62
false
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2024 - FRS102_2024
1,254,122
1,382,106
119,997
4,893
124,890
xbrli:pure
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01371098
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01371098
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01371098
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01371098
core:RetainedEarningsAccumulatedLosses
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01371098
core:UKTax
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2024-09-30
01371098
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2022-10-01
2023-09-30
01371098
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2023-10-01
2024-09-30
01371098
bus:AllOrdinaryShares
2022-10-01
2023-09-30
01371098
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01371098
core:ShareCapital
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01371098
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2024-09-30
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COMPANY REGISTRATION NUMBER:
01371098
Year ended 30 September 2024
|
Officers and professional advisers |
1 |
|
|
|
Independent auditor's report to the members |
7 |
|
|
|
Statement of comprehensive income |
11 |
|
|
|
Statement of financial position |
12 |
|
|
|
Statement of changes in equity |
13 |
|
|
|
Notes to the financial statements |
14 |
|
|
|
Officers and Professional Advisers |
|
|
The board of directors |
Mr Steven Richards |
|
Miss Gaynor Richards (Resigned 03/04/2025) |
|
Mr Martyn Hughes |
|
|
|
Registered office |
1A Heol Mostyn |
|
Village Farm Industrial Estate |
|
Pyle |
|
Bridgend |
|
Mid Glamorgan |
|
United Kingdom |
|
CF33 6BJ |
|
|
|
Auditor |
James & Uzzell Ltd |
|
Chartered Certified Accountants & Statutory Auditor |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
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 company'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 company against internal and external factors that affect the business. PRINCIPAL RISKS AND UNCERTAINTIES The company 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 company is from its competitors, however the company 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 company is therefore limited to foreign currency fluctuations. Interest Rate Risk The company 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 company 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 company. These risks are mitigated through our sales team and credit control procedures and are considered low as the company 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 company 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 company may continue. Employee involvement The company has continued its practice of keeping employees informed of all matters affecting them as employees and incentivises them to share in the company’s success. The board has always encouraged and championed all employees to suggest ideas that could benefit the company's activities. Allspares in very much a people company, 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 company. 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 Allspares during 2024 is down to all of the efforts of our staff, and we remain confident about the company's prospects for the future, as a result the company has seen increased salary costs as it continues to reward the staff for their hard work. Allspares 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 company 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 Martyn Hughes
Mr Martyn Hughes
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended
30 September 2024
.
DIRECTORS
The directors who served the company during the year were as follows:
|
Mr Steven Richards
|
|
|
Miss Gaynor Richards (Resigned 03/04/2025) |
|
|
Mr Martyn Hughes |
|
|
|
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 business 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
Allspares (Auto) Limited
can draw on the wealth of experience from employees who have been with the company for over 30 years, since its establishment.
FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise hire purchase agreements, cash and cash equivalents. Other financial assets and liabilities such as trade debtors and trade creditors arise directly from operating activities.
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 company 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 company and 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 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 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 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 Martyn Hughes
Mr Martyn Hughes
|
Independent Auditor's Report to the Members of
Allspares (Auto) Limited |
|
Year ended 30 September 2024
OPINION
We have audited the financial statements of Allspares (Auto) Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 company's affairs as at 30 September 2024 and of its 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 remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes 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 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and Directors' 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 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the 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 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.
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. In addition we reviewed health and safety records, compliance certificates and assessed 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 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 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 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. 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
|
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 company are from continuing operations.
|
Statement of Financial Position |
|
30 September 2024
FIXED ASSETS
|
Tangible assets |
13 |
559,881 |
557,243 |
|
|
|
|
CURRENT ASSETS
|
Stocks |
14 |
2,166,708 |
2,247,237 |
|
Debtors |
15 |
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 |
16 |
3,060,849 |
2,922,017 |
|
------------- |
------------ |
|
NET CURRENT ASSETS |
6,976,143 |
6,219,766 |
|
------------ |
------------ |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,536,024 |
6,777,009 |
|
|
|
|
PROVISIONS
|
Taxation including deferred tax |
17 |
124,890 |
119,997 |
|
------------ |
------------ |
|
NET ASSETS |
7,411,134 |
6,657,012 |
|
------------ |
------------ |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
20 |
1,000 |
1,000 |
|
Capital redemption reserve |
21 |
111 |
111 |
|
Profit and loss account |
21 |
7,410,023 |
6,655,901 |
|
------------ |
------------ |
|
SHAREHOLDERS FUNDS |
7,411,134 |
6,657,012 |
|
------------ |
------------ |
|
|
|
|
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 Martyn Hughes
Mr Martyn Hughes
Director
Company registration number:
01371098
|
Statement of Changes in Equity |
|
Year ended 30 September 2024
|
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
AT 1 OCTOBER 2022 |
1,000 |
111 |
5,773,795 |
5,774,906 |
|
|
|
|
|
|
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 |
1,000 |
111 |
6,655,901 |
6,657,012 |
|
|
|
|
|
|
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 |
1,000 |
111 |
7,410,023 |
7,411,134 |
|
------ |
---- |
------------ |
------------ |
|
|
|
|
|
|
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
GENERAL INFORMATION
Allspares (Auto) Limited
is a private company limited by shares incorporated in England & Wales, 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 supply of spare parts for agricultural and commercial vehicles.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2024. 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 presented 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. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The company meets its day-to-day working capital requirements through its cash balances. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company's forecasts and projections, taking account reasonably the aforementioned possible changes in trading performance, as a result of environmental factors, show that the company should be able to operate within the level of its current facilities.
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 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Allspares Auto (Holdings) Limited which can be obtained from the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Employee benefits
When employees have rendered service to the company, 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 company 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.
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.
Judgements and key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: 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 company 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 company 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 company and value added taxes. The company recognises revenue when a) the significant risks and rewards of ownership have been transferred to the buyer; b) the company 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 company's sales channels have been met, as described below. i) Sale of goods - wholesale The company 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 price 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 the wholesaler, the wholesaler has accepted the products in accordance with the sales contract, the acceptance provision have lapsed or the company 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 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 |
- |
|
|
Computer equipment |
- |
|
|
Motor Vehicles |
- |
|
|
|
|
|
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 company 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 |
|
£ |
£ |
|
Parts sales |
13,584,869 |
13,366,031 |
|
------------- |
------------- |
|
|
|
The turnover is attributable to the one principal activity of the company. 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 company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
45 |
46 |
|
Distribution staff |
4 |
4 |
|
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 |
104,868 |
154,100 |
|
Company contributions to defined contribution pension plans |
151,503 |
54,967 |
|
--------- |
--------- |
|
256,371 |
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 |
|
---- |
---- |
|
|
|
No key management other than directors.
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
Current tax:
|
UK current tax expense |
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 adjustments |
|
|
|
------------ |
------------ |
|
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
|
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 |
|
--------- |
-------- |
--------- |
------------ |
|
|
|
|
|
14.
STOCKS
|
2024 |
2023 |
|
£ |
£ |
|
Finished goods and goods for resale |
2,166,708 |
2,247,237 |
|
------------ |
------------ |
|
|
|
15.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
2,228,725 |
2,368,595 |
|
Prepayments and accrued income |
33,780 |
30,829 |
|
Other debtors |
18,768 |
15,415 |
|
------------ |
------------ |
|
2,281,273 |
2,414,839 |
|
------------ |
------------ |
|
|
|
16.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
1,754,750 |
1,584,006 |
|
Amounts owed to group undertakings |
266,200 |
266,200 |
|
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 |
|
------------ |
------------ |
|
3,060,849 |
2,922,017 |
|
------------ |
------------ |
|
|
|
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
17.
PROVISIONS
|
Deferred tax (note 18) |
|
£ |
|
At 1 October 2023 |
119,997 |
|
Charge against provision |
4,893 |
|
--------- |
|
At 30 September 2024 |
124,890 |
|
--------- |
|
|
18.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 17) |
124,890 |
119,997 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
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.
19.
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
).
20.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------ |
------ |
------ |
------ |
|
|
|
|
|
21.
RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
22.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
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 |
|
--------- |
--------- |
|
|
|
23.
RELATED PARTY TRANSACTIONS
During the year the company entered in to transactions with related parties as follows: Other related parties
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Sales to |
35,439 |
37,711 |
|
|
-------- |
-------- |
|
Purchases from |
243,321 |
206,659 |
|
|
--------- |
--------- |
|
Balance owing (to)/from |
(35,289) |
(35,289) |
|
|
-------- |
-------- |
|
Rent paid |
77,500 |
77,500 |
|
|
-------- |
-------- |
|
Management charge |
84,000 |
84,000 |
|
|
-------- |
-------- |
|
Pension contributions |
52,750 |
52,750 |
|
|
-------- |
-------- |
|
|
|
|
No interest was charged on any of the outstanding amounts. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
24.
CONTROLLING PARTY
There is no ultimate controlling party.
25.
PARENT UNDERTAKINGS
The ultimate parent company is Allspares Auto (Holdings) Limited, a company registered in Great Britain.
The registered office of Allspares Auto (Holdings) Limited is 1a Heol Mostyn, village Farm Industrial Estate, Pyle, Bridgend, CF33 6BJ
The accounts for the company are also included in the group accounts of the parent named above and these can be obtained from the registered office.