Acorah Software Products - Accounts Production 16.1.300 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 02013999 Mr Thomas Wase Mr Adrian Tant Mr Thomas Wase true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02013999 2023-12-31 02013999 2024-12-31 02013999 2024-01-01 2024-12-31 02013999 frs-core:CurrentFinancialInstruments 2024-12-31 02013999 frs-core:BetweenOneFiveYears 2024-12-31 02013999 frs-core:FurnitureFittings 2024-01-01 2024-12-31 02013999 frs-core:InvestmentPropertyIncludedWithinPPE 2024-12-31 02013999 frs-core:InvestmentPropertyIncludedWithinPPE 2024-01-01 2024-12-31 02013999 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 02013999 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-12-31 02013999 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02013999 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 02013999 frs-core:MotorVehicles 2024-12-31 02013999 frs-core:MotorVehicles 2024-01-01 2024-12-31 02013999 frs-core:MotorVehicles 2023-12-31 02013999 frs-core:PlantMachinery 2024-12-31 02013999 frs-core:PlantMachinery 2024-01-01 2024-12-31 02013999 frs-core:PlantMachinery 2023-12-31 02013999 frs-core:WithinOneYear 2024-12-31 02013999 frs-core:CapitalRedemptionReserve 2024-12-31 02013999 frs-core:ShareCapital 2024-12-31 02013999 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 02013999 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02013999 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 02013999 frs-bus:SmallEntities 2024-01-01 2024-12-31 02013999 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 02013999 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02013999 1 2024-01-01 2024-12-31 02013999 frs-core:CurrencyRisk 2024-01-01 2024-12-31 02013999 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 02013999 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 02013999 frs-bus:Director1 2024-01-01 2024-12-31 02013999 frs-bus:Director2 2024-01-01 2024-12-31 02013999 frs-core:CurrentFinancialInstruments 1 2024-12-31 02013999 frs-countries:EnglandWales 2024-01-01 2024-12-31 02013999 2022-12-31 02013999 2023-12-31 02013999 2023-01-01 2023-12-31 02013999 frs-core:CurrentFinancialInstruments 2023-12-31 02013999 frs-core:BetweenOneFiveYears 2023-12-31 02013999 frs-core:WithinOneYear 2023-12-31 02013999 frs-core:CapitalRedemptionReserve 2023-12-31 02013999 frs-core:ShareCapital 2023-12-31 02013999 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02013999 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 02013999 frs-core:CurrentFinancialInstruments 1 2023-12-31
Registered number: 02013999
Advance Spares Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02013999
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 552,863 501,833
552,863 501,833
CURRENT ASSETS
Stocks 5 1,949,802 1,801,599
Debtors 6 1,063,363 1,360,786
Cash at bank and in hand 1,751,572 1,404,716
4,764,737 4,567,101
Creditors: Amounts Falling Due Within One Year 7 (293,715 ) (342,148 )
NET CURRENT ASSETS (LIABILITIES) 4,471,022 4,224,953
TOTAL ASSETS LESS CURRENT LIABILITIES 5,023,885 4,726,786
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (39,308 ) (33,074 )
NET ASSETS 4,984,577 4,693,712
CAPITAL AND RESERVES
Called up share capital 9 410,080 410,080
Capital redemption reserve 20 20
Fair value reserve 13 90,000 90,000
Profit and Loss Account 4,484,477 4,193,612
SHAREHOLDERS' FUNDS 4,984,577 4,693,712
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Wase
Director
18 February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Advance Spares Limited Registered number 02013999 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 21 Vauxhall Ind. Estate, Ruabon, Wrexham, Clywd, LL14 6HA.
The financial statements are presented in pound sterling and rounded to the nearest whole £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of electrical goods and tubular rivets supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 12.5/33.33% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 33.33% straight line
Depreciation is charged from the later of the month of acquisition or the date the asset is bought into use.
2.4. Investment Properties
Investment properties are accounted for in line with Section 16 FRS 102; where fair value can be reliably measured investment properties are included in the balance sheet at fair value with any gains or losses reported in the profit and loss account. Where fair value cannot be reliably measured investment properties are held at depreciated cost. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in the profit and loss account. Outstanding derivatives at the reporting date are included under the appropriate format heading depending on the nature of the derivative.
The company does not currently apply hedge accounting for foreign exchange derivatives.
2.8. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.9. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable net of value added tax, trade discount and customer returns. Revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods have passed to the customer. Rental income is accrued over the period to which it relates.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 3 3
Sales, marketing and distribution 3 3
Manufacturing 3 3
9 9
4. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost
As at 1 January 2024 396,679 150,650 243,246 60,000 850,575
Additions - - 16,830 81,000 97,830
Disposals - - - (60,000 ) (60,000 )
As at 31 December 2024 396,679 150,650 260,076 81,000 888,405
Depreciation
As at 1 January 2024 88,916 - 229,826 30,000 348,742
Provided during the period 8,923 - 6,189 15,438 30,550
Disposals - - - (43,750 ) (43,750 )
As at 31 December 2024 97,839 - 236,015 1,688 335,542
Net Book Value
As at 31 December 2024 298,840 150,650 24,061 79,312 552,863
As at 1 January 2024 307,763 150,650 13,420 30,000 501,833
Page 4
Page 5
Investment property is recognised at fair value represented by:
Historical cost: £30,650 (2023: £30,650)
Valuation: £120,000 (2023: £120,000)
The director has considered the valuation of the investment properties and in their opinion the revalued amount shown is in line with the open market value. Revaluation gains and losses are taken to the fair value reserve in accordance with the accounting policy.
5. Stocks
2024 2023
£ £
Stock 1,949,802 1,801,599
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 827,368 785,629
Prepayments and accrued income 103,367 353,161
Other debtors 10,496 12,929
Other financial assets 122,122 106,572
VAT 10 102,495
1,063,363 1,360,786
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 56,864 34,991
Corporation tax 106,451 124,228
Other taxation and social security 33,835 36,795
Accruals and deferred income 96,565 146,134
293,715 342,148
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 39,308 33,074
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 410,080 410,080
Page 5
Page 6
10. Foreign Currency Risk
All financial assets and liabilities are measured at amortised cost.
The company is exposed to currency exchange rate risk due to part of its operating income and expenditure being denominated in foreign currencies. The exposure is monitored and managed by the use of forward foreign exchange contracts.
The company had open forward foreign exchange contracts at the reporting date of the current period. The fair value of the derivatives is recognised within debtors as 'other financial assets'.
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 15,096 3,133
Later than one year and not later than five years 36,481 -
51,577 3,133
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £nil (2023: £nil) were due to the fund. They are included in Other Creditors.
13. Reserves
Fair Value Reserve
£
As at 1 January 2024 90,000
As at 31 December 2024 90,000
14. Related Party Transactions
Birford Cable & Harness LimitedA company under the control of a director's son.Included within other debtors is a balance of £10,296 (2023: £11,729) owed by the connected company. No interest has been charged on the oustanding balance and there were no conditions attached.

Birford Cable & Harness Limited

A company under the control of a director's son.

Included within other debtors is a balance of £10,296 (2023: £11,729) owed by the connected company. No interest has been charged on the oustanding balance and there were no conditions attached.

15. Ultimate Controlling Party
The company's ultimate controlling party is Mr Thomas Wase by virtue of his interest in the issued share capital in the company.
Page 6