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Registration number: 06618075

1st Choice Car Spares Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

1st Choice Car Spares Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

1st Choice Car Spares Limited

Company Information

Director

Mr Imran Mirza

Registered office

Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

Accountants

Hughes Accountants Limited
AAT Licensed Accountant
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

 

1st Choice Car Spares Limited

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

Mr Imran Mirza

Principal activity

The principal activity of the company is Car Breaker and Spare parts Distributor

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr Imran Mirza
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
1st Choice Car Spares Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 1st Choice Car Spares Limited for the year ended 30 June 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Accounting Technicians (AAT), we are subject to its ethical and other professional requirements, which are detailed at www.aat.org.uk/membership/standards-requirements.

This report is made solely to the Board of Directors of 1st Choice Car Spares Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 1st Choice Car Spares Limited and state those matters that we have agreed to state to the Board of Directors of 1st Choice Car Spares Limited, as a body, in this report in accordance with the requirements of the Association of Accounting Technicians (AAT). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Choice Car Spares Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 1st Choice Car Spares Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 1st Choice Car Spares Limited. You consider that 1st Choice Car Spares Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 1st Choice Car Spares Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hughes Accountants Limited
AAT Licensed Accountant
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

28 March 2025

 

1st Choice Car Spares Limited

(Registration number: 06618075)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

183,482

180,944

Current assets

 

Stocks

6

57,325

57,325

Debtors

7

1,382,907

1,014,533

Cash at bank and in hand

 

10,332

30,272

 

1,450,564

1,102,130

Creditors: Amounts falling due within one year

8

(829,670)

(746,070)

Net current assets

 

620,894

356,060

Total assets less current liabilities

 

804,376

537,004

Provisions for liabilities

(30,407)

(28,873)

Net assets

 

773,969

508,131

Capital and reserves

 

Called up share capital

9

6

6

Retained earnings

773,963

508,125

Shareholders' funds

 

773,969

508,131

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr Imran Mirza
Director

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP
England and Wales

The principal place of business is:
Unit 9
Moorfield Ind Est
Altham
Accrington
Lancashire
BB5 5WE
United Kingdom

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Buildings

10% straight line

Motor vehicles

25% straight line

Furniture, fittings, tools and equipment

20% straight line

Plant and machinery

20% straight line

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 38 (2023 - 30).

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

157,533

28,370

178,455

143,186

507,544

Additions

-

6,667

36,575

12,000

55,242

At 30 June 2024

157,533

35,037

215,030

155,186

562,786

Depreciation

At 1 July 2023

39,838

25,814

131,163

129,785

326,600

Charge for the year

4,433

2,368

31,803

14,100

52,704

At 30 June 2024

44,271

28,182

162,966

143,885

379,304

Carrying amount

At 30 June 2024

113,262

6,855

52,064

11,301

183,482

At 30 June 2023

117,695

2,556

47,292

13,401

180,944

Included within the net book value of land and buildings above is £113,262 (2023 - £117,695) in respect of freehold land and buildings.
 

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investments

2024
£

2023
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Concrete Solutions Accrington

Ground Floor, Unit 8, Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

United Kingdom

Ordinary

100%

100%

6

Stocks

2024
£

2023
£

Other inventories

57,325

57,325

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

(91,316)

(116,865)

Amounts owed by related parties

10

758,058

605,794

Prepayments

 

16,640

13,337

Other debtors

 

699,525

512,267

   

1,382,907

1,014,533

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

122,310

132,551

Taxation and social security

81,312

90,282

Accruals and deferred income

2,962

2,966

Other creditors

623,086

520,271

829,670

746,070

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

B Ordinary of £1 each

5

5

5

5

 

6

6

6

6

10

Related party transactions

 

1st Choice Car Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Summary of transactions with other related parties

Loan to Concrete Solutions Accrington Ltd of which Mr I Mirza is a Director. The loan is interest free and repayable on demand.
 

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

605,794

605,794

Advanced

137,017

137,017

At end of period

742,811

742,811

2023

Subsidiary
£

Total
£

At start of period

476,377

476,377

Advanced

129,417

129,417

At end of period

605,794

605,794

Terms of loans to related parties

General Trading Current Support