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REGISTERED NUMBER: 02912863 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

SES Autoparts Limited

SES Autoparts Limited (Registered number: 02912863)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


SES Autoparts Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr C C Wilson
Mrs P S Wilson
Mr M A Rigler
Mr S C Wilson
Mr R A Wilson
Mr T Coombes





REGISTERED OFFICE: Kingfisher House Unit D
Fernacre Business Park
Budds Lane
Romsey
Hampshire
SO51 0HA





REGISTERED NUMBER: 02912863 (England and Wales)





AUDITORS: Sumer Audit
Sumer Audit is the trading name of Sumer Auditco
Limited
53 Kent Road
Southsea
Hampshire
PO5 3HU

SES Autoparts Limited (Registered number: 02912863)

Strategic Report
for the Year Ended 30 April 2024

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

REVIEW OF BUSINESS
The principal activity of the company was the provision of exhausts and related components to the motor trade.

The turnover of the company for the financial year amounted to £15,859,600 (2023 - £14,085,045). The profit for the year after taxation was £1,242,529 (2023 - £1,729,536).

The company is aware of the competitiveness of the market but has still managed to increase turnover as well as a small increase in gross margin.

PRINCIPAL RISKS AND UNCERTAINTIES
Management risks

The management of the company is controlled by its six directors who are responsible for strategic matters and future development decisions.

Credit risk

The company has negligible credit risk as credit control is very tightly managed with strict rules being set for each customer.

Financial risks

The company manages its cash and borrowing requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Operating risk

The company manages day to day operating risks by adopting best practice wherever possible. This process includes staff are properly trained and that industry standards and regulations are adhered to to the highest possible levels.

ON BEHALF OF THE BOARD:





Mr S C Wilson - Director


3 February 2025

SES Autoparts Limited (Registered number: 02912863)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized exemption.

DIVIDENDS
During the year dividends were paid on classes of share totalling:

Ordinary shares of £1 each - £900,000
Cumulative Preference shares of 25p each - £15,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr C C Wilson
Mrs P S Wilson
Mr M A Rigler
Mr S C Wilson
Mr R A Wilson
Mr T Coombes

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements 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;
- Applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement".

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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SES Autoparts Limited (Registered number: 02912863)

Report of the Directors
for the Year Ended 30 April 2024


AUDITORS
The auditors, Sumer Audit, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S C Wilson - Director


3 February 2025

Report of the Independent Auditors to the Members of
SES Autoparts Limited

Opinion
We have audited the financial statements of SES Autoparts Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

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 Auditors' 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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

Report of the Independent Auditors to the Members of
SES Autoparts Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
SES Autoparts Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including The Companies Act 2006.

- we obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with the framework by making appropriate enquiries of management as well as considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation:

- we made enquiries of those charged with governance and management concerning:
- the risk of fraud;
- instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented during the period;

- we allocated an engagement team that we considered collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.



Based on the results of our risk assessment, our procedures included, but were not limited to:

- performing analytical procedures to identify any unusual or unexpected relationships.

- evaluation whether the selection and application of accounting policies by the entity that may be indicative of fraudulent financial reporting resulting from management's efforts to manage earning.

- assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias.

- agreeing financial statement disclosures to underlying supporting documentation.
- reading the minutes of meetings of those charged with governance.

- reviewing the correspondence with relevant regulatory bodies.

- testing of journal entries to address the risk of fraud through management override.

- incorporating an element of unpredictability in the selection of the nature, timing, and extent of our audit procedures.

- corroborating the business rationale for transactions outside the normal course of business.

CONCLUSIONS REGARDING THE RISKS OF IRREGULARITIES INCLUDING FRAUD

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We considered our audit was capable of detecting irregularities due to:

- the effectiveness of the entity's internal controls;


Report of the Independent Auditors to the Members of
SES Autoparts Limited

- the nature, timing and extent of audit procedures performed; and

- the absence of contradictory evidence.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Peter Reading FCCA (Senior Statutory Auditor)
for and on behalf of Sumer Audit
Sumer Audit is the trading name of Sumer Auditco
Limited
53 Kent Road
Southsea
Hampshire
PO5 3HU

4 February 2025

SES Autoparts Limited (Registered number: 02912863)

Income Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 3 15,859,600 14,085,045

Cost of sales 8,196,123 7,299,788
GROSS PROFIT 7,663,477 6,785,257

Distribution costs 22,227 20,558
Administrative expenses 5,974,232 4,680,233
5,996,459 4,700,791
OPERATING PROFIT 5 1,667,018 2,084,466

Interest receivable and similar income 3 -
1,667,021 2,084,466
Gain/loss on revaluation of assets - 70,085
1,667,021 2,154,551

Interest payable and similar expenses 6 22,230 28,134
PROFIT BEFORE TAXATION 1,644,791 2,126,417

Tax on profit 7 402,262 396,881
PROFIT FOR THE FINANCIAL YEAR 1,242,529 1,729,536

SES Autoparts Limited (Registered number: 02912863)

Other Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 1,242,529 1,729,536


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,242,529

1,729,536

SES Autoparts Limited (Registered number: 02912863)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,125,844 1,149,555
1,125,844 1,149,555

CURRENT ASSETS
Stocks 11 2,628,038 2,392,944
Debtors 12 1,550,930 1,300,094
Cash at bank and in hand 998,619 1,043,637
5,177,587 4,736,675
CREDITORS
Amounts falling due within one year 13 2,490,294 2,146,068
NET CURRENT ASSETS 2,687,293 2,590,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,813,137

3,740,162

CREDITORS
Amounts falling due after more than one
year

14

(148,150

)

(379,326

)

PROVISIONS FOR LIABILITIES 17 (197,857 ) (221,235 )
NET ASSETS 3,467,130 3,139,601

CAPITAL AND RESERVES
Called up share capital 18 275 275
Retained earnings 19 3,466,855 3,139,326
SHAREHOLDERS' FUNDS 3,467,130 3,139,601

The financial statements were approved by the Board of Directors and authorised for issue on 3 February 2025 and were signed on its behalf by:





Mr S C Wilson - Director


SES Autoparts Limited (Registered number: 02912863)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 275 2,057,790 2,058,065

Changes in equity
Dividends - (648,000 ) (648,000 )
Total comprehensive income - 1,729,536 1,729,536
Balance at 30 April 2023 275 3,139,326 3,139,601

Changes in equity
Dividends - (915,000 ) (915,000 )
Total comprehensive income - 1,242,529 1,242,529
Balance at 30 April 2024 275 3,466,855 3,467,130

SES Autoparts Limited (Registered number: 02912863)

Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,803,942 1,715,581
Interest paid (3,014 ) (11,642 )
Interest element of hire purchase payments
paid

(19,216

)

(16,492

)
Tax paid (239,826 ) (292,352 )
Net cash from operating activities 1,541,886 1,395,095

Cash flows from investing activities
Purchase of tangible fixed assets (209,243 ) (468,172 )
Sale of tangible fixed assets 78,026 10,500
Sale of investment property - 8,000
Interest received 3 -
Net cash from investing activities (131,214 ) (449,672 )

Cash flows from financing activities
Loan repayments in year (211,628 ) (62,601 )
Capital repayments in year (81,307 ) 209,160
Amount introduced by directors 10,000 9,089
Amount withdrawn by directors - (9,000 )
Inter-co loan (257,755 ) (287,834 )
Equity dividends paid (915,000 ) (648,000 )
Net cash from financing activities (1,455,690 ) (789,186 )

(Decrease)/increase in cash and cash equivalents (45,018 ) 156,237
Cash and cash equivalents at beginning of
year

2

1,043,637

887,400

Cash and cash equivalents at end of year 2 998,619 1,043,637

SES Autoparts Limited (Registered number: 02912863)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.4.24 30.4.23
£    £   
Profit before taxation 1,644,791 2,126,417
Depreciation charges 160,084 175,226
Profit on disposal of fixed assets (5,156 ) (2,712 )
Gain on revaluation of fixed assets - (70,085 )
Finance costs 22,230 28,134
Finance income (3 ) -
1,821,946 2,256,980
Increase in stocks (235,094 ) (139,414 )
Increase in trade and other debtors (33,928 ) (163,886 )
Increase/(decrease) in trade and other creditors 251,018 (238,099 )
Cash generated from operations 1,803,942 1,715,581

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 998,619 1,043,637
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,043,637 887,400


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,043,637 (45,018 ) 998,619
1,043,637 (45,018 ) 998,619
Debt
Finance leases (385,378 ) 81,307 (304,071 )
Debts falling due within 1 year (62,600 ) 62,600 -
Debts falling due after 1 year (149,028 ) 149,028 -
(597,006 ) 292,935 (304,071 )
Total 446,631 247,917 694,548

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

SES Autoparts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting conventions
These financial statements have been prepared in accordance with FRS 102 "The financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principle accounting policies adopted are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financial agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and reward of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

Plant and Machinery - 25% Reducing balance

The gain or loss arising on the disposal of any asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amotised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators or impairment at each reporting end date.

Financial assets, are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amotised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at the amortised cost using the effective interest method.

Other financial liabilities
Debt instruments that do not meet the conditions in the FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.

Leases
Rental payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 3,653,271 2,701,271
Social security costs 365,423 253,316
Other pension costs 167,125 120,879
4,185,819 3,075,466

The average number of employees during the year was as follows:
30.4.24 30.4.23

Drivers, office and management 121 112

30.4.24 30.4.23
£    £   
Directors' remuneration 541,495 297,726

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 239,907 67,723

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Hire of plant and machinery 5,642 9,812
Depreciation - owned assets 160,084 175,226
Profit on disposal of fixed assets (5,156 ) (2,712 )
Auditors' remuneration 9,000 9,050

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest 3,014 4,009
Other interest paid - 131
Mortgage - 7,502
Hire purchase 19,216 16,492
22,230 28,134

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 425,640 326,766

Deferred tax (23,378 ) 70,115
Tax on profit 402,262 396,881

UK corporation tax has been charged at 25% (2023 - 19.49%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Profit before tax 1,644,791 2,126,417
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.490%)

411,198

414,439

Effects of:
Expenses not deductible for tax purposes 8,628 3,229
Income not taxable for tax purposes (1,289 ) (13,657 )
Capital allowances in excess of depreciation (16,275 ) (7,130 )

Total tax charge 402,262 396,881

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Interim 900,000 600,000
Convertible preference shares of 25p each
Interim 15,000 48,000
915,000 648,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 6,263
AMORTISATION
At 1 May 2023
and 30 April 2024 6,263
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 May 2023 330,000 164,448 880,198
Additions - 19,210 23,888
Disposals - - -
At 30 April 2024 330,000 183,658 904,086
DEPRECIATION
At 1 May 2023 - 144,573 687,294
Charge for year - 9,771 54,197
Eliminated on disposal - - -
At 30 April 2024 - 154,344 741,491
NET BOOK VALUE
At 30 April 2024 330,000 29,314 162,595
At 30 April 2023 330,000 19,875 192,904

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 818,482 385,948 2,579,076
Additions 123,185 42,960 209,243
Disposals (173,796 ) - (173,796 )
At 30 April 2024 767,871 428,908 2,614,523
DEPRECIATION
At 1 May 2023 308,283 289,371 1,429,521
Charge for year 61,283 34,833 160,084
Eliminated on disposal (100,926 ) - (100,926 )
At 30 April 2024 268,640 324,204 1,488,679
NET BOOK VALUE
At 30 April 2024 499,231 104,704 1,125,844
At 30 April 2023 510,199 96,577 1,149,555

At 30 April 2024 there were motor vehicles with a net book value of £427,310 (2023 - £440,000) under hire purchase contracts. During the year there was depreciation charged on motor vehicles of £37,310 (2023 - £60,708) under hire purchase contracts.

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2023 70,085 - -
Cost 259,915 183,658 904,086
330,000 183,658 904,086

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 - - 70,085
Cost 767,871 428,908 2,544,438
767,871 428,908 2,614,523

Freehold property was valued on an open market basis on 30 April 2023 by the directors .

11. STOCKS
30.4.24 30.4.23
£    £   
Stocks 2,628,038 2,392,944

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 1,206,985 1,144,440
Amounts owed by group undertakings 226,907 -
Directors' current accounts 4,677 14,676
Prepayments and accrued income 112,361 140,978
1,550,930 1,300,094

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 15) - 62,600
Hire purchase contracts (see note 16) 155,921 155,080
Trade creditors 1,245,286 1,143,967
Amounts owed to group undertakings - 30,848
Tax 504,474 318,660
Social security and other taxes 69,378 62,634
VAT 339,407 286,067
Other creditors 43,156 37,745
Directors' current accounts 49 48
Accruals and deferred income 132,623 48,419
2,490,294 2,146,068

The hire purchase loans are secured by fixed charges over the assets concerned.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 15) - 149,028
Hire purchase contracts (see note 16) 148,150 230,298
148,150 379,326

15. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 62,600

Amounts falling due between one and two years:
Bank loans - 1-2 years - 62,600

Amounts falling due between two and five years:
Bank loans - 2-5 years - 86,428

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 155,921 155,080
Between one and five years 148,150 230,298
304,071 385,378

17. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 197,857 221,235

Deferred
tax
£   
Balance at 1 May 2023 221,235
Profit and loss account (23,378 )
Balance at 30 April 2024 197,857

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
200 Ordinary £1 200 200
300 Convertible preference 25p 75 75
275 275

19. RESERVES
Retained
earnings
£   

At 1 May 2023 3,139,326
Profit for the year 1,242,529
Dividends (915,000 )
At 30 April 2024 3,466,855

Included within the profit and loss reserves of £3,466,812 are non-distributable profits of £52,564.

20. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - -

SES Autoparts Limited (Registered number: 02912863)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

21. OTHER FINANCIAL COMMITMENTS

At 30 April 2024 the company had commitments in respect of rental lease agreements as follows:

Due within one year - £301,040
Due from one to five years - £943,660
Due over five years - £905,400

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£ £
Mr C C Wilson
Balance outstanding at start of year 48 -
Amounts advanced - (8,000)
Amounts repaid - 8,048
Balance outstanding at end of year 48 48

Mr S C Wilson
Balance outstanding at start of year (4,567) (4,567)
Amounts advanced - -
Amounts repaid - -
Balance outstanding at end of year (4,567) (4,567)

Mr R A Wilson
Balance outstanding at start of year (108) (148)
Amounts advanced - (1,000)
Amounts repaid - 1,040
Balance outstanding at end of year - (108)

Mr M A Rigler
Balance outstanding at start of year (10,000) (10,000)
Amounts advanced - (10,000)
Amounts repaid 10,000 10,000
Balance outstanding at end of year - (10,000)

23. RELATED PARTY DISCLOSURES

During the year the company paid rent of £67,000 (2023 - £67,000) in respect of its Southampton Branch. This property is owned by the SES Autoparts Pension Fund of which C C Wilson, P S Wilson, S C Wilson and R A Wilson are all trustees. The rent is charged on a normal trading basis.

24. ULTIMATE CONTROLLING PARTY

SES Autoparts Group Limited, a company controlled by S C Wilson.