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Registered number: 00600571







UNITY AUTOFACTORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
UNITY AUTOFACTORS LIMITED
 

COMPANY INFORMATION


Directors
K R Newman-Bale (resigned 6 March 2024)
N R Newman-Bale 
G Newman-Bale (resigned 30 September 2024)
S Newman-Bale (appointed 18 March 2024)




Company secretary
N R Newman-Bale



Registered number
00600571



Registered office
24 High Road

Byfleet

Surrey

KT14 7QG




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
UNITY AUTOFACTORS LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 24


 
UNITY AUTOFACTORS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report for the year ended 30 April 2024.

Business review
 
The results of the year and the financial position of the company are as shown in the financial statements. The directors are satisfied with the performance and development of the company over the year.

Principal risks and uncertainties
 
Competitive pressure in the UK is a continuing risk for the company, which could result in it losing sales to its key competitors. The company manages this risk by maintaining strong relationships with customers and ensuring stock not currently held in store can be source rapidly.

Financial key performance indicators
 
The key performance indicators used to determine the progress and performance of the company are set out below.
Sales (excluding rental income)
Sales increased by £1,287,271, an overall increase of 14% on prior year.
The increase is mainly attributable to higher demand in the year, due to the increased shortage in new cars on the markets and high inflation and interest rate prevalent during the year.
Gross Profit (excluding rental income)
Cost of sales are 15% higher than the prior year, which is directly linked to the increase in sales and increased cost in importing materials due to high inflation. As a result, the gross profit margin has decreased from 42.5% in the prior year to 42.1% in the current year. This resulted in gross profit increasing by £505,122 in the current year to a total of £4,434,442.

 

This report was approved by the board on 27 January 2025 and signed on its behalf.



................................................
N R Newman-Bale
Director

Page 1

 
UNITY AUTOFACTORS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Principal activity

The principal activity of the company during the year continued to be that of the sale of motor vehicle parts and accessories. 

Results and dividends

The profit for the year, after taxation, amounted to £819,731 (2023 - £670,466).

During the year, the company paid dividends of £94,192 (2023 - £173,023).

Directors

The directors who served during the year were:

K R Newman-Bale (resigned 6 March 2024)
N R Newman-Bale 
G Newman-Bale (resigned 30 September 2024)
S Newman-Bale (appointed 18 March 2024)

It is with regret that the Directors announce the sad passing of Mr Keith Newman Bale on 6 March 2024. 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
UNITY AUTOFACTORS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the balance sheet date.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 January 2025 and signed on its behalf.
 





................................................
N R Newman-Bale
Director

Page 3

 
UNITY AUTOFACTORS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED
 

Opinion


We have audited the financial statements of Unity Autofactors Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
UNITY AUTOFACTORS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
UNITY AUTOFACTORS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
UNITY AUTOFACTORS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants &
Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

27 January 2025
Page 7

 
UNITY AUTOFACTORS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,696,545
9,434,584

Cost of sales
  
(6,102,556)
(5,320,461)

Gross profit
  
4,593,989
4,114,123

Administrative expenses
  
(3,515,649)
(3,191,278)

Operating profit
 5 
1,078,340
922,845

Unrealised deficit on revaluation of investment properties
  
-
(71,823)

Interest receivable and similar income
 9 
45,166
6,403

Profit before tax
  
1,123,506
857,425

Tax on profit
 10 
(303,775)
(186,959)

Profit for the financial year
  
819,731
670,466

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 24 form part of these financial statements.

Page 8

 
UNITY AUTOFACTORS LIMITED
REGISTERED NUMBER: 00600571

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
4,766,410
4,341,512

Investment property
 13 
1,048,000
1,048,000

  
5,814,410
5,389,512

Current assets
  

Stocks
 14 
736,911
625,246

Debtors: amounts falling due within one year
 15 
1,902,830
1,175,126

Cash at bank and in hand
 16 
1,969,578
2,327,983

  
4,609,319
4,128,355

Creditors: amounts falling due within one year
 17 
(1,881,150)
(1,736,033)

Net current assets
  
 
 
2,728,169
 
 
2,392,322

Total assets less current liabilities
  
8,542,579
7,781,834

Provisions for liabilities
  

Deferred tax
 18 
(197,072)
(161,866)

  
 
 
(197,072)
 
 
(161,866)

Net assets
  
8,345,507
7,619,968


Capital and reserves
  

Called up share capital 
 19 
14,938
14,938

Profit and loss account
 20 
8,330,569
7,605,030

  
8,345,507
7,619,968


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.




................................................
N R Newman-Bale
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 9
 

 
UNITY AUTOFACTORS LIMITED


 

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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 May 2022
14,938
7,107,587
7,122,525



Comprehensive income for the year


Profit for the year
-
670,466
670,466



Contributions by and distributions to owners


Dividends: Equity capital
-
(173,023)
(173,023)





At 1 May 2023
14,938
7,605,030
7,619,968



Comprehensive income for the year


Profit for the year
-
819,731
819,731



Contributions by and distributions to owners


Dividends: Equity capital
-
(94,192)
(94,192)



At 30 April 2024
14,938
8,330,569
8,345,507



The notes on pages 13 to 24 form part of these financial statements.

Page 10
 
UNITY AUTOFACTORS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
819,731
670,466

Adjustments for:

Depreciation of tangible assets
211,921
153,847

Fair value movement
-
71,823

Loss on disposal of tangible assets
(2,801)
(8,590)

Interest received
(45,166)
(6,403)

Taxation charge
303,775
186,959

(Increase) in stocks
(111,665)
(25,556)

(Increase) in debtors
(727,704)
(138,202)

Increase in creditors
145,117
228,279

Corporation tax (payable)
(268,569)
(165,236)

Net cash generated from operating activities

324,639
967,387


Cash flows from investing activities

Purchase of tangible fixed assets
(642,075)
(998,384)

Sale of tangible fixed assets
8,057
12,045

Interest received
45,166
6,403

Net cash from investing activities

(588,852)
(979,936)

Cash flows from financing activities

Dividends paid
(94,192)
(173,023)

Net cash used in financing activities
(94,192)
(173,023)

Net (decrease) in cash and cash equivalents
(358,405)
(185,572)

Cash and cash equivalents at beginning of year
2,327,983
2,513,555

Cash and cash equivalents at the end of year
1,969,578
2,327,983


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,969,578
2,327,983

1,969,578
2,327,983


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
UNITY AUTOFACTORS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,327,983

(358,405)

1,969,578

Debt due within 1 year

(2,253)

2,253

-


2,325,730
(356,152)
1,969,578

The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Unity Autofactors Limited is a private company limited by shares incorporated in England, United Kingdom. The principal activity of the business is the sale of motor vehicle parts and accessories. The address of the registered office is 24 High Road, Byfleet, Surrey, KT14 7QG.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year and rental receivables, exclusive of Value Added Tax and trade discounts.
Revenue is recognised on receipt of goods by customers. 

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.


 
2.7

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods noted below.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
2%
straight line
Improvements to property
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors on an open market value for existing use basis. No depreciation is provided. Any associated gains and losses incurred from changes in fair value, and deferred taxation thereon are recognised in the Statement of Comprehensive Income and profit and loss reserve.

 
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks and discounts available on stock purchases. Cost is based on the cost of purchase on a first in, first out method and includes all direct costs. Net realisable value being the estimated selling price less costs to complete and sell.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


4.


Turnover

98.5% of turnover is attributable to the company's principal activity (2023 - 98%).

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
211,828
153,847

Auditor's remuneration
13,500
12,300

Other operating lease rentals
25,955
44,085

Defined contribution pension cost
41,338
35,375

Page 16

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditor's remuneration

2024
2023
£
£



Auditor's remuneration
13,500
12,300


Fees payable to the Company's auditor in respect of:


All other services
1,950
2,600

1,950
2,600


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,336,287
2,049,133

Social security costs
199,227
170,000

Cost of defined contribution scheme
41,338
35,375

2,576,852
2,254,508


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Staff
97
95

100
98


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
37,611
32,192

37,611
32,192


Page 17

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
45,166
6,403

45,166
6,403


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
268,569
165,236


Total current tax
268,569
165,236

Deferred tax


Origination and reversal of timing differences
35,206
39,679

Deferred taxation on revaluation of investment properties
-
(17,956)

Total deferred tax
35,206
21,723


Taxation on profit on ordinary activities
303,775
186,959
Page 18

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,123,506
857,425


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
280,877
214,356

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,898
38,250

Capital allowances for year in excess of depreciation
(34,506)
(38,546)

Short term timing difference leading to an increase (decrease) in taxation
35,206
21,727

Book profit on chargeable assets
(700)
(2,148)

Changes in tax rates leading to an increase in the tax charge
-
(46,680)

Total tax charge for the year
303,775
186,959


11.


Dividends

2024
2023
£
£


Dividends to owners
94,192
173,023

94,192
173,023

Page 19

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Freehold property
Long-term leasehold property
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
4,158,983
315,030
454,549
487,898
5,416,460


Additions
383,250
-
188,992
69,833
642,075


Disposals
-
-
(43,648)
-
(43,648)



At 30 April 2024

4,542,233
315,030
599,893
557,731
6,014,887



Depreciation


At 1 May 2023
332,163
116,532
224,866
401,387
1,074,948


Charge for the year on owned assets
85,390
6,204
88,252
32,075
211,921


Disposals
-
-
(38,392)
-
(38,392)



At 30 April 2024

417,553
122,736
274,726
433,462
1,248,477



Net book value



At 30 April 2024
4,124,680
192,294
325,167
124,269
4,766,410



At 30 April 2023
3,826,820
198,498
229,683
86,511
4,341,512




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
4,124,680
3,826,820

Long leasehold
192,294
198,498

4,316,974
4,025,318


Page 20

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Investment property


Investment property

£



Valuation


At 1 May 2023
1,048,000



At 30 April 2024
1,048,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
703,759
703,759

703,759
703,759


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
736,911
625,246

736,911
625,246


The carrying value of stocks are stated net of impairment losses totalling £1,041,997 (2023 - £958,291). Impairment losses reversed totalling £83,706 (2023 - £70,596) were recognised in profit and loss.

Page 21

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

2024
2023
£
£


Trade debtors
1,015,689
959,233

Other debtors
603,746
1,763

Prepayments and accrued income
283,395
214,130

1,902,830
1,175,126



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,969,578
2,327,983

1,969,578
2,327,983



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,409,680
1,333,337

Other taxation and social security
453,640
326,318

Other creditors
-
62,253

Accruals and deferred income
17,830
14,125

1,881,150
1,736,033


Page 22

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Deferred taxation




2024


£






At beginning of year
(161,866)


Charged to profit or loss
(35,206)



At end of year
(197,072)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(137,241)
(102,035)

Deferred taxation on revaluation gains
(59,831)
(59,831)

(197,072)
(161,866)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,936 (2023 - 9,936) Ordinary shares of £1.00 each
9,936
9,936
5,000 (2023 - 5,000) Ordinary 'A' shares of £1.00 each
5,000
5,000
1 (2023 - 1) Ordinary 'B' share of £1.00
1
1
1 (2023 - 1) Ordinary 'C' share of £1.00
1
1

14,938

14,938



20.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments and dividends. It includes the cumulate effect of revaluations of investment properties totaling £284,410 which is not available for distribution as dividends until the properties are sold.


21.


Capital commitments

At 30 April 2024 the Company had capital commitments of £123,000 (2023 - £nil) exclusive of VAT, of which £28,000 has been included in these financial statement.

Page 23

 
UNITY AUTOFACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,338 (2023 - 35,275). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


23.


Related party transactions

At the end of the year the balance due to the director G Newman-Bale was £4,792 (2023 - £659) and is included within other debtors. This loan is interest free and repayable on demand.
At the end of the year the balance due from the director Neil Newman-Bale was £600,000 (2023 - £nil) and is included within other debtor. The interest on the balances due to the company is charged at the rate of 2.25%, which totalled £1,221 for the year. At the end of the year the balance due from the directors was £601,221.
During the current financial year, key management personnel received remuneration amounting to £48,553 (2023 - £nil) and pension contributions amounting to £nil (2023 - £nil).


24.


Controlling party

The company is controlled by its directors. The ultimate controlling party is the estate of the late K Newman-Bale which owns 75% of the company's issued share capital.


Page 24