APS Auto Parts Ltd iXBRL

APS Auto Parts Ltd

Directors' Report and Unaudited Financial Statements

for the financial year ended 31 December 2024

APS Auto Parts Ltd

DIRECTORS AND OTHER INFORMATION


Directors	Seamus Meegan
	Sean Meegan
	Aidan Meegan


Company Registration Number	NI614582


Registered Office and Business Address	111 Concession Road
	Culloville
	Crossmaglen
	Co. Armagh
	Northern Ireland


Accountants	John MacMahon & Co
	Chartered Accountants
	20 Park Street
	Dundalk
	Co. Louth
	Ireland


Bankers	Danske Bank
	Donegall Square West
	Belfast
	Co. Antrim
	BT1 6JS
	Northern Ireland

APS Auto Parts Ltd

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the unaudited financial statements for the financial year ended 31 December 2024.

Principal Activity

The principal activity of the company is the retail of motor factors.

Results and Dividends

The profit/(loss) for the financial year after providing for depreciation and taxation amounted to £49,477 (2023 - £(1,736)).

Directors

The directors who served during the financial year are as follows:

Seamus Meegan

Sean Meegan

Aidan Meegan

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 of 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 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 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.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

Seamus Meegan

Sean Meegan

Director

17 September 2025

APS Auto Parts Ltd

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Turnover	729,088	706,167

Cost of sales	(485,939)	(603,181)
	─────────	─────────
Gross profit	243,149	102,986

Administrative expenses	(230,351)	(210,772)
Other operating income	55,490	110,980
	─────────	─────────
Operating profit	68,288	3,194

Interest payable and similar charges	(3,885)	(2,017)
	─────────	─────────
Profit on ordinary activities before taxation	64,403	1,177

Tax on profit on ordinary activities	(14,926)	(2,913)
	─────────	─────────
Profit/(loss) for the financial year	49,477	(1,736)
	─────────	─────────
Total comprehensive income	49,477	(1,736)
	═════════	═════════

APS Auto Parts Ltd

Company Registration Number: NI614582

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Tangible assets

328,761

342,915

─────────

Current Assets

Debtors

84,580

81,903

Cash and cash equivalents

83,295

34,690

─────────

167,875

116,593

─────────

Creditors: amounts falling due within one year

(32,015)

(36,128)

─────────

Net Current Assets

135,860

80,465

─────────

Total Assets less Current Liabilities

464,621

423,380

Creditors:

amounts falling due after more than one year

(35,565)

(43,801)

─────────

Net Assets

429,056

379,579

═════════

Capital and Reserves

Called up share capital

Retained earnings

429,046

379,569

─────────

Equity attributable to owners of the company

429,056

379,579

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 17 September 2025 and signed on its behalf by



________________________________			________________________________
Seamus Meegan			Sean Meegan
Director			Director

APS Auto Parts Ltd

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 December 2024

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 January 2023	10	381,305	381,315
	─────────	─────────	─────────
Loss for the financial year	-	(1,736)	(1,736)
	─────────	─────────	─────────
At 31 December 2023	10	379,569	379,579
	─────────	─────────	─────────
Profit for the financial year	-	49,477	49,477
	─────────	─────────	─────────
At 31 December 2024	10	429,046	429,056
	═════════	═════════	═════════

APS Auto Parts Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

APS Auto Parts Ltd is a company limited by shares incorporated in Northern Ireland.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

4% Straight line

Plant and machinery

15% Straight line

Fixtures, fittings and equipment

15% Straight line

Motor vehicles

25% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing and hire purchases

Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including directors, during the financial year was 8, (2023 - 8).

2024

2023

Number

Number

Employees

═════════


4.	Tangible assets
		Land and	Plant and	Fixtures,	Motor	Total
		buildings	machinery	fittings and	vehicles
		freehold		equipment
		£	£	£	£	£
	Cost
	At 1 January 2024	263,112	25,578	69,539	82,535	440,764
		─────────	─────────	─────────	─────────	─────────

	At 31 December 2024	263,112	25,578	69,539	82,535	440,764
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2024	-	7,674	69,540	20,635	97,849
	Charge for the financial year	-	3,837	-	10,317	14,154
		─────────	─────────	─────────	─────────	─────────
	At 31 December 2024	-	11,511	69,540	30,952	112,003
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2024	263,112	14,067	(1)	51,583	328,761
		═════════	═════════	═════════	═════════	═════════
	At 31 December 2023	263,112	17,904	(1)	61,900	342,915
		═════════	═════════	═════════	═════════	═════════


5.	Debtors	2024	2023
		£	£

	Trade debtors	37,261	12,027
	Amounts owed by related parties	36,382	69,876
	Taxation (Note 8)	10,937	-
		─────────	─────────
		84,580	81,903
		═════════	═════════


6.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Bank loan	-	(10,000)
	Net obligations under finance leases
	and hire purchase contracts	12,224	12,224
	Taxation (Note 8)	14,291	20,394
	Accruals	5,500	13,510
		─────────	─────────
		32,015	36,128
		═════════	═════════


7.	Creditors	2024	2023
	Amounts falling due after more than one year	£	£

	Finance leases and hire purchase contracts	35,565	43,801
		═════════	═════════


	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	12,224	12,224
	Repayable between one and five years	35,565	12,224
	Repayable after five years	-	31,577
		─────────	─────────
		47,789	56,025
		═════════	═════════


8.	Taxation	2024	2023
		£	£

	Debtors:
	VAT	10,937	-
		═════════	═════════
	Creditors:
	VAT	-	6,576
	Corporation tax	12,905	10,966
	PAYE / NI	1,386	2,852
		─────────	─────────
		14,291	20,394
		═════════	═════════


9.	Share capital			2024	2023
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary Shares Class 1	10	£1.00 each	10	10

				═════════	═════════

10.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.

11.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.