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COMPANY REGISTRATION NUMBER: 09394415
Allspares Auto (Holdings) Limited
Financial Statements
30 September 2024
Allspares Auto (Holdings) Limited
Financial Statements
Year ended 30 September 2024
CONTENTS
PAGE
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
7
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
Allspares Auto (Holdings) Limited
Officers and Professional Advisers
The board of directors
Mrs M Richards
Mr S Richards
Miss G Richards (Resigned 03.04.25)
Registered office
Plot 1A Heol Mostyn
Sturmi Way Village Farm Industrial Estate
Pyle
Bridgend
Mid Glamorgan
CF33 6BJ
Auditor
James & Uzzell Ltd
Chartered Certified Accountants & statutory auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Allspares Auto (Holdings) Limited
Strategic Report
Year ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024. REVIEW OF BUSINESS The directors undertake a detailed analysis of the group's performance and position throughout the year and at the year end. Turnover, margin, profitability and cash flow are used to measure the performance. These enable the directors to monitor growth and the profitability of the group against internal and external factors that affect the business. PRINCIPAL RISKS AND UNCERTAINTIES The group operates in a very competitive market and has secured its position and good reputation by providing a high standard of service. The principal risk to the group is from its competitors, however the group monitors their performance closely and is constantly reacting to market conditions to mitigate the risk where possible. Foreign Currency Risk Only a very small proportion of the goods purchased for resale are purchased in foreign currency and the group is therefore limited to foreign currency fluctuations. Interest Rate Risk The group does not undertake active investments and has no borrowings and therefore this risk is deemed to be low. Business Performance Risk The risk that the group may not perform as expected either due to internal factors or due to competitive pressures in the markets in which it operates is managed by a number of measures: ensuring the appropriate management team is in place, budget and business planning, monthly reporting and variance analysis, financial controls, measuring key performance indicators, regular forecasting, constant price monitoring, having fast response times and by maintaining strong relationships with its customers and suppliers. The business remains focused on maintaining its reputation of being the leading supplier of commercial vehicle parts throughout Wales and the South West. Inflation Risk We are mindful of the risk of inflation, but such factors affect all suppliers in our market. Customer Risk Loss of contracts or insolvency of a major customer could affect the short term performance of the group. These risks are mitigated through our sales team and credit control procedures and are considered low as the group has a wide customer base, with no overdue reliance on any specific customer. Technology Risks We are aware of changes in legislation and advances in technology within our industry. We are kept informed by the OE manufacturers of product development and timescales for introduction into the market place. The identification of products / part numbers is becoming increasingly difficult with OEM's holding the information on Truck & Bus parts with Electronic Product Catalogues becoming harder to obtain with the amount of new parts being fitted on vehicles each year. Blue chip suppliers all work off Electronic Breaking Systems and are regularly updating modules and ECU. Business intelligence software provides our team with detailed information on our customers, providing an excellent sales management tool.
ENVIRONMENTAL MATTERS We experience environmental and seasonal effects with adverse weather conditions often resulting in increased sales. Products such as antifreeze and batteries, cleaning products, vehicle air brakes, chambers and brake pipes all see an increased turnover in comparison with the spring/summer season. Our state of the art stock management system allows us to keep control of seasonal as well as daily changes. EMPLOYEE MATTERS Disabled employees It is group policy to appoint staff on the basis of their abilities. Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitude and abilities. In the event of employees becoming disabled, every effort is made to retain them in order that their employment with the group may continue. Employee involvement The group has continued its practice of keeping employees informed of all matters affecting them as employees and incentivises them to share in the group’s success. The board has always encouraged and championed all employees to suggest ideas that could benefit the group's activities. Allspares in very much a people group, based on strong values where every employee contributes towards our continued success. HEALTH AND SAFETY The health and safety of our employees and customers is of paramount importance. Health and safety measures are given particular attention by the Directors and a written policy exists and is known throughout the group. We maintain all legal requirements such as manual handling, fire marshal, forklift and first aid training.
DEVELOPMENT AND PERFORMANCE
Turnover has continued to increase during 2024. In light of the cost of living crisis and its impact on the wider economy, the robust performance of the group during 2024 is down to all of the efforts of our staff, and we remain confident about the group's prospects for the future, as a result the group has seen increased salary costs as it continues to reward the staff for their hard work. The group is built on having strong relationships with its customers built on high service levels. As a business we constantly strive to improve, providing our customers with quality products, unrivalled service and good value for money. The group assesses the markets in which it operates and looks at opportunities as they present themselves. Organic growth of the business, working with customers through our existing outlets has been proved to be a successful approach to date. All branches are targeted on sales and margin relative to operating costs, region, historic and potential Sales. Location, density of customers and branch staffing are assessed and adjusted with sales movements. Having real time information through our software applications provides and warrants sales figures being acceptable or not- given market trends, i.e. holiday, seasonal times, and competition. Our branches have direct contact with the management team on day-to-day basis and are fully supported to assist them achieve their agreed targets. Our established central distribution depot supports our branch network with the advantages of bulk buying, comprehensive stock availability and speed of delivery, and this approach has been key in our development. Our current locations have the benefit of familiarity with customers and flexible opening times to cater for the industry in their particular area. Strategically located and supported by various transport networks we have been able to maximise our supply and service to our varied customer base which has contributed to our continued success.
FINANCIAL KEY PERFORMANCE INDICATORS
2024 2023
£ £
Turnover 13,584,869 13,366,031
Gross profit % 39 38
Gross profit 5,342,878 5,083,140
This report was approved by the board of directors on 25 June 2025 and signed on behalf of the board by:
Mr S Richards
Mr Steven Richards
Director
Allspares Auto (Holdings) Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the group for the year ended 30 September 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mrs M Richards
Mr S Richards
Miss G Richards (Resigned 03.04.25)
DIVIDENDS
Particulars of recommended dividends are detailed in note 12 to the financial statements.
FUTURE DEVELOPMENTS
The directors are confident in the continued expansion of the group based on our expectation of further success in the trading activities, together with new planned initiatives. Growth aspirations and expansions programmes are in place thereby ensuring that we remain Wales and South West's No.1 Supplier of commercial vehicle parts. Furthermore the group can draw on the wealth of experience from employees who have been with the subsidiary for over 30 years, since its establishment.
FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise borrowings, cash and trade equivalents. Other financial assets and liabilities such as trade debtors and trade creditors arise directly from operating activities. The group operates a number of risk management policies designed to minimise it's exposure to financial risk.
QUALIFYING INDEMNITY PROVISION
The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The group has chosen in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. DISCLOSURE OF INFORMATION TO THE AUDITORS
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 25 June 2025 and signed on behalf of the board by:
Mr S Richards
Mr Steven Richards
Director
Allspares Auto (Holdings) Limited
Independent Auditor's Report to the Members of Allspares Auto (Holdings) Limited
Year ended 30 September 2024
OPINION
We have audited the financial statements of Allspares Auto (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report and Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report and Strategic Report has 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S 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 an auditor’s report 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the legal regulatory frameworks that are applicable to the company and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Stand as applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business, as well as review of current safety certificates and review for breaches. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
EMMA LOUISE HUGHES FCCA
(Senior Statutory Auditor)
For and on behalf of
James & Uzzell Ltd
Chartered Certified Accountants & statutory auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
25 June 2025
Allspares Auto (Holdings) Limited
Consolidated Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
TURNOVER
4
13,584,869
13,366,031
Cost of sales
8,241,991
8,282,891
-------------
-------------
GROSS PROFIT
5,342,878
5,083,140
Administrative expenses
3,861,525
3,353,518
------------
------------
OPERATING PROFIT
5
1,481,353
1,729,622
Other interest receivable and similar income
9
191,769
34,691
Interest payable and similar expenses
10
( 746)
------------
------------
PROFIT BEFORE TAXATION
1,673,122
1,765,059
Tax on profit
11
419,000
382,953
------------
------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
1,254,122
1,382,106
------------
------------
All the activities of the group are from continuing operations.
Allspares Auto (Holdings) Limited
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
13
559,881
557,243
CURRENT ASSETS
Stocks
15
2,166,708
2,247,237
Debtors
16
2,281,273
2,414,839
Cash at bank and in hand
5,589,011
4,479,707
-------------
------------
10,036,992
9,141,783
CREDITORS: amounts falling due within one year
17
2,794,649
2,655,817
-------------
------------
NET CURRENT ASSETS
7,242,343
6,485,966
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,802,224
7,043,209
PROVISIONS
Taxation including deferred tax
18
124,890
119,997
------------
------------
NET ASSETS
7,677,334
6,923,212
------------
------------
CAPITAL AND RESERVES
Called up share capital
21
550
550
Share premium account
22
266,200
266,200
Capital redemption reserve
22
111
111
Other reserves, including the fair value reserve
22
450
450
Profit and loss account
22
7,410,023
6,655,901
------------
------------
SHAREHOLDERS FUNDS
7,677,334
6,923,212
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr Steven Richards
Mr Steven Richards
Director
Company registration number: 09394415
Allspares Auto (Holdings) Limited
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
FIXED ASSETS
Investments
14
550
550
CURRENT ASSETS
Debtors
16
266,200
266,200
---------
---------
NET CURRENT ASSETS
266,200
266,200
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
266,750
266,750
---------
---------
CAPITAL AND RESERVES
Called up share capital
21
550
550
Share premium account
22
266,200
266,200
---------
---------
SHAREHOLDERS FUNDS
266,750
266,750
---------
---------
The profit for the financial year of the parent company was £ 500,000 (2023: £ 500,000 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr Steven Richards
Mr Steven Richards
Director
Company registration number: 09394415
Allspares Auto (Holdings) Limited
Consolidated Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
£
AT 1 OCTOBER 2022
550
266,200
111
450
5,773,795
6,041,106
Profit for the year
1,382,106
1,382,106
----
---------
----
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,382,106
1,382,106
Dividends paid and payable
12
( 500,000)
( 500,000)
----
---------
----
----
------------
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
AT 30 SEPTEMBER 2023
550
266,200
111
450
6,655,901
6,923,212
Profit for the year
1,254,122
1,254,122
----
---------
----
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,254,122
1,254,122
Dividends paid and payable
12
( 500,000)
( 500,000)
----
----
----
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
----
---------
----
----
------------
------------
AT 30 SEPTEMBER 2024
550
266,200
111
450
7,410,023
7,677,334
----
---------
----
----
------------
------------
Allspares Auto (Holdings) Limited
Company Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
AT 1 OCTOBER 2022
550
266,200
266,750
Profit for the year
500,000
500,000
----
---------
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
500,000
500,000
Dividends paid and payable
12
( 500,000)
( 500,000)
----
---------
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
AT 30 SEPTEMBER 2023
550
266,200
266,750
Profit for the year
500,000
500,000
----
---------
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
500,000
500,000
Dividends paid and payable
12
( 500,000)
( 500,000)
----
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
----
---------
---------
---------
AT 30 SEPTEMBER 2024
550
266,200
266,750
----
---------
---------
---------
Allspares Auto (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
Note
£
£
Cash generated from operations
23
2,117,687
1,714,988
Interest paid
30,875
746
Interest received
191,769
34,691
Tax paid
( 451,299)
( 284,268)
------------
------------
Net cash from operating activities
1,889,032
1,466,157
------------
------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 354,628)
( 354,628)
Proceeds from sale of tangible assets
74,900
150,789
------------
------------
Net cash used in investing activities
( 279,728)
( 203,839)
------------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of finance lease liabilities
( 4,348)
Dividends paid
( 500,000)
( 500,000)
------------
------------
Net cash used in financing activities
( 500,000)
( 504,348)
------------
------------
NET INCREASE IN CASH AND CASH EQUIVALENTS
1,109,304
757,970
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
4,479,707
3,721,737
------------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
5,589,011
4,479,707
------------
------------
Allspares Auto (Holdings) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. GENERAL INFORMATION
Allspares Auto (Holdings) Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are those of a holding company.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the republic of Ireland' and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The reporting period of these financial statements and its comparative period is twelve months. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The group meets its day-to-day working capital requirements through its cash balances. After making enquiries, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group's expectations for the future, taking account reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current facilities. Therefore, the group continues to adopt the going concern basis in preparing its financial statements.
Debtors and creditors receivable/payable within one year
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 profit and loss account in other administrative expenses.
Loans and borrowings
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. If an arrangement constitutes a finance transaction it is measured at present value.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Employee benefits
When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The group operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Consolidation
The consolidated financial statements incorporate the financial statements of Allspares Auto (Holdings) Limited , and its subsidiary undertakings for the year ended 30 September 2021. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Groups accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss, is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss on disposal includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit ot loss arising on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interests in the entity. Goodwill arising on consolidation, representing the excess of the fair values of the consideration given over the fair values of the identifiable net assets acquired, is capitalised. Uniform accounting policies have been used throughout the group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Judgements and key sources of estimation uncertainty
The group 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 asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provisioning The group sells parts and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and rebates allowed by the group and value added taxes. The group recognises revenue when a) the significant risks and rewards of ownership have been transferred to the buyer; b) the group retains no continuing involvement or control over the goods; c) the amount of revenue can be measured reliably; d) it is probable that future economic benefits will flow to the entity and e) when the specific criteria relating to each of the group's sales channels have been met, as described below. i) sale of goods - wholesale The group sells a range of spare parts for agricultural and commercial vehicles in the wholesale market. Sales of goods are recognised on delivery to the wholesaler, when the wholesaler has full discretion over the channel and privy to sell the product and there is no unfulfilled obligation that could affect the wholesaler's acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the wholesaler, the risks of obsolescence or loss have been transferred to to the wholesaler, the wholesaler has accepted the products in accordance with the sales contract, the acceptance provision have lapsed or the group has objective evidence that all criteria for acceptance have been satisfied. ii) sale of goods - retail Sale of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. iii) Interest receivable Interest income is recognised using the effective interest rate method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Computer Equipment
-
33% per annum of cost
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks, including impress stock held at customers premises, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Provisions
Provisions are recognised when the group has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
13,584,869
13,366,031
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
13,242,964
13,072,201
Overseas
341,905
293,830
-------------
-------------
13,584,869
13,366,031
-------------
-------------
5. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
227,834
210,312
Gains on disposal of tangible assets
( 49,088)
( 101,433)
Impairment of trade debtors
54,263
9,186
Operating lease rentals
217,731
205,506
---------
---------
6. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
14,000
10,500
--------
--------
7. STAFF COSTS
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
45
22
Distribution staff
4
28
Administrative staff
3
3
Management staff
10
9
----
----
62
62
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,207,229
2,004,260
Social security costs
238,549
186,566
Other pension costs
207,952
108,628
------------
------------
2,653,730
2,299,454
------------
------------
8. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
220,768
154,100
Company contributions to defined contribution pension plans
151,503
54,967
---------
---------
372,271
209,067
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
----
----
The above includes amounts paid by subsidiaries
9. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on cash and cash equivalents
191,769
34,691
---------
--------
10. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
( 746)
----
----
11. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
414,107
366,429
Deferred tax:
Origination and reversal of timing differences
4,893
16,524
---------
---------
Tax on profit
419,000
382,953
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,673,122
1,765,059
------------
------------
Profit on ordinary activities by rate of tax
418,281
441,265
Effect of expenses not deductible for tax purposes
469
1,194
Effect of capital allowances and depreciation
( 4,643)
( 26,218)
Effect of different UK tax rates on some earnings
(49,812)
Deferred tax
4,893
16,524
------------
------------
Tax on profit
419,000
382,953
------------
------------
Factors that may affect future tax expense
There are no factors affecting future tax charge.
12. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
500,000
500,000
---------
---------
13. TANGIBLE ASSETS
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
136,315
47,829
859,743
1,043,887
Additions
19,185
2,902
233,197
255,284
Disposals
( 159,354)
( 159,354)
---------
--------
---------
------------
At 30 September 2024
155,500
50,731
933,586
1,139,817
---------
--------
---------
------------
Depreciation
At 1 October 2023
84,310
36,786
365,548
486,644
Charge for the year
15,366
9,418
203,050
227,834
Disposals
( 134,542)
( 134,542)
---------
--------
---------
------------
At 30 September 2024
99,676
46,204
434,056
579,936
---------
--------
---------
------------
Carrying amount
At 30 September 2024
55,824
4,527
499,530
559,881
---------
--------
---------
------------
At 30 September 2023
52,005
11,043
494,195
557,243
---------
--------
---------
------------
The company has no tangible assets.
Tangible fixed assets with a net book value of £Nil (2022: £1,617) have been pledged as security for liabilities of the group.
14. INVESTMENTS
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
550
----
Impairment
At 1 October 2023 and 30 September 2024
----
Carrying amount
At 1 October 2023 and 30 September 2024
550
----
At 30 September 2023
550
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Allspares Auto Limited
1000 £1 ordinary shares
100
15. STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,166,708
2,247,237
------------
------------
----
----
16. DEBTORS
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,228,725
2,368,595
Amounts owed by group undertakings
266,200
266,200
Prepayments and accrued income
33,780
30,829
Other debtors
18,768
15,415
------------
------------
---------
---------
2,281,273
2,414,839
266,200
266,200
------------
------------
---------
---------
17. CREDITORS: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,754,750
1,584,006
Accruals and deferred income
593,651
416,401
Corporation tax
231,302
366,838
Social security and other taxes
199,941
239,207
Other creditors
15,005
49,365
------------
------------
----
----
2,794,649
2,655,817
------------
------------
----
----
Obligations under finance leases and hire purchase contracts are secured by related assets. The aggregate of secured liabilities falling due within one year is £nil(2022: £4,348).
18. PROVISIONS
Group
Deferred tax (note 19)
£
At 1 October 2023
119,997
Charge against provision
4,893
---------
At 30 September 2024
124,890
---------
The company does not have any provisions.
19. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 18)
124,890
119,997
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
124,890
119,997
---------
---------
----
----
The expected net reversal of deferred tax assets and liabilities in 2024 is £29,999. This primarily relates to the reversal of timing differences on capital allowances.
20. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 207,952 (2023: £ 108,628 ).
21. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
550
550
550
550
----
----
----
----
22. RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Other reserves, including the fair value reserve - This reserve records a merger reserve created on 1st consolidation containing a pre acquisition reserve movement. Profit and loss account - This reserve records retained earnings and accumulated losses.
23. CASH GENERATED FROM OPERATIONS
2024
2023
£
£
Profit for the financial year
1,254,122
1,382,106
Adjustments for:
Depreciation of tangible assets
227,834
210,312
Other interest receivable and similar income
( 191,769)
( 34,691)
Interest payable and similar expenses
( 746)
Gains on disposal of tangible assets
( 49,088)
( 101,433)
Tax on profit
419,000
382,953
Accrued expenses/(income)
146,375
( 17,604)
Changes in:
Stocks
80,529
( 53,895)
Trade and other debtors
133,566
( 107,202)
Trade and other creditors
97,118
55,188
------------
------------
2,117,687
1,714,988
------------
------------
24. ANALYSIS OF CHANGES IN NET DEBT
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
4,479,707
1,109,304
5,589,011
------------
------------
------------
25. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
79,150
79,150
Later than 1 year and not later than 5 years
103,213
176,113
---------
---------
----
----
182,363
255,263
---------
---------
----
----
26. RELATED PARTY TRANSACTIONS
Group
During the year the group entered in to transactions with related parties as follows: Other related parties
2024 2023
£ £
Balance due (to) (35,289) (128,110)
Purchases from 206,659 65,619
Sales to 37,711 20,739
Rent paid to 77,500 77,500
Management charges with 84,000 143,000
Pension contributions to 52,750 25,000
No interest was charged on any of the outstanding amounts.
27. CONTROLLING PARTY
There is no ultimate controlling party.