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REGISTERED NUMBER: 02772677 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ARALEX LIMITED

ARALEX LIMITED (REGISTERED NUMBER: 02772677)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ARALEX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs T J Peake
Mr J A Peake





SECRETARY: Mr J A Peake





REGISTERED OFFICE: Lutterworth Ford
Leicester Road
Lutterworth
Leicestershire
LE17 4HB





REGISTERED NUMBER: 02772677 (England and Wales)





ACCOUNTANTS: Armstrongs Bishop Simmons
Chartered Accountants and Tax Advisors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

ARALEX LIMITED (REGISTERED NUMBER: 02772677)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 261,229 326,939
Investment property 5 450,000 560,000
711,229 886,939

CURRENT ASSETS
Stocks 1,768,446 1,807,961
Debtors 6 122,486 122,520
Cash at bank and in hand 416,442 30,637
2,307,374 1,961,118
CREDITORS
Amounts falling due within one year 7 915,471 855,301
NET CURRENT ASSETS 1,391,903 1,105,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,103,132

1,992,756

PROVISIONS FOR LIABILITIES 94,010 81,735
NET ASSETS 2,009,122 1,911,021

CAPITAL AND RESERVES
Called up share capital 8 490 490
Revaluation reserve 9 118,365 118,365
Capital redemption reserve 510 510
Retained earnings 1,889,757 1,791,656
SHAREHOLDERS' FUNDS 2,009,122 1,911,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

ARALEX LIMITED (REGISTERED NUMBER: 02772677)

BALANCE SHEET - continued
31 MAY 2024


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 7 October 2024 and were signed on its behalf by:





Mr J A Peake - Director


ARALEX LIMITED (REGISTERED NUMBER: 02772677)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Aralex 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.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Turnover
Revenue is recognised at the fair value of the consideration received or receivable, excluding any discounts, rebates and value added tax.

Sale of goods
Revenue is recognised from the sale of goods when all the following conditions are satisfied;
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated with the transaction will flow to the company; and
(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to supply services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied;
(a) the amount of revenue can be measured reliably;
(b) it is probable that the company will receive the consideration under the contract;
(c) the stage of completion of the contract at the end of the reporting period can be measured reliably.
(d) the costs incurred and the costs to complete the contract can be measured reliably.

Commission income and manufacturer bonuses
Commissions receivable for arranging vehicle financing and related insurance products are included in revenue. Manufacturer bonuses are considered a reduction in the cost of vehicles sold, and hence are credited against cost of sales in the income statement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

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.

ARALEX LIMITED (REGISTERED NUMBER: 02772677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

The company holds consignment stock vehicles where the significant risks and rewards of ownership and legal title have not passed. This stock is not included on the balance sheet.

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 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 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 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience 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 ultimately may differ from those estimates. The directors consider the valuation of stock to be a critical estimate and judgement applicable to the financial statements.

Used vehicle stock is a depreciating stock item and devalues monthly, making the estimated stock value uncertain. Consideration has been given by the directors to the level of provision against vehicle stocks. In determining the provision required, the directors have used guidance from independent valuation tools and their knowledge of the industry.

Parts stocks held for more than 24 months are written off in full.

ARALEX LIMITED (REGISTERED NUMBER: 02772677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 157,234 578,941 274,257 1,010,432
Additions 17,868 16,835 11,080 45,783
Disposals - (2,170 ) (44,346 ) (46,516 )
At 31 May 2024 175,102 593,606 240,991 1,009,699
DEPRECIATION
At 1 June 2023 112,222 454,567 116,704 683,493
Charge for year 11,617 37,956 29,247 78,820
Eliminated on disposal - (539 ) (13,304 ) (13,843 )
At 31 May 2024 123,839 491,984 132,647 748,470
NET BOOK VALUE
At 31 May 2024 51,263 101,622 108,344 261,229
At 31 May 2023 45,012 124,374 157,553 326,939

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 560,000
Disposals (110,000 )
At 31 May 2024 450,000
NET BOOK VALUE
At 31 May 2024 450,000
At 31 May 2023 560,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,541 52,900
Prepayments 66,945 69,620
122,486 122,520

ARALEX LIMITED (REGISTERED NUMBER: 02772677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 630,668 601,759
Corporation tax 93,213 53,534
Social security and other taxes 14,716 13,673
VAT 46,399 27,271
Other creditors 53,380 51,976
Directors' current accounts 60,000 90,000
Accrued expenses 17,095 17,088
915,471 855,301

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
490 Ordinary £1 490 490

9. RESERVES
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 118,365

10. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors Mr & Mrs Peake who are also shareholders.