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Registered number: 07572227
Advantage Auto Parts Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07572227
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,726 10,266
Tangible Assets 5 59,693 60,319
67,419 70,585
CURRENT ASSETS
Stocks 6 289,546 439,546
Debtors 7 66,120 42,648
Cash at bank and in hand 48,453 58,902
404,119 541,096
Creditors: Amounts Falling Due Within One Year 8 (108,297 ) (194,688 )
NET CURRENT ASSETS (LIABILITIES) 295,822 346,408
TOTAL ASSETS LESS CURRENT LIABILITIES 363,241 416,993
Creditors: Amounts Falling Due After More Than One Year 9 (104,275 ) (165,522 )
NET ASSETS 258,966 251,471
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 258,965 251,470
SHAREHOLDERS' FUNDS 258,966 251,471
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jaspreet Ladwa
Director
19/09/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Advantage Auto Parts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07572227 . The registered office is West House, 9 Bickenhill Lane, Birmingham, B37 7EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. It is amortised to over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 20% straight line
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 12,700
As at 31 December 2024 12,700
Amortisation
As at 1 January 2024 2,434
Provided during the period 2,540
As at 31 December 2024 4,974
Net Book Value
As at 31 December 2024 7,726
As at 1 January 2024 10,266
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 4,875 16,299 52,890 24,522
Additions - - - 10,882
As at 31 December 2024 4,875 16,299 52,890 35,404
Depreciation
As at 1 January 2024 3,837 7,128 20,169 12,762
Provided during the period 1,038 1,744 6,488 4,394
As at 31 December 2024 4,875 8,872 26,657 17,156
Net Book Value
As at 31 December 2024 - 7,427 26,233 18,248
As at 1 January 2024 1,038 9,171 32,721 11,760
Computer Equipment Total
£ £
Cost
As at 1 January 2024 16,614 115,200
Additions 4,456 15,338
As at 31 December 2024 21,070 130,538
Depreciation
As at 1 January 2024 10,985 54,881
Provided during the period 2,300 15,964
As at 31 December 2024 13,285 70,845
Net Book Value
As at 31 December 2024 7,785 59,693
As at 1 January 2024 5,629 60,319
6. Stocks
2024 2023
£ £
Finished goods 289,546 439,546
7. Debtors
2024 2023
£ £
Due within one year
Other debtors (Debtors < 1 year) 66,120 42,648
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 24,797 14,592
Corporation tax 2,335 5,286
Other taxes and social security 141 28,961
VAT 22,202 23,747
Director's loan account 58,822 122,102
108,297 194,688
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 104,275 165,522
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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