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Registered number: 07572227
Advantage Auto Parts Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07572227
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,266 11,539
Tangible Assets 5 60,319 75,676
70,585 87,215
CURRENT ASSETS
Stocks 6 439,546 414,886
Debtors 7 42,648 18,468
Cash at bank and in hand 58,902 59,353
541,096 492,707
Creditors: Amounts Falling Due Within One Year 8 (194,688 ) (214,012 )
NET CURRENT ASSETS (LIABILITIES) 346,408 278,695
TOTAL ASSETS LESS CURRENT LIABILITIES 416,993 365,910
Creditors: Amounts Falling Due After More Than One Year 9 (165,522 ) (197,244 )
NET ASSETS 251,471 168,666
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 251,470 168,665
SHAREHOLDERS' FUNDS 251,471 168,666
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jaspreet Ladwa
Director
01/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Advantage Auto Parts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07572227 . The registered office is West House, 9 Bickenhill Lane, Birmingham, B37 7EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. It is amortised to over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 20% straight line
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 6)
8 6
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 12,700
As at 31 December 2023 12,700
Amortisation
As at 1 January 2023 1,161
Provided during the period 1,273
As at 31 December 2023 2,434
Net Book Value
As at 31 December 2023 10,266
As at 1 January 2023 11,539
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 4,875 12,052 52,890 24,522
Additions - 4,247 - -
As at 31 December 2023 4,875 16,299 52,890 24,522
Depreciation
As at 1 January 2023 2,187 4,447 11,988 7,473
Provided during the period 1,650 2,681 8,181 5,289
As at 31 December 2023 3,837 7,128 20,169 12,762
Net Book Value
As at 31 December 2023 1,038 9,171 32,721 11,760
As at 1 January 2023 2,688 7,605 40,902 17,049
Computer Equipment Total
£ £
Cost
As at 1 January 2023 15,996 110,335
Additions 618 4,865
As at 31 December 2023 16,614 115,200
Depreciation
As at 1 January 2023 8,564 34,659
Provided during the period 2,421 20,222
As at 31 December 2023 10,985 54,881
Net Book Value
As at 31 December 2023 5,629 60,319
As at 1 January 2023 7,432 75,676
6. Stocks
2023 2022
£ £
Finished goods 439,546 414,886
7. Debtors
2023 2022
£ £
Due within one year
Other debtors (Debtors < 1 year) 42,648 18,468
42,648 18,468
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,592 19,459
Bank loans and overdrafts - 1
Corporation tax 5,286 -
Other taxes and social security 28,961 5,569
VAT 23,747 34,503
Director's loan account 122,102 154,480
194,688 214,012
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 165,522 197,244
165,522 197,244
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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