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REGISTERED NUMBER: 08357693 (England and Wales)















FINANCIAL STATEMENTS FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

FOR

VEHICLE ACCESSORY SOLUTIONS LTD

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VEHICLE ACCESSORY SOLUTIONS LTD

COMPANY INFORMATION
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023







DIRECTOR: D R Shoebridge





REGISTERED OFFICE: Crusader House
High Street
Buxted
TN22 4LA





REGISTERED NUMBER: 08357693 (England and Wales)





AUDITORS: Galloways Accounting (Audit) Limited
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

BALANCE SHEET
29 SEPTEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 668,776 688,687

CURRENT ASSETS
Stocks 428,099 142,788
Debtors 6 463,170 593,800
Cash at bank 36,232 57,187
927,501 793,775
CREDITORS
Amounts falling due within one year 7 1,222,633 1,138,141
NET CURRENT LIABILITIES (295,132 ) (344,366 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

373,644

344,321

CREDITORS
Amounts falling due after more than one
year

8

(352,084

)

(448,656

)

PROVISIONS FOR LIABILITIES (38,539 ) (14,760 )
NET LIABILITIES (16,979 ) (119,095 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 121,292 110,471
Retained earnings (138,371 ) (229,666 )
SHAREHOLDERS' FUNDS (16,979 ) (119,095 )

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





D R Shoebridge - Director


VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

1. STATUTORY INFORMATION

Vehicle Accessory Solutions Ltd 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 (£).


The financial statements are for the eighteen months from 31 March 2022 to 29 September 2023, whereas the comparatives are for the twelve months from 31 March 2021 to 30 March 2022. The balance sheet date was changed for administrative purposes. The comparatives are not entirely comparable.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The director has taken steps to ensure the company continues as a going concern for the foreseeable future, including addressing company strategy to increase revenue streams. Therefore, the director believes that the financial statements should be prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliability, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the fitting of accessories is recognised at the date of completion of the fitting.

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 buildings - 1% on cost
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Land is not depreciated.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property is measured at fair value at each reporting date with changes in fair value recognised in other comprehensive income. The fair value is based on the open market value of similar properties within the same area.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 32 (2022 - 39 ) .

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 31 March 2022 625,088 359,917 985,005
Disposals - (72,413 ) (72,413 )
Revaluations 43,583 - 43,583
At 29 September 2023 668,671 287,504 956,175
DEPRECIATION
At 31 March 2022 14,088 282,230 296,318
Charge for period 8,917 44,656 53,573
Eliminated on disposal - (62,492 ) (62,492 )
At 29 September 2023 23,005 264,394 287,399
NET BOOK VALUE
At 29 September 2023 645,666 23,110 668,776
At 30 March 2022 611,000 77,687 688,687

Cost or valuation at 29 September 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 49,471 - 49,471
Valuation in 2023 104,583 - 104,583
Cost 514,617 287,504 802,121
668,671 287,504 956,175

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 514,617 514,617
Aggregate depreciation 18,784 14,088

The freehold property was valued on an open market value based on its current usage on 19 January 2023 by Harwoods Chartered Surveyors. The directors are of the opinion that the fair value is unchanged at the balance sheet date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 291,943 434,054
Amounts owed by group undertakings 74,366 36,451
Other debtors 96,861 123,295
463,170 593,800

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 52,168 57,596
Hire purchase contracts 12,916 37,426
Trade creditors 647,322 543,161
Amounts owed to group undertakings 6,036 6,036
Taxation and social security 252,457 145,737
Other creditors 251,734 348,185
1,222,633 1,138,141

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 333,695 406,518
Hire purchase contracts 18,389 42,138
352,084 448,656

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalment 201,387 203,412

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 385,863 464,114
Hire purchase contracts 31,305 79,564
Invoice discounting facility 202,841 289,763
620,009 833,441

The bank loan is secured on the freehold property, plant and machinery within the property and the company's debts. The hire purchase liabilities are secured on the assets to which they relate. The invoice discounting facility is secured on fixed and floating charges over the freehold property, plant and machinery and the company's debts.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
76 Ordinary A £1 76 76
24 Ordinary B £1 24 24
100 100

VEHICLE ACCESSORY SOLUTIONS LTD (REGISTERED NUMBER: 08357693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The company's financial statements for the year ended 30 March 2022 were not audited. We did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 March 2022 by using other audit procedures, which are included in the balance sheet at £142,788. Consequently we were unable to determine whether any adjustment to this amount at 30 March 2022 was necessary or whether there was any consequential effect on the cost of sales for the period ended 30 September 2023.

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 Auditor’s 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 qualified opinion.

Other matter; prior year financial statements unaudited
The comparative amounts are unaudited since the company did not have an audit for the year ended 30 March 2022.

Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting (Audit) Limited

12. OFF-BALANCE SHEET ARRANGEMENTS

At the period end, the company had non-cancellable operating leases amounting to £144,441 (2022: £nil).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, the company advanced £775 (2022: £35,760) to a director. The director resigned during the period, at which point he owed £39,535. At the end of the prior period, he owed £38,760. Interest was charged at 2%. The advances were unsecured and repayable on demand.

14. RELATED PARTY DISCLOSURES

At the period end, the company owed its parent company £6,036 (2022: £6,036).

15. PARENT COMPANY

Vehicle Accessory Solutions Ltd is a subsidiary of FFTF Holdings Ltd. Its registered office is Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA. FFTF Holdings Ltd prepares group accounts, which can be obtained from https://find-and-update.company-information.service.gov.uk.