| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| CAR ELECTRONICS LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| CAR ELECTRONICS LIMITED |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 4 |
| Income Statement | 7 |
| Balance Sheet | 8 |
| Statement of Changes in Equity | 9 |
| Notes to the Financial Statements | 10 |
| CAR ELECTRONICS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| and Statutory Auditors |
| Granville Hall |
| Granville Road |
| Leicester |
| LE1 7RU |
| BANKERS: |
| 1 Granby Street |
| Leicester |
| Leicestershire |
| LE1 6EJ |
| SOLICITORS: |
| 2 Colton Square |
| Leicester |
| Leicestershire |
| LE1 1QH |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 January 2025. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CAR ELECTRONICS LIMITED |
| Opinion |
| We have audited the financial statements of Car Electronics Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 31 January 2025 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CAR ELECTRONICS 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 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; or |
| - | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
| We have determined that the principal risk areas where material irregularities could occur were related to the posting of manual journal entries to manipulate financial performance, the valuation of investments, significant one-off or unusual transactions and going concern. |
| Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud). |
| Our audit procedures included but were not limited to: |
| - A review of a sample of revenue streams in the year and perform cut off tests to ensure revenue recognition is correctly stated. |
| - A review of a sample of carrying values of stocks held to confirm appropriate. |
| - Addressing the risks of fraud through management override of controls by performing a journal entry test. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CAR ELECTRONICS LIMITED |
| 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. |
| for and on behalf of |
| and Statutory Auditors |
| Granville Hall |
| Granville Road |
| Leicester |
| LE1 7RU |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 942,575 | 631,811 |
| Other operating income |
| Gain/loss on revaluation of investments | 75,000 | - |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,076,205 | 706,609 |
| Interest payable and similar expenses | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| BALANCE SHEET |
| 31 JANUARY 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 6 |
| Tangible assets | 7 |
| Investment property | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 14 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 February 2023 |
| Changes in equity |
| Profit for the year | - | 535,208 | - | - | 535,208 |
| Total comprehensive income | - |
| Capital contribution to EOT | - | (1,500,000 | ) | - | - | (1,500,000 | ) |
| Transfer to P&L account | - | - | (7,467 | ) | - | (7,467 | ) |
| Surplus on revaluation of other fixed assets |
- |
7,467 |
- |
- |
7,467 |
| Balance at 31 January 2024 |
| Changes in equity |
| Profit for the year | - | 795,715 | - | - | 795,715 |
| Other comprehensive income | - | 107,854 | ( |
) | 45,722 |
| Total comprehensive income | - | ( |
) |
| Capital contribution to EOT | - | (1,000,000 | ) | - | - | (1,000,000 | ) |
| Transfer to P&L account | - | - | (6,861 | ) | - | (6,861 | ) |
| Surplus on revaluation of other fixed assets |
- |
6,861 |
- |
- |
6,861 |
| Balance at 31 January 2025 |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 1. | STATUTORY INFORMATION |
| Car Electronics Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions entered into between wholly owned members of Celtrade Limited. |
| 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 to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised. |
| Sale of goods |
| Revenue from the sale of goods is recognised at the earlier of the point of despatch or when the risk and rewards of ownership are transferred to the customer. |
| Rents received |
| Rents received are recognised on a straight line basis over the life of the rental agreement. |
| 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 |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 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. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2025 | 2024 |
| £ | £ |
| Depreciation - owned assets |
| Computer software amortisation |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred taxation | ( |
) | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| 6. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 February 2024 |
| and 31 January 2025 |
| AMORTISATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Revaluation adjustments | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Cost or valuation at 31 January 2025 is represented by: |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2025 | 350,000 | - | - | 350,000 |
| Cost | - | 338,519 | 411,718 | 750,237 |
| 350,000 | 338,519 | 411,718 | 1,100,237 |
| If the land and buildings had not been revalued they would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 52,353 | 86,627 |
| Aggregate depreciation | 25,194 | 52,086 |
| Included in freehold property are two properties with historical cost of £52,352 that were revalued at a total of £350,000 at 31 January 2025 by the directors of the company. |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2024 |
| Revaluations | 75,000 |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Fair value at 31 January 2025 is represented by: |
| £ |
| Valuation in 2025 | 153,235 |
| Cost | 86,765 |
| 240,000 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 86,765 | 86,765 |
| Included in investment property is a property with historical cost of £86,765 that was revalued at a total of £240,000 on 31 January 2025 by the directors of the company. |
| 9. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation |
| Paye/Ni payable | 12,181 | 14,241 |
| VAT | 185,438 | 128,081 |
| Other creditors |
| Accruals and deferred income |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 13. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Other timing differences | 64,273 | 10,143 |
| 85,738 | 59,503 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 |
| Movement | 26,235 |
| Balance at 31 January 2025 |
| CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 14. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 February 2024 |
| Transfer to P & L account | (62,132 | ) |
| Transfer to P&L account | (6,861 | ) |
| At 31 January 2025 |
| Revaluation reserve |
| The revaluation reserve has arisen due to the revaluation of freehold properties and reflects the increase in value of these assets from their historical cost. |
| Capital redemption reserve |
| The capital redemption reserve is a non-distributable reserve arising from the redemption of the company's own shares. |
| Profit and loss account |
| This reserve includes all current and prior period retained profits and losses and cumulative revaluation gains or losses on investment properties. Included within the profit and loss account are amounts of £153,235 (2024: £78,235) which are non distributable. |
| 15. | RELATED PARTY DISCLOSURES |
| The parent company at the balance sheet date is Celtrade Limited, a private limited company incorporated and registered in England and Wales. |
| In the year to January 2023, the company's employee ownership trust (EOT) acquired all shares in Celtrade Limited and holds them in a trust for employees. |