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REGISTERED NUMBER: 00787857 (England and Wales)






























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: Mr A J Marsden
Mr D Waddingham
Mr P Howland
Mr D A Coombs
Mr L M Andrews


REGISTERED OFFICE: 9 Oakland Road
Leicester
LE2 6AN


REGISTERED NUMBER: 00787857 (England and Wales)


SENIOR STATUTORY AUDITOR: Mark Harrison BA(Hons) FCA


AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU


BANKERS: National Westminister Bank PLC
1 Granby Street
Leicester
Leicestershire
LE1 6EJ


SOLICITORS: Shakespeare Martineau
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.

Mr A J Marsden
Mr D Waddingham
Mr P Howland
Mr D A Coombs
Mr L M Andrews

Other changes in directors holding office are as follows:

Mr A J Green - resigned 1 November 2024

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:





Mr A J Marsden - Director


21 April 2025

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.




Mark Harrison BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

12 May 2025

CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £   

TURNOVER 8,039,272 7,764,597

Cost of sales 6,075,883 5,991,191
GROSS PROFIT 1,963,389 1,773,406

Administrative expenses 1,020,814 1,141,595
942,575 631,811

Other operating income 24,088 46,224
Gain/loss on revaluation of investments 75,000 -
OPERATING PROFIT 4 1,041,663 678,035

Interest receivable and similar income 34,542 28,574
1,076,205 706,609

Interest payable and similar expenses (11,131 ) -
PROFIT BEFORE TAXATION 1,087,336 706,609

Tax on profit 5 291,621 171,401
PROFIT FOR THE FINANCIAL YEAR 795,715 535,208

CAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00787857)

BALANCE SHEET
31 JANUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 6 20,172 82,280
Tangible assets 7 422,479 541,321
Investment property 8 240,000 165,000
682,651 788,601

CURRENT ASSETS
Stocks 9 1,172,970 1,200,875
Debtors 10 1,008,506 881,856
Cash at bank and in hand 1,381,465 1,216,151
3,562,941 3,298,882
CREDITORS
Amounts falling due within one year 11 1,076,152 785,715
NET CURRENT ASSETS 2,486,789 2,513,167
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,169,440

3,301,768

PROVISIONS FOR LIABILITIES 13 85,738 59,503
NET ASSETS 3,083,702 3,242,265

CAPITAL AND RESERVES
Called up share capital 1,387 1,387
Revaluation reserve 14 237,353 306,346
Capital redemption reserve 763 763
Retained earnings 2,844,199 2,933,769
SHAREHOLDERS' FUNDS 3,083,702 3,242,265

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2025 and were signed on its behalf by:




Mr A J Marsden - Director


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 1,387 3,891,094 313,813 763 4,207,057

Changes in equity
Profit for the year - 535,208 - - 535,208
Total comprehensive income - 535,208 - - 535,208
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 1,387 2,933,769 306,346 763 3,242,265

Changes in equity
Profit for the year - 795,715 - - 795,715
Other comprehensive income - 107,854 (62,132 ) - 45,722
Total comprehensive income - 903,569 (62,132 ) - 841,437
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 1,387 2,844,199 237,353 763 3,083,702

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 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. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% on cost

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 16 (2024 - 17 ) .

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 62,907 71,791
Computer software amortisation 62,108 59,056

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 292,462 200,941

Deferred taxation (841 ) (29,540 )
Tax on profit 291,621 171,401

UK corporation tax has been charged at 25% .

6. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2024
and 31 January 2025 188,203
AMORTISATION
At 1 February 2024 105,923
Charge for year 62,108
At 31 January 2025 168,031
NET BOOK VALUE
At 31 January 2025 20,172
At 31 January 2024 82,280

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 525,412 336,484 411,718 1,273,614
Additions - 2,035 - 2,035
Disposals (182,000 ) - - (182,000 )
Revaluations 6,588 - - 6,588
At 31 January 2025 350,000 338,519 411,718 1,100,237
DEPRECIATION
At 1 February 2024 107,540 313,605 311,148 732,293
Charge for year 9,902 9,277 43,728 62,907
Eliminated on disposal (51,232 ) - - (51,232 )
Revaluation adjustments (66,210 ) - - (66,210 )
At 31 January 2025 - 322,882 354,876 677,758
NET BOOK VALUE
At 31 January 2025 350,000 15,637 56,842 422,479
At 31 January 2024 417,872 22,879 100,570 541,321

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 165,000
Revaluations 75,000
At 31 January 2025 240,000
NET BOOK VALUE
At 31 January 2025 240,000
At 31 January 2024 165,000

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 1,172,970 1,200,875

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 907,797 779,407
Other debtors 77,062 76,676
Prepayments 23,647 25,773
1,008,506 881,856

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 582,209 377,564
Taxation 187,901 133,162
Paye/Ni payable 12,181 14,241
VAT 185,438 128,081
Other creditors 1,771 -
Accruals and deferred income 106,652 132,667
1,076,152 785,715

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 78,000 78,000
Between one and five years 156,000 234,000
234,000 312,000

13. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 21,465 49,360
Other timing differences 64,273 10,143
85,738 59,503

Deferred
tax
£   
Balance at 1 February 2024 59,503
Movement 26,235
Balance at 31 January 2025 85,738

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 306,346
Transfer to P & L account (62,132 )
Transfer to P&L account (6,861 )

At 31 January 2025 237,353

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.