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REGISTERED NUMBER: 06500096 (England and Wales)
















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 June 2023

for


Access Commercials (UK) Limited


Access Commercials (UK) Limited (Registered number: 06500096)







Contents of the Financial Statements

for the Year Ended 30 June 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Director  

4



Report of the Independent Auditors  

5



Income Statement  

9



Other Comprehensive Income  

10



Balance Sheet  

11



Statement of Changes in Equity  

12



Cash Flow Statement  

13



Notes to the Cash Flow Statement  

14



Notes to the Financial Statements

15




Access Commercials (UK) Limited


Company Information

for the Year Ended 30 June 2023









DIRECTOR:

B E Moseley







REGISTERED OFFICE:

Congress House


14 Lyon Road


Harrow


Middlesex


HA1 2EN







REGISTERED NUMBER:

06500096 (England and Wales)







AUDITORS:

Evolve Accounting and Tax Solutions Limited


Statutory Auditors


2nd Floor Congress House


14 Lyon Road


Harrow


Middlesex


HA1 2EN


Access Commercials (UK) Limited (Registered number: 06500096)


Strategic Report

for the Year Ended 30 June 2023


The director presents his strategic report for the year ended 30 June 2023.


REVIEW OF BUSINESS

Although the Company had a decline in sales during the period, it was still able to trade profitably. The reduction in sales income was very slight due to the downturn of the economy during the period.


Following the reduction of availability of new vehicles as a consequence of the enforced lockdowns and other restrictions due to the Covid 19 pandemic, the used vehicle market is improving, and the director is hopeful that the Company can use this to its advantage in the coming year. In the 2024 trading year, the Company is expected to continue to trade profitably, maintaining a healthy level of liquid funds.


The Company has invested in a fleet of vehicles available for hire by customers and income in this area has continued to grow.


Adequate financial resources are available to enable the Company to take advantage of future business opportunities as and when they are identified.


Some key performance indicators are below:



2023


2022


2021



Turnover


£8,817,882


£9,488,131


£15,063,489



Gross profit margin


12.0%


9.6%


11.7%



Net profit before tax


14.3%


12.4%


12.5%




Access Commercials (UK) Limited (Registered number: 06500096)


Strategic Report

for the Year Ended 30 June 2023


PRINCIPAL RISKS AND UNCERTAINTIES

The business is reliant on the levels of activity in the market for second hand commercial vehicles which are in turn affected by the overall strength of the economy.


As mentioned in the business review the Company has been affected by the downturn in the economy but has been able to trade profitably.


The Company manages its exposure to credit risk by having minimal debtors as its goods are not transferred to customers until paid for in full.


Liquidity risk is managed by the Company by only holding trading stock that can be sold on in a relatively short space of time. The Company has also built up a property portfolio which brings in a steady regular stream of income. A healthy balance is maintained with the bank which enables the Company to pay its debts as they fall due.


Changes to government and local legislation regarding fuel emissions and associated levies and charges may affect the market in which the company operates. The type of vehicles that the Company trades are relatively new, despite being used, so the risk that the Company may hold vehicles in stock which cannot be sold is reduced. The Company does not buy vehicles that are likely to be rendered obsolete or have their value adversely affected by changes to government legislation. The Company can shift its focus to sell to customers which have not been effected by the proposed expansion of the London ULEZ area in order to mitigate the possible adverse effects of this legislation on the business.


The Company remains well placed within its market to continue to operate profitably for the foreseeable future.


It is not considered necessary for an understanding of the development, performance or position of the Company's business to comment here on environmental matters, the entity's employees or social, community and human rights issues. However, the Company is very much aware and respectful of such matters and takes them in to account when planning and implementing business policy and procedures.


ON BEHALF OF THE BOARD:






B E Moseley - Director



4 September 2024


Access Commercials (UK) Limited (Registered number: 06500096)


Report of the Director

for the Year Ended 30 June 2023


The director presents his report with the financial statements of the company for the year ended 30 June 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale and rental of used commercial vehicles and cars.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2023.


DIRECTOR

B E Moseley held office during the whole of the period from 1 July 2022 to the date of this report.


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors,  Evolve Accounting and Tax Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






B E Moseley - Director



4 September 2024


Report of the Independent Auditors to the Members of

Access Commercials (UK) Limited


Opinion

We have audited the financial statements of Access Commercials (UK) Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2023 and of its 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 company 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 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 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 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 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

Access Commercials (UK) Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-

the 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 four, 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 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 company or to cease operations, or has no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Access Commercials (UK) Limited



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:


Identifying and responding to risks of material misstatement due to fraud


To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:


- Enquiring of the director and inspection of any policy documentation and procedures to prevent and detect fraud as well as whether they have knowledge of any actual or alleged fraud.

- Reading board minutes

- Using analytical procedures to identify any unusual or unexpected relationships


We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.


As required by auditing standards, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.


We did not identify any additional fraud risks.


We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation, these included unusual journals posted to cash and borrowing accounts.


Identifying and responding to risks of material misstatement due to non compliance with laws and regulations.


We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the director (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the director for policies and procedures regarding compliance with laws and regulations.


We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non compliance throughout the audit.


The potential effect of these laws and regulations on the financial statements varies considerably.


The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.


Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements.


Report of the Independent Auditors to the Members of

Access Commercials (UK) Limited



Context of the ability of the audit to detect fraud or breaches of law or regulation


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.


In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non compliance or fraud and cannot be expected to detect non compliance with all laws and regulations.


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.


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.





Paul O'Rourke FCA (Senior Statutory Auditor)

for and on behalf of Evolve Accounting and Tax Solutions Limited

Statutory Auditors

2nd Floor Congress House

14 Lyon Road

Harrow

Middlesex

HA1 2EN


4 September 2024



Evolve Accounting and Tax Solutions Limited


Access Commercials (UK) Limited (Registered number: 06500096)


Income Statement

for the Year Ended 30 June 2023



30.6.23

30.6.22



Notes

£   

£   

£   

£   



TURNOVER

8,817,882


9,488,131




Cost of sales

7,752,127


8,571,360



GROSS PROFIT

1,065,755


916,771




Distribution costs

10,186


-



Administrative expenses

609,219


782,256



619,405

782,256

446,350


134,515




Other operating income

4

836,986


1,047,226



OPERATING PROFIT

6

1,283,336


1,181,741




Interest receivable and similar income

1,046


38



1,284,382


1,181,779




Interest payable and similar expenses

7

21,069


718



PROFIT BEFORE TAXATION

1,263,313


1,181,061




Tax on profit

8

293,967


345,335



PROFIT FOR THE FINANCIAL YEAR

969,346


835,726




Access Commercials (UK) Limited (Registered number: 06500096)


Other Comprehensive Income

for the Year Ended 30 June 2023



30.6.23


30.6.22


Notes

£   

£   



PROFIT FOR THE YEAR

969,346


835,726





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

969,346


835,726




Access Commercials (UK) Limited (Registered number: 06500096)


Balance Sheet

30 June 2023



30.6.23

30.6.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

1,303,812


1,159,787



Investments

10

100


100



Investment property

11

4,504,999


4,504,999



5,808,911


5,664,886




CURRENT ASSETS

Stocks

12

3,380,042


3,202,472



Debtors

13

2,285,784


1,177,790



Cash at bank and in hand

733,339


847,842



6,399,165


5,228,104



CREDITORS

Amounts falling due within one year

14

907,395


530,407



NET CURRENT ASSETS

5,491,770


4,697,697



TOTAL ASSETS LESS CURRENT

LIABILITIES

11,300,681


10,362,583




CREDITORS

Amounts falling due after more than one

year

15

(3,948

)

(11,016

)



PROVISIONS FOR LIABILITIES

18

(85,357

)

(109,537

)


NET ASSETS

11,211,376


10,242,030




CAPITAL AND RESERVES

Called up share capital

19

1,000


1,000



Fair value reserve

20

684,486


684,486



Retained earnings

20

10,525,890


9,556,544



SHAREHOLDERS' FUNDS

11,211,376


10,242,030




The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:






B E Moseley - Director



Access Commercials (UK) Limited (Registered number: 06500096)


Statement of Changes in Equity

for the Year Ended 30 June 2023



Called up


Fair



share


Retained


value


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 July 2021

1,000


8,720,818


684,486


9,406,304




Changes in equity

Total comprehensive income

-


835,726


-


835,726



Balance at 30 June 2022

1,000


9,556,544


684,486


10,242,030




Changes in equity

Total comprehensive income

-


969,346


-


969,346



Balance at 30 June 2023

1,000


10,525,890


684,486


11,211,376




Access Commercials (UK) Limited (Registered number: 06500096)


Cash Flow Statement

for the Year Ended 30 June 2023



30.6.23


30.6.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

382,399


1,181,730



Interest paid

(20,083

)

-



Interest element of hire purchase payments

paid

(986

)

(718

)


Tax paid

(328,466

)

(406,811

)


Net cash from operating activities

32,864


774,201




Cash flows from investing activities

Purchase of tangible fixed assets

(1,043,605

)

(1,011,494

)


Sale of tangible fixed assets

924,716


172,084



Interest received

1,046


38



Net cash from investing activities

(117,843

)

(839,372

)



Cash flows from financing activities

Capital repayments in year

(12,631

)

1,822



Amount introduced by directors

(614,641

)

102,864



Amount withdrawn by directors

597,748


-



Net cash from financing activities

(29,524

)

104,686




(Decrease)/increase in cash and cash equivalents

(114,503

)

39,515



Cash and cash equivalents at beginning of

year

2

847,842


808,327




Cash and cash equivalents at end of year

2

733,339


847,842




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Cash Flow Statement

for the Year Ended 30 June 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


30.6.23


30.6.22

£   

£   



Profit before taxation

1,263,313


1,181,061




Depreciation charges

473,705


404,904




Profit on disposal of fixed assets

(498,840

)

(101,337

)



Finance costs

21,069


718




Finance income

(1,046

)

(38

)


1,258,201


1,485,308




Increase in stocks

(177,570

)

(405,970

)



(Increase)/decrease in trade and other debtors

(1,091,102

)

165,976




Increase/(decrease) in trade and other creditors

392,870


(63,584

)



Cash generated from operations

382,399


1,181,730




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 30 June 2023


30.6.23


1.7.22

£   

£   



Cash and cash equivalents

733,339


847,842




Year ended 30 June 2022


30.6.22


1.7.21

£   

£   



Cash and cash equivalents

847,842


808,327





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.7.22

Cash flow

At 30.6.23

£   

£   

£   



Net cash



Cash at bank and in hand

847,842


(114,503

)

733,339



847,842


(114,503

)

733,339




Debt


Finance leases

(24,265

)

12,631


(11,634

)


(24,265

)

12,631


(11,634

)



Total

823,577


(101,872

)

721,705




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements

for the Year Ended 30 June 2023


1.

STATUTORY INFORMATION



Access Commercials (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.


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 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.

Revenue is recognised when the customer has paid a deposit for the goods sold.


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Land and buildingsNot depreciated
Improvements to property2% on cost
Plant and machinery15% on reducing balance
Fixtures and fittings15% on reducing balance
Motor vehiclesStraight line over 3 years


Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Stocks

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


Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.


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.


Commissions earned


The company earns commissions on the provision of finance to customers. For any sales made to customers where finance agreements are arranged, the company earns a commission based on the amount of finance provided. This is recognised when the finance arrangement has been finalised.


Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


3.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from those estimates.

In preparing these financial statements, the director has had to make the following judgements:

- Determine whether there are indicators of impairment to the company's tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance are considered. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposals values.

Investment properties are reviewed annually for signs of impairment or appreciation in value. Professional valuations are obtained each year and any change in value is reflected in the profit and loss account of the company, with the change in value included in the fair value reserve.

- Determine whether there are indicators of impairment to the stocks held by the company. Factors considered in reaching such a decision include assessing the general condition of the stocks held, general market conditions, advances in technology and government legislation.

A review of the stocks held at the year end by the company has been carried out and an assessment regarding the general condition of the stocks held for resale and and likely realisable values made. Any impairment to the value of stock has been written off in the period to the profit and loss account.

4.

OTHER OPERATING INCOME


30.6.23


30.6.22

£   

£   



Rents received

678,192


744,153




Commission received

158,794


303,073



836,986


1,047,226




5.

EMPLOYEES AND DIRECTORS


30.6.23


30.6.22

£   

£   



Wages and salaries

112,473


64,230




Social security costs

6,562


1,871



119,035


66,101





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


30.6.23


30.6.22



Administration

3


2





30.6.23


30.6.22

£   

£   



Director's remuneration

16,577


3,000




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


6.

OPERATING PROFIT



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



30.6.23


30.6.22

£   

£   



Other operating leases

110,000


60,000




Depreciation - owned assets

461,029


392,229




Depreciation - assets on hire purchase contracts

12,675


12,675




Profit on disposal of fixed assets

(498,840

)

(101,337

)



Auditors' remuneration

15,000


15,000




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.6.23


30.6.22

£   

£   



Interest on overdue taxation

20,083


-




Hire purchase

986


718



21,069


718




8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


30.6.23


30.6.22

£   

£   



Current tax:


UK corporation tax

318,147


268,668





Deferred tax

(24,180

)

76,667




Tax on profit

293,967


345,335





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:



30.6.23


30.6.22

£   

£   



Profit before tax

1,263,313


1,181,061




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2022 - 19%)  

315,828


224,402





Effects of:


Expenses not deductible for tax purposes

1,484


10,696




Income not taxable for tax purposes

(127,338

)

(19,254

)



Depreciation in excess of capital allowances

87,860


52,824




Deferred tax  

(24,180

)

76,667




Effect of marginal rate on change in tax rate  

(50,056

)

-




Tax charge from previous periods  

90,369


-




Total tax charge

293,967


345,335




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


9.

TANGIBLE FIXED ASSETS


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 July 2022

470,135


164,874


26,927


1,126,305


1,788,241




Additions

90,528


44,800


33


908,244


1,043,605




Disposals

-


(22,500

)

-


(703,537

)

(726,037

)



At 30 June 2023

560,663


187,174


26,960


1,331,012


2,105,809




DEPRECIATION


At 1 July 2022

120,102


46,237


15,803


446,312


628,454




Charge for year

6,713


21,647


1,674


443,670


473,704




Eliminated on disposal

-


(3,375

)

-


(296,786

)

(300,161

)



At 30 June 2023

126,815


64,509


17,477


593,196


801,997




NET BOOK VALUE


At 30 June 2023

433,848


122,665


9,483


737,816


1,303,812




At 30 June 2022

350,033


118,637


11,124


679,993


1,159,787




Included in cost of Freehold property is freehold land of £225,000 (2022: £225,000) which is not depreciated.


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Plant and


machinery

£   



COST


At 1 July 2022


and 30 June 2023

84,500




DEPRECIATION


At 1 July 2022

22,125




Charge for year

12,675




At 30 June 2023

34,800




NET BOOK VALUE


At 30 June 2023

49,700




At 30 June 2022

62,375




10.

FIXED ASSET INVESTMENTS



Investments (neither listed nor unlisted) were as follows:


30.6.23


30.6.22

£   

£   



Investment in subsidiary

100


100




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


11.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 July 2022


and 30 June 2023

4,504,999




NET BOOK VALUE


At 30 June 2023

4,504,999




At 30 June 2022

4,504,999





Fair value at 30 June 2023 is represented by:

£   



Valuation in 2021

684,486




Cost

3,820,513



4,504,999





If Investment properties had not been revalued they would have been included at the following historical cost:



30.6.23


30.6.22

£   

£   



Cost

3,820,513


3,820,513





Investment properties were valued on an open market basis on 3 September 2021 by Countrywide Commercial (UK) Limited  .


12.

STOCKS


30.6.23


30.6.22

£   

£   



Goods for resale

3,380,042


3,202,472




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.23


30.6.22

£   

£   



Trade debtors

106,041


34,550




Other debtors

1,228,097


133,026




Directors' current accounts

951,646


934,753




VAT

-


75,461



2,285,784


1,177,790




See note 22 for details of related party debtors within other debtors.


Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.23


30.6.22

£   

£   



Hire purchase contracts  (see note 16)

7,686


13,249




Trade creditors

43,538


61,691




Corporation Tax

323,849


334,168




Social security and other taxes

212,336


1,545




Other creditors

289,986


104,754




Accrued expenses

30,000


15,000



907,395


530,407




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30.6.23


30.6.22

£   

£   



Hire purchase contracts  (see note 16)

3,948


11,016




16.

LEASING AGREEMENTS



Minimum lease payments under hire purchase fall due as follows:



30.6.23


30.6.22


£   

£   



Gross obligations repayable:


Within one year

8,195


13,935




Between one and five years

5,070


11,829



13,265


25,764





Finance charges repayable:


Within one year

509


686




Between one and five years

1,122


813



1,631


1,499





Net obligations repayable:


Within one year

7,686


13,249




Between one and five years

3,948


11,016



11,634


24,265




17.

SECURED DEBTS



The following secured debts are included within creditors:



30.6.23


30.6.22

£   

£   



Hire purchase contracts

11,634


24,265





Liabilities owed on hire purchase contracts are secured on the assets that they finance.


Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


18.

PROVISIONS FOR LIABILITIES


30.6.23


30.6.22

£   

£   



Deferred tax

85,357


109,537





Deferred



tax


£   



Balance at 1 July 2022

109,537




Credit to Income Statement during year

(24,180

)



Balance at 30 June 2023

85,357




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.6.23


30.6.22


value:

£   

£   



1,000

Ordinary

£1

1,000


1,000




20.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 July 2022

9,556,544


684,486


10,241,030




Profit for the year

969,346


969,346




At 30 June 2023

10,525,890


684,486


11,210,376




Amounts included in the Fair Value Reserve represent unrecognised gains on the revaluation of investment properties and are non-distributable.

21.

DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:



30.6.23


30.6.22

£   

£   



B E Moseley


Balance outstanding at start of year

934,753


1,037,617




Amounts advanced

614,641


754,753




Amounts repaid

(597,748

)

(857,617

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

951,646


934,753




Access Commercials (UK) Limited (Registered number: 06500096)


Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


22.

RELATED PARTY DISCLOSURES



Included in other debtors is £1,105,000 owed to the company by BMG London Limited, a company of which B E Moseley is a director and a 100% shareholder.There are no terms agreed and the loan is repayable on demand.



In the previous period, an amount owed of £51,607 due to the company by Access Property Services UK Limited was written off. Access Property Services UK Limited was dissolved in January 2023. B E Moseley was a director of Access Property Services Limited.



The company paid rent to the director of £110,000 (2022: £60,000) during the year.


23.

ULTIMATE CONTROLLING PARTY



The controlling party is B E Moseley.