Evesham Auto Spares Limited 05765597 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is vehicle dismantlers and sale of motor vehicle used car parts. Digita Accounts Production Advanced 6.30.9574.0 true true 05765597 2023-04-01 2024-03-31 05765597 2024-03-31 05765597 bus:OrdinaryShareClass2 2024-03-31 05765597 bus:OrdinaryShareClass3 2024-03-31 05765597 bus:OrdinaryShareClass4 2024-03-31 05765597 core:RetainedEarningsAccumulatedLosses 2024-03-31 05765597 core:ShareCapital 2024-03-31 05765597 core:CurrentFinancialInstruments 2024-03-31 05765597 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05765597 core:Goodwill 2024-03-31 05765597 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 05765597 core:MotorVehicles 2024-03-31 05765597 core:OfficeEquipment 2024-03-31 05765597 core:PlantMachinery 2024-03-31 05765597 bus:SmallEntities 2023-04-01 2024-03-31 05765597 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05765597 bus:FilletedAccounts 2023-04-01 2024-03-31 05765597 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05765597 bus:RegisteredOffice 2023-04-01 2024-03-31 05765597 bus:CompanySecretary1 2023-04-01 2024-03-31 05765597 bus:Director1 2023-04-01 2024-03-31 05765597 bus:Director2 2023-04-01 2024-03-31 05765597 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 05765597 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 05765597 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 05765597 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05765597 core:Goodwill 2023-04-01 2024-03-31 05765597 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 05765597 core:LeaseholdImprovements 2023-04-01 2024-03-31 05765597 core:MotorVehicles 2023-04-01 2024-03-31 05765597 core:OfficeEquipment 2023-04-01 2024-03-31 05765597 core:PlantMachinery 2023-04-01 2024-03-31 05765597 countries:AllCountries 2023-04-01 2024-03-31 05765597 2023-03-31 05765597 core:Goodwill 2023-03-31 05765597 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05765597 core:MotorVehicles 2023-03-31 05765597 core:OfficeEquipment 2023-03-31 05765597 core:PlantMachinery 2023-03-31 05765597 2022-04-01 2023-03-31 05765597 2023-03-31 05765597 bus:OrdinaryShareClass2 2023-03-31 05765597 bus:OrdinaryShareClass3 2023-03-31 05765597 bus:OrdinaryShareClass4 2023-03-31 05765597 core:RetainedEarningsAccumulatedLosses 2023-03-31 05765597 core:ShareCapital 2023-03-31 05765597 core:CurrentFinancialInstruments 2023-03-31 05765597 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05765597 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05765597 core:MotorVehicles 2023-03-31 05765597 core:OfficeEquipment 2023-03-31 05765597 core:PlantMachinery 2023-03-31 05765597 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 05765597 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 05765597 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05765597

Evesham Auto Spares Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Evesham Auto Spares Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Evesham Auto Spares Limited

Company Information

Directors

N A Leahy

N J Leahy

Company secretary

Mrs L E Leahy

Registered office

111/113 High Street
Evesham
Worcestershire
WR11 4XP

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Evesham Auto Spares Limited

(Registration number: 05765597)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

14,763

17,847

Current assets

 

Stocks

6

38,000

38,000

Debtors

7

3,530

3,035

Cash at bank and in hand

 

6,990

5,052

 

48,520

46,087

Creditors: Amounts falling due within one year

8

(41,784)

(41,472)

Net current assets

 

6,736

4,615

Total assets less current liabilities

 

21,499

22,462

Provisions for liabilities

(972)

(1,296)

Net assets

 

20,527

21,166

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

20,427

21,066

Shareholders' funds

 

20,527

21,166

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

 

Evesham Auto Spares Limited

(Registration number: 05765597)
Balance Sheet as at 31 March 2024

.........................................
N A Leahy
Director

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
111/113 High Street
Evesham
Worcestershire
WR11 4XP
England

The principal place of business is:
Old Station Yard
Blackminster
Evesham
Worcestershire
WR11 7TD
United Kingdom

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

4% straight line

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

36,000

36,000

At 31 March 2024

36,000

36,000

Amortisation

At 1 April 2023

36,000

36,000

At 31 March 2024

36,000

36,000

Carrying amount

At 31 March 2024

-

-

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

34,453

18,129

857

5,118

58,557

At 31 March 2024

34,453

18,129

857

5,118

58,557

Depreciation

At 1 April 2023

23,428

14,422

621

2,239

40,710

Charge for the year

1,378

927

59

720

3,084

At 31 March 2024

24,806

15,349

680

2,959

43,794

Carrying amount

At 31 March 2024

9,647

2,780

177

2,159

14,763

At 31 March 2023

11,025

3,707

236

2,879

17,847

Included within the net book value of land and buildings above is £9,647 (2023 - £11,025) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

38,000

38,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

3,530

3,035

 

3,530

3,035

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

10

3,284

2,024

Trade creditors

 

-

5,255

Taxation and social security

 

22,440

28,998

Accruals and deferred income

 

5,810

4,683

Other creditors

 

10,250

512

 

41,784

41,472

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

70

70

70

70

Ordinary B shares of £1 each

15

15

15

15

Ordinary C shares of £1 each

15

15

15

15

100

100

100

100

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,284

2,024

 

Evesham Auto Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £270.59 (2023 - £294.12) per each Ordinary A shares

18,941

20,588

Interim dividend of £270.59 (2023 - £294.12) per each Ordinary B shares

4,059

4,412

Interim dividend of £1,000.00 (2023 - £866.67) per each Ordinary C shares

15,000

13,000

38,000

38,000

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

23,816

Contributions paid to money purchase schemes

190

171

25,330

23,987

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

-