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REGISTERED NUMBER: 02371520 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Atspeed Distributors Limited

Atspeed Distributors Limited (Registered number: 02371520)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Atspeed Distributors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A J Thompson
J B Thompson





SECRETARY: J B Thompson





REGISTERED OFFICE: 4 The Courtyard
Holmsted Farm
Staplefield Road
Cuckfield
West Sussex
RH17 5JF





REGISTERED NUMBER: 02371520 (England and Wales)





ACCOUNTANTS: Warren House Accountants Limited
4 The Courtyard
Holmsted Farm
Staplefield Road
Haywards Heath
RH17 5JF

Atspeed Distributors Limited (Registered number: 02371520)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 218,602 141,509

CURRENT ASSETS
Stocks 5 280,033 320,000
Debtors 6 680,939 1,051,352
Cash at bank and in hand 1,024,359 1,005,514
1,985,331 2,376,866
CREDITORS
Amounts falling due within one year 7 723,411 1,157,256
NET CURRENT ASSETS 1,261,920 1,219,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,480,522

1,361,119

CREDITORS
Amounts falling due after more than one
year

8

(156,976

)

(103,091

)

PROVISIONS FOR LIABILITIES 10 (54,736 ) (17,637 )
NET ASSETS 1,268,810 1,240,391

CAPITAL AND RESERVES
Called up share capital 11 51,000 51,000
Retained earnings 1,217,810 1,189,391
SHAREHOLDERS' FUNDS 1,268,810 1,240,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Atspeed Distributors Limited (Registered number: 02371520)

Statement of Financial Position - continued
31 December 2023


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 Income Statement has not been delivered.

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




A J Thompson - Director



J B Thompson - Director


Atspeed Distributors Limited (Registered number: 02371520)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Atspeed Distributors 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 (£).


Monetary amounts in the financial statements are rounded to the nearest (£).

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover is recognised when goods are delivered and legal title is passed.

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.

Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value.

Provision is made against stock with an age of greater than two years old and a 75% provision is made against specials stock which are bespoke stock items with limited potential for re-sale.

Taxation
Taxation for the year 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 statement of financial position date.


Atspeed Distributors Limited (Registered number: 02371520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 18 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 79,748 203,365 283,113
Additions 1,565 117,168 118,733
Disposals (10,750 ) - (10,750 )
At 31 December 2023 70,563 320,533 391,096
DEPRECIATION
At 1 January 2023 60,474 81,130 141,604
Charge for year 2,848 30,898 33,746
Eliminated on disposal (2,856 ) - (2,856 )
At 31 December 2023 60,466 112,028 172,494
NET BOOK VALUE
At 31 December 2023 10,097 208,505 218,602
At 31 December 2022 19,274 122,235 141,509

Atspeed Distributors Limited (Registered number: 02371520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 12,150 114,280 126,430
Additions - 117,168 117,168
At 31 December 2023 12,150 231,448 243,598
DEPRECIATION
At 1 January 2023 11,638 81,130 92,768
Charge for year - 30,898 30,898
At 31 December 2023 11,638 112,028 123,666
NET BOOK VALUE
At 31 December 2023 512 119,420 119,932
At 31 December 2022 512 33,150 33,662

5. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 280,033 320,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 664,619 1,037,888
Amounts owed by associates 4,920 2,420
Other debtors 11,400 11,044
680,939 1,051,352

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,677 9,677
Hire purchase contracts (see note 9) 51,466 28,396
Trade creditors 516,610 773,779
Amounts owed to group undertakings 71,062 116,062
Taxation and social security 68,356 182,331
Other creditors 6,240 47,011
723,411 1,157,256

Atspeed Distributors Limited (Registered number: 02371520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 13,979 23,979
Hire purchase contracts (see note 9) 142,997 79,112
156,976 103,091

During the previous financial year, the company took advantage of a Bounce Back Loan. The loan has an interest rate of 2.5% with an interest holiday, covered by a Government grant for the first twelve months.

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 51,466 28,396
Between one and five years 142,997 79,112
194,463 107,508

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 10,661 10,660
Between one and five years 6,630 17,290
17,291 27,950

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 54,736 17,637

Deferred
tax
£   
Balance at 1 January 2023 17,637
Provided during year 37,099
Balance at 31 December 2023 54,736

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
51,000 Ordinary 1 51,000 51,000