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Registration number: 03244116

Auto Electrical Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Auto Electrical Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Auto Electrical Supplies Limited

Balance Sheet

as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

668,417

578,410

Current assets

 

Stocks

645,660

542,933

Debtors

5

2,453,823

1,805,299

Cash at bank and in hand

 

1,240,759

1,548,355

 

4,340,242

3,896,587

Creditors: Amounts falling due within one year

6

(2,668,680)

(2,294,786)

Net current assets

 

1,671,562

1,601,801

Total assets less current liabilities

 

2,339,979

2,180,211

Creditors: Amounts falling due after more than one year

6

(23,369)

(37,234)

Provisions for liabilities

(97,140)

(73,402)

Net assets

 

2,219,470

2,069,575

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Profit and loss account

2,218,470

2,068,575

Shareholders' funds

 

2,219,470

2,069,575

Registration number: 03244116

 

Auto Electrical Supplies Limited

Balance Sheet

as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 

.........................................
Mr J M Fawkes
Director

 

Auto Electrical Supplies Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 October 2024

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 03244116.

The address of its registered office is:
128 Thornes Lane
Wakefield
West Yorkshire
WF2 7RE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

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.

 

Auto Electrical Supplies Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to leasehold property

10% per annum on a straight line basis

Fixtures, fittings and equipment

15% per annum on a reducing balance basis

Motor vehicles

20% per annum on a reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 14 (2023 - 12).

 

Auto Electrical Supplies Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2023

119,875

155,845

620,862

896,582

Additions

120,243

4,199

104,830

229,272

Disposals

(2,248)

(9,693)

(46,531)

(58,472)

At 31 October 2024

237,870

150,351

679,161

1,067,382

Depreciation

At 1 November 2023

71,314

109,270

137,588

318,172

Charge for the year

4,327

7,127

104,271

115,725

Eliminated on disposal

(2,248)

(7,786)

(24,898)

(34,932)

At 31 October 2024

73,393

108,611

216,961

398,965

Net book value

At 31 October 2024

164,477

41,740

462,200

668,417

At 31 October 2023

48,561

46,575

483,274

578,410

5

Debtors

Current

2024
£

2023
£

Trade debtors

883,129

844,884

Prepayments

85,128

133,949

Other debtors

1,485,566

826,466

 

2,453,823

1,805,299

 

Auto Electrical Supplies Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 October 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

853,685

841,069

Loans and borrowings

13,865

19,740

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,627,510

1,213,888

Taxation and social security

 

91,115

82,957

Corporation tax liability

 

64,136

105,642

Accruals and deferred income

 

16,840

20,146

Other creditors

 

1,529

11,344

 

2,668,680

2,294,786

Due after one year

 

Bank loans and overdrafts

23,369

37,234

7

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to directors
£

Repayments by director
£

At 31 October 2024
£

Interest free loan

477,930

-

(25,928)

452,002