2023-09-012024-08-312024-08-31false02828533SUSSEX AUTO PARTS 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SUSSEX AUTO PARTS LIMITED

Registered Number
02828533
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

SUSSEX AUTO PARTS LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

Matthew John Hyne

Registered Address

Unit 40
Station Road Industrial Estate
Hailsham
BN27 2EY

Registered Number

02828533 (England and Wales)
SUSSEX AUTO PARTS LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets360,70439,841
60,70439,841
Current assets
Stocks762,742786,193
Debtors4505,437683,853
Cash at bank and on hand175,225339,956
1,443,4041,810,002
Creditors amounts falling due within one year5(624,348)(677,835)
Net current assets (liabilities)819,0561,132,167
Total assets less current liabilities879,7601,172,008
Creditors amounts falling due after one year(306,366)(381,691)
Net assets573,394790,317
Capital and reserves
Called up share capital17,00217,002
Share premium69,30569,305
Other reserves17,00217,002
Profit and loss account470,085687,008
Shareholders' funds573,394790,317
The financial statements were approved and authorised for issue by the Director on 24 October 2024, and are signed on its behalf by:
Matthew John Hyne
Director
Registered Company No. 02828533
SUSSEX AUTO PARTS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-25
Fixtures and fittings15-
Vehicles25-
Office Equipment-33
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year1515
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 23162,813
Additions32,685
At 31 August 24195,498
Depreciation and impairment
At 01 September 23122,972
Charge for year11,822
At 31 August 24134,795
Net book value
At 31 August 2460,704
At 31 August 2339,841
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables354,721437,763
Amounts owed by group undertakings96,78670,185
Other debtors11,837155,728
Prepayments and accrued income42,09320,177
Total505,437683,853
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables504,953494,975
Taxation and social security43,282111,390
Finance lease and HP contracts4,7964,796
Other creditors11,8268,463
Accrued liabilities and deferred income59,49158,211
Total624,348677,835
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts13,32716,351