Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false5Motor vehicle parts and accessories retailers5truetruefalse 01086287 2023-05-01 2024-04-30 01086287 2022-05-01 2023-04-30 01086287 2024-04-30 01086287 2023-04-30 01086287 2022-05-01 01086287 c:Director1 2023-05-01 2024-04-30 01086287 d:Buildings 2023-05-01 2024-04-30 01086287 d:Buildings 2024-04-30 01086287 d:Buildings 2023-04-30 01086287 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01086287 d:ComputerEquipment 2023-05-01 2024-04-30 01086287 d:ComputerEquipment 2024-04-30 01086287 d:ComputerEquipment 2023-04-30 01086287 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01086287 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01086287 d:FreeholdInvestmentProperty 2024-04-30 01086287 d:FreeholdInvestmentProperty 2023-04-30 01086287 d:CurrentFinancialInstruments 2024-04-30 01086287 d:CurrentFinancialInstruments 2023-04-30 01086287 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 01086287 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01086287 d:ShareCapital 2024-04-30 01086287 d:ShareCapital 2023-04-30 01086287 d:ShareCapital 2022-05-01 01086287 d:OtherMiscellaneousReserve 2023-05-01 2024-04-30 01086287 d:OtherMiscellaneousReserve 2024-04-30 01086287 d:OtherMiscellaneousReserve 2022-05-01 2023-04-30 01086287 d:OtherMiscellaneousReserve 2023-04-30 01086287 d:OtherMiscellaneousReserve 2022-05-01 01086287 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01086287 d:RetainedEarningsAccumulatedLosses 2024-04-30 01086287 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01086287 d:RetainedEarningsAccumulatedLosses 2023-04-30 01086287 d:RetainedEarningsAccumulatedLosses 2022-05-01 01086287 c:FRS102 2023-05-01 2024-04-30 01086287 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 01086287 c:FullAccounts 2023-05-01 2024-04-30 01086287 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01086287 2 2023-05-01 2024-04-30 01086287 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 01086287










AUTOPARTS (MOTOR FACTORS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
AUTOPARTS (MOTOR FACTORS) LIMITED
REGISTERED NUMBER: 01086287

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,062
1,297

Investment property
 5 
400,000
400,000

  
401,062
401,297

Current assets
  

Stocks
  
28,121
18,121

Debtors: amounts falling due within one year
 6 
2,996
10,351

Cash at bank and in hand
  
136,161
120,685

  
167,278
149,157

Creditors: amounts falling due within one year
 7 
(59,844)
(35,712)

Net current assets
  
 
 
107,434
 
 
113,445

Total assets less current liabilities
  
508,496
514,742

Provisions for liabilities
  

Deferred tax
  
(71,994)
(71,994)

  
 
 
(71,994)
 
 
(71,994)

Net assets
  
436,502
442,748


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Other reserves
 8 
315,903
315,903

Profit and loss account
 8 
118,599
124,845

  
436,502
442,748


Page 1

 
AUTOPARTS (MOTOR FACTORS) LIMITED
REGISTERED NUMBER: 01086287
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J Selby
Director

Date: 5 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
2,000
333,182
154,616
489,798


Comprehensive income for the year

Profit for the year
-
-
12,950
12,950

Dividends: Equity capital
-
-
(60,000)
(60,000)

Transfer to/from profit and loss account
-
(17,279)
17,279
-



At 1 May 2023
2,000
315,903
124,845
442,748


Comprehensive income for the year

Profit for the year
-
-
53,754
53,754

Dividends: Equity capital
-
-
(60,000)
(60,000)


At 30 April 2024
2,000
315,903
118,599
436,502


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Autoparts (Motor Factors) Limited (01086287) is a private company limited by shares and is incorporated in England and Wales. The registered address is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income represents rents receivable recognised in the period in accordance with the rental agreement. Rent receivable is invoiced monthly at the beginning of the month for which the rental income relates. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Using the below basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

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 weighted average basis.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 8

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Computer equipment
Total

£
£
£



Cost 


At 1 May 2023
6,959
1,193
8,152



At 30 April 2024

6,959
1,193
8,152



Depreciation


At 1 May 2023
5,823
1,032
6,855


Charge for the year
139
96
235



At 30 April 2024

5,962
1,128
7,090



Net book value



At 30 April 2024
997
65
1,062



At 30 April 2023
1,136
161
1,297


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
400,000



At 30 April 2024
400,000

The 2024 valuations were made by the directors.



Page 9

 
AUTOPARTS (MOTOR FACTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
1,152
8,302

Prepayments and accrued income
1,844
2,049

2,996
10,351



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
28,121
10,964

Corporation tax
14,385
7,228

Other taxation and social security
11,570
9,243

Other creditors
2,584
3,545

Accruals and deferred income
3,184
4,732

59,844
35,712



8.


Reserves

Other reserves

Other reserves comprise the balance of revaluations relating to the investment property net of deferred tax on the gain.

Profit and loss account

The profit and loss account comprise the balance of profits accumulated over the life of the company. 


9.


Related party transactions

Included in other creditors due within one year are amounts owed to directors to the value of £1,089 (2023: £131).

 
Page 10