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REGISTERED NUMBER: 05165232 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Exhausts UK Limited

Exhausts UK Limited (Registered number: 05165232)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Exhausts UK Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mrs R E Abbott
P M Jarvis
M Thomas
S Walker





REGISTERED OFFICE: Unit 7 Sheffield Industrial Estate
Surbiton Street
Sheffield
South Yorkshire
S9 2DN





REGISTERED NUMBER: 05165232 (England and Wales)





ACCOUNTANTS: DWilkinson&Company
Moors House
11 South Hawksworth Street
Ilkley
West Yorkshire
LS29 9DX

Exhausts UK Limited (Registered number: 05165232)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3 3
Tangible assets 5 343,243 229,606
343,246 229,609

CURRENT ASSETS
Stocks 337,249 332,681
Debtors 6 786,139 650,143
Cash at bank and in hand 314,278 284,051
1,437,666 1,266,875
CREDITORS
Amounts falling due within one year 7 474,777 330,751
NET CURRENT ASSETS 962,889 936,124
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,306,135

1,165,733

CREDITORS
Amounts falling due after more than
one year

8

(187,477

)

(198,303

)

PROVISIONS FOR LIABILITIES 9 (30,235 ) (11,339 )
NET ASSETS 1,088,423 956,091

Exhausts UK Limited (Registered number: 05165232)

Balance Sheet - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 127,350 127,350
Retained earnings 960,973 828,641
SHAREHOLDERS' FUNDS 1,088,423 956,091

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mrs R E Abbott - Director


Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Exhausts UK 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 as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of ten years.

Development and patent costs
These costs are in relation to the development of an exhaust silencer for Subaru motor vehicles. These costs are being written off evenly over their estimated useful life of 10 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.
Improvements to property - 10% on cost
Plant and machinery - on written down value
Motor vehicles - 25% on reducing balance

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


Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 34 (2022 - 34 ) .

Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INTANGIBLE FIXED ASSETS
Patents
and Development Computer
licences costs software Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 4,170 20,989 40,210 65,369
AMORTISATION
At 1 December 2022
and 30 November 2023 4,169 20,988 40,209 65,366
NET BOOK VALUE
At 30 November 2023 1 1 1 3
At 30 November 2022 1 1 1 3


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 December 2022 109,003 526,335 3,381
Additions 148,938 47,701 4,684
At 30 November 2023 257,941 574,036 8,065
DEPRECIATION
At 1 December 2022 59,934 353,960 507
Charge for year 25,794 55,311 1,134
At 30 November 2023 85,728 409,271 1,641
NET BOOK VALUE
At 30 November 2023 172,213 164,765 6,424
At 30 November 2022 49,069 172,375 2,874

Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 13,975 10,633 663,327
Additions - 15,180 216,503
At 30 November 2023 13,975 25,813 879,830
DEPRECIATION
At 1 December 2022 11,837 7,483 433,721
Charge for year 534 20,093 102,866
At 30 November 2023 12,371 27,576 536,587
NET BOOK VALUE
At 30 November 2023 1,604 (1,763 ) 343,243
At 30 November 2022 2,138 3,150 229,606

Cost or valuation at 30 November 2023 is represented by:

Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 109,003 526,335 3,381
Valuation in 2023 148,938 47,701 4,684
257,941 574,036 8,065

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 13,975 10,633 663,327
Valuation in 2023 - 15,180 216,503
13,975 25,813 879,830

Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 December 2022
and 30 November 2023 153,429
DEPRECIATION
At 1 December 2022 65,089
Charge for year 13,251
At 30 November 2023 78,340
NET BOOK VALUE
At 30 November 2023 75,089
At 30 November 2022 88,340

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 167,623 86,807
Other debtors 608,253 559,736
Prepayments 10,263 3,600
786,139 650,143

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 35,889 8,681
Other loans 109,944 37,500
Hire purchase contracts 65,083 60,043
Trade creditors 145,590 128,860
Social security and other taxes 22,225 16,086
VAT 74,653 41,309
Other creditors 417 2,136
Directors' current accounts 17,516 32,761
Accrued expenses 3,460 3,375
474,777 330,751

Exhausts UK Limited (Registered number: 05165232)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Loans from directors are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 88,452 107,235
Other creditors 99,025 91,068
187,477 198,303

9. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 30,235 11,339

Deferred
tax
£   
Balance at 1 December 2022 11,339
Accelerated capital allowances 18,896
Unrelieved losses
Balance at 30 November 2023 30,235

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary 1 100 100

11. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 127,350

12. ULTIMATE CONTROLLING PARTY

The directors control the company due to holding 100% of issued share capital.