GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AUTOSUPPLIES (CHESTERFIELD) LIMITED |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Mr James Timothy Card FCCA |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Statutory Auditors |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
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 |
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 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 931,068 | 890,511 |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Transfer to ownership | (19,262 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Transfer to ownership | (11,136 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: Olympic House, Masboro Street,Rotherham, S60 1EF |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 3,102,481 | 2,620,706 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,577,101 | 1,420,067 |
Amounts owed by group undertakings | - | - |
Other debtors | 7,955 | 5,292 |
Prepayments and accrued income | 762,240 | 624,888 |
2,347,296 | 2,050,247 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 15) | - | 2,758 |
Trade creditors | 2,520,558 | 2,109,104 |
Tax | 152,800 | 53,529 |
Social security and other taxes | 50,663 | 37,127 |
VAT | 29,848 | 74,441 |
Other creditors | 10,099 | 10,090 |
Directors' current accounts | 493 | 538 |
Accrued expenses | 29,052 | 26,500 |
2,793,513 | 2,314,087 |
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 |
Finance charges repayable: |
Within one year |
Net obligations repayable: |
Within one year |
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 |
Between one and five years |
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 |
Provided during year |
Deferred tax in the profit |
and loss account |
Balance at 31 December 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | 4,572,138 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 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 |