 ) (216,038 )
Sale of tangible fixed assets 25,103 8,134
Interest received 9,890 -
Net cash from investing activities (262,440 ) (207,904 )

Cash flows from financing activities
Loan repayments in year - (352,079 )
Capital repayments in year (2,758 ) (11,357 )
Net movement on directors loan account (45 ) 11,146
Equity dividends paid (454,000 ) (157,333 )
Net cash from financing activities (456,803 ) (509,623 )

Increase in cash and cash equivalents 244,252 381,631
Cash and cash equivalents at beginning of
year

2

1,143,506

761,875

Cash and cash equivalents at end of year 2 1,387,758 1,143,506

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,396,035 1,187,750
Depreciation charges 178,024 160,552
(Profit)/loss on disposal of fixed assets (1,865 ) 22,683
Finance costs (1,035 ) 2,953
Finance income (9,890 ) -
1,561,269 1,373,938
Increase in stocks (481,775 ) (233,018 )
Increase in trade and other debtors (297,049 ) (8,017 )
Increase in trade and other creditors 382,958 226,040
Cash generated from operations 1,165,403 1,358,943

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 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,387,758 1,143,506
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,143,506 761,875


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,143,506 244,252 1,387,758
1,143,506 244,252 1,387,758
Debt
Finance leases (2,758 ) 2,758 -
(2,758 ) 2,758 -
Total 1,140,748 247,010 1,387,758

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Autosupplies (Chesterfield) 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 General 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.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of rebates and value added taxes. Turnover includes revenue earned from the sale of goods.

Sale of goods
Turnover from the sale of goods is recognised when;
- the significant risks and rewards of ownership of the goods has transferred to the buyer
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
- the amount of turnover can be measured reliably
- it is probable that the economic benefits associated with the transaction will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost and 2% on cost
Plant and machinery - 15% on reducing balance and 10% on cost
Fixtures and fittings - 15% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on cost and 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.

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements or a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

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.

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,517,113 2,192,631
Social security costs 191,490 173,440
Other pension costs 50,609 39,466
2,759,212 2,405,537

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

119 112

2023 2022
£    £   
Director's remuneration 12,500 12,500
Director's pension contributions to money purchase schemes 188 188

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

Money purchase schemes 1 1

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 163,794 143,612
Depreciation - assets on hire purchase contracts - 2,709
(Profit)/loss on disposal of fixed assets (1,865 ) 22,683
Goodwill amortisation 14,230 14,230
Auditors' remuneration 13,050 11,000
Audit of subsidiary 8,635 6,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 2,253
Other interest (1,035 ) (421 )
Hire purchase - 1,121
(1,035 ) 2,953

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. 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 302,214 224,986

Deferred tax (17,982 ) 23,979
Tax on profit 284,232 248,965

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 1,396,035 1,187,750
Profit multiplied by the standard rate of corporation tax in the UK of 23.700 %
(2022 - 19 %)

330,860

225,673

Effects of:
Expenses not deductible for tax purposes 698 7,584
Income not taxable for tax purposes (439 ) -
Capital allowances in excess of depreciation (26,530 ) (8,271 )
Deferred tax (17,982 ) 23,979
Unadjusted tax charge (2,375 ) -
Total tax charge 284,232 248,965

7. INDIVIDUAL INCOME STATEMENT

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


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 454,000 157,333

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 142,302
AMORTISATION
At 1 January 2023 46,098
Amortisation for year 14,230
At 31 December 2023 60,328
NET BOOK VALUE
At 31 December 2023 81,974
At 31 December 2022 96,204

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 1,219,829 546,546 201,012
Additions - 133,762 23,011
Disposals - - -
At 31 December 2023 1,219,829 680,308 224,023
DEPRECIATION
At 1 January 2023 418,013 385,378 90,561
Charge for year 28,922 29,242 14,703
Eliminated on disposal - - -
At 31 December 2023 446,935 414,620 105,264
NET BOOK VALUE
At 31 December 2023 772,894 265,688 118,759
At 31 December 2022 801,816 161,168 110,451

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 563,739 208,479 2,739,605
Additions 140,660 - 297,433
Disposals (56,132 ) - (56,132 )
At 31 December 2023 648,267 208,479 2,980,906
DEPRECIATION
At 1 January 2023 314,712 207,321 1,415,985
Charge for year 89,771 1,156 163,794
Eliminated on disposal (32,894 ) - (32,894 )
At 31 December 2023 371,589 208,477 1,546,885
NET BOOK VALUE
At 31 December 2023 276,678 2 1,434,021
At 31 December 2022 249,027 1,158 1,323,620

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 19,262
Transfer to ownership (19,262 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 11,136
Transfer to ownership (11,136 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 8,126

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 671,857 500,446 58,054
Additions - 3,829 6,693
Disposals - - -
At 31 December 2023 671,857 504,275 64,747
DEPRECIATION
At 1 January 2023 180,012 359,722 45,174
Charge for year 12,200 21,700 2,937
Eliminated on disposal - - -
At 31 December 2023 192,212 381,422 48,111
NET BOOK VALUE
At 31 December 2023 479,645 122,853 16,636
At 31 December 2022 491,845 140,724 12,880

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 525,145 93,191 1,848,693
Additions 119,500 - 130,022
Disposals (56,132 ) - (56,132 )
At 31 December 2023 588,513 93,191 1,922,583
DEPRECIATION
At 1 January 2023 302,920 92,035 979,863
Charge for year 80,599 1,156 118,592
Eliminated on disposal (32,894 ) - (32,894 )
At 31 December 2023 350,625 93,191 1,065,561
NET BOOK VALUE
At 31 December 2023 237,888 - 857,022
At 31 December 2022 222,225 1,156 868,830

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 19,262
Transfer to ownership (19,262 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 11,136
Transfer to ownership (11,136 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 8,126

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 222,211
NET BOOK VALUE
At 31 December 2023 222,211
At 31 December 2022 222,211

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

R.R. Leisureways (Two) Limited
Registered office:
Nature of business: Supply of motor accessories
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 563,652 368,687
Profit for the year 194,965 62,503

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

R.R. Leisureways (UK) Limited
Registered office: Olympic House, Masboro Street,Rotherham, S60 1EF
Nature of business: dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 174 174


12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 3,102,481 2,620,706 2,430,900 2,071,639

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,577,101 1,420,067 1,375,613 1,276,547
Amounts owed by group undertakings - - 596,524 568,909
Other debtors 7,955 5,292 7,955 5,242
Prepayments and accrued income 762,240 624,888 592,368 512,633
2,347,296 2,050,247 2,572,460 2,363,331

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 15) - 2,758 - 2,758
Trade creditors 2,520,558 2,109,104 2,035,892 1,783,440
Tax 152,800 53,529 141,290 39,665
Social security and other taxes 50,663 37,127 39,761 30,112
VAT 29,848 74,441 59,055 56,841
Other creditors 10,099 10,090 7,871 6,879
Directors' current accounts 493 538 493 538
Accrued expenses 29,052 26,500 20,902 18,400
2,793,513 2,314,087 2,305,264 1,938,633

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year - 2,802

Finance charges repayable:
Within one year - 44

Net obligations repayable:
Within one year - 2,758

Company
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year - 2,802

Finance charges repayable:
Within one year - 44

Net obligations repayable:
Within one year - 2,758

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,306 1,306
Between one and five years 4,491 5,688
5,797 6,994

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,306 1,306
Between one and five years 4,491 5,688
5,797 6,994

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts - 2,758 - 2,758

As at 31 December 2023, the bank holds a debenture and legal charge over the assets of the company.

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 87,273 105,255 81,613 75,985

Group
Deferred
tax
£   
Balance at 1 January 2023 105,255
Provided during year (17,982 )
Balance at 31 December 2023 87,273

Company
Deferred
tax
£   
Balance at 1 January 2023 75,985
Provided during year 5,628
Deferred tax in the profit
and loss account
Balance at 31 December 2023 81,613

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50

AUTOSUPPLIES (CHESTERFIELD) LIMITED (REGISTERED NUMBER: 02479774)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

19. RESERVES

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

At 1 January 2023 4,806,375 8,467 49 4,814,891
Profit for the year 1,111,803 1,111,803
Dividends (454,000 ) (454,000 )
At 31 December 2023 5,464,178 8,467 49 5,472,694

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

At 1 January 2023 4,563,622 8,467 49 4,572,138
Profit for the year 931,068 931,068
Dividends (454,000 ) (454,000 )
At 31 December 2023 5,040,690 8,467 49 5,049,206


20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D Clarke
Balance outstanding at start of year (537 ) 10,608
Amounts advanced 422,045 136,855
Amounts repaid (422,000 ) (148,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (492 ) (537 )

21. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales 508,733 384,082
Purchases 416,836 329,319
Amount due from related party 38,314 24,338