Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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UNITY AUTOFACTORS LIMITED
COMPANY INFORMATION
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UNITY AUTOFACTORS LIMITED
CONTENTS
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UNITY AUTOFACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their strategic report for the year ended 30 April 2024.
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.
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.
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.
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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.
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).
The directors who served during the year were:
It is with regret that the Directors announce the sad passing of Mr Keith Newman Bale on 6 March 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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UNITY AUTOFACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the company since the balance sheet date.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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UNITY AUTOFACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED
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 policies. The 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).
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.
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.
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 Report. Our 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.
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UNITY AUTOFACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)
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.
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.
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UNITY AUTOFACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)
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.
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UNITY AUTOFACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITY AUTOFACTORS LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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UNITY AUTOFACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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UNITY AUTOFACTORS LIMITED
REGISTERED NUMBER: 00600571
BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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