REGISTERED NUMBER: 07443795 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

VEHICLE ACCESSORIES SOLUTIONS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J L Haycock

J A Haycock

Mrs S L Long

REGISTERED OFFICE:

Latchford House

Shenstone Business Park Lynn Lane

Shenstone

Lichfield

WS14 0SB

REGISTERED NUMBER:

07443795 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

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

REVIEW OF BUSINESS

The directors present the results for the year, which are considered good in what remains a challenging trading environment.

The company's turnover increased to £14,209,151 from £11,060,935 in the prior year. Gross profit increased to £6,669,750 from £4,625,082 representing a percentage of 46.94% (2023 - 41.81%). The company has had a good trading year with increased turnover and has also seen improved profitability.,

With the fore mentioned, the directors and management are pleased with the company's overall solid financial performance during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal exposure to risks are through pricing volatility, both as a result of changes in prices of products and through exchange rate fluctuations, as management are in part reliant on suppliers based overseas.

Management are mindful of these key risks to the business and have adopted strategies, which include: continued scrutiny of pricing and rates of exchange; maintaining a good working relationship with key suppliers; and management of its purchase cycle.

Management also acknowledge exposure to interest rate and credit risks and these are also assessed continuously in order to minimise their impact.

FUTURE DEVELOPMENT

The directors believe the company will be able to continue to trade profitably throughout 2024/25 and beyond. Attention in the short to medium term has been on managing working capital and raw material stock in particular so that lead times can be honoured to keep pace with customer demand for finished goods. Cash flow remains healthy, with the directors of the opinion that the company can continue to operate within its current and future financial parameters and so continue to meet its debts as they fall due.

The company's longer term strategy is to maintain its market share and profitability and ultimately, to continue to grow. The directors have continued to put measures in place to try and expand the markets in which the company operates in order to achieve this.

ON BEHALF OF THE BOARD:

Mrs S L Long - Director

1 April 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of design and manufacture of road safety systems.

DIVIDENDS

The total distribution of ordinary dividends for the year ended 30 November 2024 will be £2,991,000 (2023: £428,333).

DIRECTORS

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

J L Haycock

J A Haycock

Mrs S L Long

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.

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.

ON BEHALF OF THE BOARD:

Mrs S L Long - Director

1 April 2025

Opinion

We have audited the financial statements of Vehicle Accessories Solutions Limited (the 'company') for the year ended 30 November 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 November 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 matter

The corresponding figures for the prior year ended 30 November 2023 are unaudited.

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.

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.

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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Gregg Olner MPhil BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

1 April 2025

TURNOVER

3

14,209,151

11,060,935

Cost of sales

7,539,401

6,435,853

GROSS PROFIT

6,669,750

4,625,082

Distribution costs

85,091

81,132

Administrative expenses

2,299,917

1,683,721

2,385,008

1,764,853

4,284,742

2,860,229

Other operating income

86,581

-

OPERATING PROFIT

5

4,371,323

2,860,229

Interest receivable and similar income

51,531

69,739

4,422,854

2,929,968

Interest payable and similar expenses

6

23,522

33,099

PROFIT BEFORE TAXATION

4,399,332

2,896,869

Tax on profit

7

1,235,429

670,655

PROFIT FOR THE FINANCIAL YEAR

3,163,903

2,226,214

PROFIT FOR THE YEAR

3,163,903

2,226,214

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,163,903

2,226,214

FIXED ASSETS

Tangible assets

10

113,491

121,825

CURRENT ASSETS

Stocks

11

3,663,878

2,884,501

Debtors

12

5,705,613

4,675,026

Cash at bank

1,050,658

1,862,984

10,420,149

9,422,511

CREDITORS

Amounts falling due within one year

13

2,079,636

1,263,058

NET CURRENT ASSETS

8,340,513

8,159,453

TOTAL ASSETS LESS CURRENT LIABILITIES

8,454,004

8,281,278

PROVISIONS FOR LIABILITIES

16

17,304

17,481

NET ASSETS

8,436,700

8,263,797

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

8,436,600

8,263,697

SHAREHOLDERS' FUNDS

8,436,700

8,263,797

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:

Mrs S L Long - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

100

6,465,816

6,465,916

Changes in equity

Dividends

-

(428,333

)

(428,333

)

Total comprehensive income

-

2,226,214

2,226,214

Balance at 30 November 2023

100

8,263,697

8,263,797

Changes in equity

Dividends

-

(2,991,000

)

(2,991,000

)

Total comprehensive income

-

3,163,903

3,163,903

Balance at 30 November 2024

100

8,436,600

8,436,700

Cash flows from operating activities

Cash generated from operations

1

3,059,777

2,915,343

Interest paid

(23,522

)

(33,099

)

Tax paid

(844,108

)

(657,481

)

Net cash from operating activities

2,192,147

2,224,763

Cash flows from investing activities

Purchase of tangible fixed assets

(30,625

)

(59,839

)

Interest received

51,531

69,739

Net cash from investing activities

20,906

9,900

Cash flows from financing activities

Amount withdrawn by directors

(34,379

)

-

Equity dividends paid

(2,991,000

)

(428,333

)

Net cash from financing activities

(3,025,379

)

(428,333

)

(Decrease)/increase in cash and cash equivalents

(812,326

)

1,806,330

Cash and cash equivalents at beginning of year

2

1,862,984

56,654

Cash and cash equivalents at end of year

2

1,050,658

1,862,984

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

as restated

£

£

Profit before taxation

4,399,332

2,896,869

Depreciation charges

35,678

28,293

Loss on disposal of fixed assets

3,281

-

Finance costs

23,522

33,099

Finance income

(51,531

)

(69,739

)

4,410,282

2,888,522

Increase in stocks

(779,377

)

(70,463

)

(Increase)/decrease in trade and other debtors

(996,208

)

142,523

Increase/(decrease) in trade and other creditors

425,080

(45,239

)

Cash generated from operations

3,059,777

2,915,343

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 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

1,050,658

1,862,984

Year ended 30 November 2023

30.11.23

1.12.22

as restated

£

£

Cash and cash equivalents

1,862,984

56,654

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23

Cash flow

At 30.11.24

£

£

£

Net cash

Cash at bank

1,862,984

(812,326

)

1,050,658

1,862,984

(812,326

)

1,050,658

Total

1,862,984

(812,326

)

1,050,658

1.	STATUTORY INFORMATION

Vehicle Accessories Solutions 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

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:

i) Inventory provisioning

The company has historically committed to significant stock holding to ensure lead times are optimised and to take account of changes in economic cycles and sentiments in the wider industry. Stock includes various electrical components and ancillary items such as cables, camera systems used in the design and manufacture of the company's road safety systems. The inventory held is monitored by management with returns held within a separate warehouse location to determine the appropriate provisioning required. See note 11 to the financial statements for further disclosure.

Accounting judgements:

i) Operating leases

The company utilises assets which it does not own and pays for on an ongoing basis. In making the judgement as to whether such arrangements constitute finance leases or operating leases, management have assessed where the substantial risk and rewards of the ownership of the assets fall, and assessed that the counter-party, rather than the company, bears substantially all of the risks and rewards of ownership of the assets.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Rendering of services

Turnover from rendering of services is recognised in respect of service contracts when the company obtains the right to consideration. This is based on completion of specific maintenance and/or service assignments on specific installations made. This is usually on signed confirmation from the customer confirming the fulfilment of the assignment.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

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

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2024

2023

as restated

£

£

Sale of goods

10,773,017

8,990,834

Rendering of services

3,436,134

2,070,101

14,209,151

11,060,935

An analysis of turnover by geographical market is given below:

2024

2023

as restated

£

£

United Kingdom

13,963,231

10,759,990

Europe

227,971

276,817

Rest of the world

17,949

24,128

14,209,151

11,060,935

4.	EMPLOYEES AND DIRECTORS

2024

2023

as restated

£

£

Wages and salaries

1,355,459

1,063,561

Social security costs

134,576

76,035

Other pension costs

11,724

6,907

1,501,759

1,146,503

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

2024

2023

as restated

Administration

35

30

2024

2023

as restated

£

£

Directors' remuneration

41,456

37,710

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

5.	OPERATING PROFIT

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

2024

2023

as restated

£

£

Hire of plant and machinery

2,817

2,817

Other operating leases

133,848

118,357

Depreciation - owned assets

35,678

28,293

Loss on disposal of fixed assets

3,281

-

Auditors' remuneration

12,500

-

Foreign exchange differences

(35,650

)

(69,894

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as restated

£

£

Factoring charges

23,498

30,213

Interest payable

24

2,886

23,522

33,099

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

as restated

£

£

Current tax:

UK corporation tax

1,122,371

668,487

Research and development tax

113,235

-

Under/over tax provision

-

(259

)

Total current tax

1,235,606

668,228

Deferred tax

(177

)

2,427

Tax on profit

1,235,429

670,655

UK corporation tax has been charged at 25% (2023 - 23%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

as restated

£

£

Profit before tax

4,399,332

2,896,869

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23%)

1,099,833

666,280

Effects of:

Expenses not deductible for tax purposes

20,886

995

Depreciation in excess of capital allowances

1,475

3,321

Adjustments to tax charge in respect of previous periods

-

(259

)

R&D tax charge

113,235

-

Other tax adjustment

-

318

Total tax charge

1,235,429

670,655

UK corporation tax has been charged at 25% (2023 - 23%).

During the year the UK corporation tax rate was 25% and is set to remain at 25% for the foreseeable future.

The effective rate for the year under review was 25% (2023 - 23%)