REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023 |
FOR |
VEHICLE ACCESSORY SOLUTIONS LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings | ( |
) | (229,666 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Disposals | ( |
) | ( |
) |
Revaluations |
At 29 September 2023 |
DEPRECIATION |
At 31 March 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 29 September 2023 |
NET BOOK VALUE |
At 29 September 2023 |
At 30 March 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
Hire purchase contracts | 31,305 | 79,564 |
Invoice discounting facility | 202,841 | 289,763 |
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 |
£ | £ |
Ordinary A | £1 | 76 | 76 |
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. |
for and on behalf of |
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. |