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Registered number:
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The Ace Supply Company Limited
Company Information
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The Ace Supply Company Limited
Contents
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The Ace Supply Company Limited
Strategic Report
For the year ended 31 December 2024
The directors are pleased to present the Strategic Report for The Ace Supply Company Limited for the financial year ending 31 December 2024.
The Ace Supply Company Limited continues to be recognised as one of the UK’s leading distributors of automotive, caravan, and leisure accessories. The financial year under review reflects a period of sustained performance and strategic progress, reinforcing our commitment to long-term growth and operational excellence.
Main Resources Streetwize operates with a lean but robust infrastructure built around a blend of internal capabilities and external partnerships. Our core resources include:
∙People: A skilled workforce across finance, operations, customer service, and digital marketing.
∙Technology: A proprietary e-commerce platform for our wholesale partners, integrated with third-party logistics and customer relationship systems.
∙Inventory: A diversified product base primarily focused on travel, automotive, and leisure accessories.
∙Brand & IP: The “Streetwize” brand remains a key intangible asset as well as Leisurewize, Gardenwize and Emove.
Sources of Value
Value creation stems from:
∙Product Range: Offering value-driven, functional products aligned with seasonal and consumer travel trends.
∙Efficient Supply Chain: Sourcing from global manufacturers to maintain competitive pricing and adequate stockholding.
∙Customer Relationships: Strong relationships with all our customers.
∙Market Responsiveness: Flexibility in product development and procurement to respond quickly to emerging trends.
Key Relationships
∙Suppliers: Longstanding partnerships with overseas manufacturers, primarily in Asia and Europe.
∙Distributors/Retailers: Relationships with both independent, national and high street retailers, distributors, and wholesalers.
∙Logistics Providers: Delivery partners support timely fulfilment.
Markets Served
Geographical Reach Streetwize serves primarily:
∙United Kingdom – Our largest market, accounting for the majority of sales.
∙Republic of Ireland & Western Europe – Via selected distributors and retailers.
∙Emerging Export Markets – Including small but growing sales
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The Ace Supply Company Limited
Strategic Report (continued)
For the year ended 31 December 2024
Operational Overview
There have been no significant changes to the core operations of the business during the year in that our focus remains aligned with our mission to deliver high-quality products and reliable service to our customers across all segments. However, we have been actively expanding our reach into new categories and channels, with some early success.
This year’s performance was underpinned by strong customer demand and enhanced operational efficiencies. Although our business model remained consistent, we witnessed improvements in our internal processes, contributing to greater agility and responsiveness across the value chain.
Financial Performance For the year ending 31 December 2024, the company achieved a turnover of £14,524,358, representing an increase of £930,750 compared to the previous year. Gross profit margins also strengthened, rising to 31.6%, up from 30.9% in 2023, reflecting improved efficiency and performance. The company continues to demonstrate a strong and stable financial position, with net current assets of £6,433,590 at 31 December 2024, broadly consistent with the prior year’s figure of £6,423,500. This stability highlights effective working capital management and a steady holding of stock. Strategic Outlook Looking forward, our strategy continues to prioritise growth, scalability, and improved service delivery. Investment in infrastructure remains central to our goals, with initiatives underway to modernise key systems and bolster long-term competitiveness.
Price Risk
Market price fluctuations remain a challenge, especially when mid-year price increases cannot be passed on to customers due to pre-existing agreements. In such cases, margin pressures are absorbed by the company. Our management team maintains vigilant oversight of input costs and supplier terms, ensuring that any significant changes are swiftly addressed to preserve margin integrity. Foreign Curreny Risk Risks faced by the company during the forthcoming year relate to overseas purchases. With exchange rates fluctuating due to recent economic events, gross margin performance and the requirement for hedging is being continually monitored by the Directors. From time to time, the company takes out FX contracts to mitigate and manage currency fluctuations. Liquidity Risk Liquidity is managed through proactive financial planning and the use of diverse funding mechanisms. The company ensures access to adequate working capital through a combination of invoice discounting and trade loan facilities, providing flexibility to meet both operating needs and strategic investments. Credit Risk The main credit risk lies with trade receivables. Customers granted credit terms undergo rigorous credit checks, and debtor accounts are continuously monitored. Provisions for doubtful debts are made as appropriate to safeguard the company’s financial health.
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The Ace Supply Company Limited
Strategic Report (continued)
For the year ended 31 December 2024
Interest Rate Risk
The company’s financing mix includes retained earnings, cash reserves, and external borrowings. Exposure to interest rate fluctuations on borrowings is minimal and not considered to pose a material risk to operations. Financial key performance indicators The key financial metrics used to assess performance remain consistent and include: 2024 2023 Turnover £14,524,358 £13,593,608
Gross profit £4,589,669 £4,204,480
Gross profit margin 31.6% 30.9%
These KPIs form the basis of our performance evaluation and are instrumental in guiding future decisions and investments.
This report was approved by the board and signed on its behalf.
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The Ace Supply Company Limited
Directors' Report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £197,480 (2023: £8,689).
Ordinary dividends were paid to the parent company amounting to £255,703 (2023: £324,363). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The company will continue to import and distribute motor vehicle, leisure and garden accessories and will seek opportunities to diversify though incremental growth opportunities.
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The Ace Supply Company Limited
Directors' Report (continued)
For the year ended 31 December 2024
There have been no significant events affecting the Company since year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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The Ace Supply Company Limited
Independent Auditors' Report to the Members of The Ace Supply Company Limited
We have audited the financial statements of The Ace Supply Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The Ace Supply Company Limited
Independent Auditors' Report to the Members of The Ace Supply Company Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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The Ace Supply Company Limited
Independent Auditors' Report to the Members of The Ace Supply Company Limited (continued)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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The Ace Supply Company Limited
Independent Auditors' Report to the Members of The Ace Supply Company Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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The Ace Supply Company Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
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The Ace Supply Company Limited
Registered number: 02075094
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 30 form part of these financial statements.
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The Ace Supply Company Limited
Statement of Changes in Equity
For the year ended 31 December 2024
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
The Ace Supply Company Limited (trading as Streetwize Accessories) is a private company limited by share capital incorporated in England & Wales, company number 02075094. The address of the registered office and the principal place of business is Suite Ga Marsland House, Marsland Road, Sale, M33 3AQ.
The nature of the company's operation and its principal activity is the wholesale trade of motor vehicle and leisure accessories.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The Ace Supply Topco Limited as at 31 December 2024 and these financial statements may be obtained from Registrar of Companies.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods indicated below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Company as at 31 December 2024 are discussed below: Provisions for slow moving and obsolete stock Management exercise judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. At the year end, the value of the stock is £5,300,717 (2023: £4,909,618) and provisions of £355,087 (2023: £355,087) had been recognised against stock.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
The whole of the turnover is attributable to the wholesale of motor vehicle and leisure accessories.
Analysis of turnover by country of destination:
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
14.Tangible fixed assets (continued)
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
16.Debtors (continued)
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
23.Deferred taxation (continued)
Capital redemption reserve
The nominal value of shares redeemed by the Company. Share premium The share premium account is an equity account that represents the additional amount shareholders paid for the issued shares that were in excess of the par value. Cashflow hedge reserve The cashflow hedge reserve includes all gains and losses made on forward contracts. Profit and loss account The profit and loss reserve includes all current and prior period retained profits and losses.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
In the prior year financial statements, sales rebates and settlement discounts of £309,760 were presented within cost of sales. In the current year, these have been correctly presented as a deduction from revenue. This reclassification has no impact on profit or loss.
In the prior year financial statements, goods in transit amounting to £1,039,593 were included within prepayments and accrued income. The prior year has been restated to present goods in transit within stocks (see Notes 15 & 16). This reclassification has no impact on profit or loss or net assets.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £412,752 (2023: £33,005). Contributions totalling £294,189 (2023: £1,782) were payable to the fund at the balance sheet date and are included in creditors.
Included within other debtors within one year, is a loan due from one of the directors, amounting to £246 (2023: £Nil). The loan was provided interest free, and there is no scheduled repayment date.
Included within other creditors within one year, the Company has a loan owed to a director, amounting to £17,434 (2023: two directors, amounting to £43,840). The loan is interest free and there is no scheduled repayment date.
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The Ace Supply Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
The Ace Supply Topco Limited, a company registered in England and Wales, registered number 14930182, is the ultimate parent company and the parent of the largest group for which consolidated group accounts are prepared. There is no ultimate controlling party of The Ace Supply Topco Limited. The registered address of The Ace Supply Topco Limited is Suite Ga Marsland House, Marsland Road, Sale, M33 3AQ.
The consolidated financial statements of The Ace Supply Topco Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ. The company's immediate parent company is The Ace Supply Holding Company, a company registered in England and Wales, company number 10287536.
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