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REGISTERED NUMBER: 07651978 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

THE REPLACE BASE LIMITED

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE REPLACE BASE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J E McBrien
P J McBrien
N D Hilliard
S O Garner





REGISTERED OFFICE: 2 Prince Georges Road
Colliers Wood
London
SW19 2PX





REGISTERED NUMBER: 07651978 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 29,933 51,943
Investments 6 28,107 28,109
58,040 80,052

CURRENT ASSETS
Stocks 1,330,508 1,549,098
Debtors 7 275,641 420,425
Cash at bank 361,738 392,903
1,967,887 2,362,426
CREDITORS
Amounts falling due within one year 8 1,034,252 1,169,067
NET CURRENT ASSETS 933,635 1,193,359
TOTAL ASSETS LESS CURRENT LIABILITIES 991,675 1,273,411

CREDITORS
Amounts falling due after more than one year 9 - (216,971 )

PROVISIONS FOR LIABILITIES 11 (7,483 ) (12,986 )
NET ASSETS 984,192 1,043,454

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 984,190 1,043,452
SHAREHOLDERS' FUNDS 984,192 1,043,454

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





J E McBrien - Director


THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

The Replace Base 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Change in accounting reference date
In the previous period the accounting reference date ended 30 September 2023 was shortened so as to end on 31 May 2023 in order to align with group companies accounting reference dates. Comparative figures are therefore for the 8 months from 1 October 2022 to 31 May 2023. Current figures are for the year to 31 May 2024. Because of the different periods the current period figures are not wholly comparable to prior period figures.

Significant judgements and estimates
The Directors have made a number of estimates and assumptions regarding the future, and made some significant judgements in applying the company’s accounting policies. These are discussed below:

(i) Impairment of stock

The company sells electronic spare parts and accessories and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of the stock.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on the despatch of goods. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. In practice this means that revenue is recognised when the goods are invoiced.

Tangible fixed assets
Plant and Machinery33% and 20% straight line
Fixtures and Fittings10% straight line
Motor Vehicles20% straight line

Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured are measured at fair value with changes in fair value being recognised in profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Leasing commitments
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.Payments under operating leases are charged to the income statement on a straight-line basis over the lifetime of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held with banks and other short term highly liquid investments with original maturities of three months or less.

(ii) Trade and other debtors

Trade and other debtors are measured at transaction price. Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business less any impairment provision. There are recognised as current assets as collection is due within one year or less.

(iii) Trade and other creditors

Trade and other creditors are measured at transaction price. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. These are classified as current liabilities as payment is due in one year or less.
Share Capital
Ordinary shares are classified as equity.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 22 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 183,015
DEPRECIATION
At 1 June 2023 131,072
Charge for year 22,010
At 31 May 2024 153,082
NET BOOK VALUE
At 31 May 2024 29,933
At 31 May 2023 51,943

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 54,300
DEPRECIATION
At 1 June 2023 30,431
Charge for year 10,860
At 31 May 2024 41,291
NET BOOK VALUE
At 31 May 2024 13,009
At 31 May 2023 23,869

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 June 2023 2 28,107 28,109
Disposals (2 ) - (2 )
At 31 May 2024 - 28,107 28,107
NET BOOK VALUE
At 31 May 2024 - 28,107 28,107
At 31 May 2023 2 28,107 28,109

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 160,530 301,353
Other debtors 115,111 119,072
275,641 420,425

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 49,990
Hire purchase contracts (see note 10) 26,242 7,938
Trade creditors 521,182 598,348
Amounts owed to group undertakings 164,729 50,000
Taxation and social security 168,256 225,742
Other creditors 153,843 237,049
1,034,252 1,169,067

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 141,700
Hire purchase contracts (see note 10) - 25,479
Other creditors - 49,792
- 216,971

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 26,242 7,938
Between one and five years - 25,479
26,242 33,417

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,000 50,000
Between one and five years 8,333 58,333
58,333 108,333

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,483 12,986

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 12,986
Credit to Income Statement during year (5,503 )
Balance at 31 May 2024 7,483

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £0.01 2 2

13. RESERVES
Retained
earnings
£   

At 1 June 2023 1,043,452
Deficit for the year (59,262 )
At 31 May 2024 984,190

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Askew FCA (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 May 2024 and the period ended 31 May 2023:

2024 2023
£    £   
S O Garner
Balance outstanding at start of year 9,834 25
Amounts advanced 1,758 9,809
Amounts repaid (11,588 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4 9,834

16. RELATED PARTY DISCLOSURES

Included in creditors is an amount owing to the parent company, 2PG Investments Limited of £141,728 (2023 £50,000) and an amount owing to another group company, PSA Parts Limited of £23,000 (2023 £29,330).

During the year the company purchased goods and services from PSA Parts Limited for £133,943 (2023 £36,014).

THE REPLACE BASE LIMITED (REGISTERED NUMBER: 07651978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


17. ULTIMATE PARENT COMPANY

The ultimate parent company is 2PG Investments Limited, a company registered in England and Wales. The consolidated accounts are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.