ACCOUNTS - Final Accounts

Company registration number: 04882698

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	ACCESSORY BITS LIMITED


ACCESSORY BITS LIMITED

COMPANY INFORMATION

Directors	A Wilson
	S Moate
	P McKenzie


Registered number	04882698


Registered office	A6 Wellingborough Road
	Sywell
	Northampton
	England
	NN6 0BN


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


ACCESSORY BITS LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 6


ACCESSORY BITS LIMITED REGISTERED NUMBER:04882698

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		88,160		26,853
			88,160		26,853
Current assets
Stocks		538,311		612,089
Debtors: amounts falling due within one year	5	5,286,220		5,490,151
Cash at bank and in hand		317,997		262,348
		6,142,528		6,364,588
Creditors: amounts falling due within one year	6	(832,073)		(1,166,374)
Net current assets			5,310,455		5,198,214
Total assets less current liabilities			5,398,615		5,225,067
Provisions for liabilities
Deferred tax		(9,819)		-
			(9,819)		-
Net assets			5,388,796		5,225,067

Capital and reserves
Called up share capital	2	2
Profit and loss account	5,388,794	5,225,065
	5,388,796	5,225,067

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P McKenzie

Director

Date: 30 September 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1


ACCESSORY BITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Accessory Bits Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The principal activity of the company is the sale and distribution of accessories to be used in the office furniture market.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

The turnover shown in the statement of income and retained earnings represents amounts receivable for goods sold during the year in the normal course of the business, net of trade discounts, VAT and other sales and related taxes.

2.3

Going concern

The directors have prepared the financial statements on a going concern basis. The Company has facilities that can be drawn down to assist cash flow as and when required. In addition, the ultimate parent company negotiated for the suspension of its payment of interest and preference share interest with its investor post 30 September 2022.

On the basis of the continued support from their principal funders being provided the Directors have adopted the going concern basis of accounting in preparing the financial statements. The financial statements do not include any adjustments that would result if the Company was unable to satisfactorily conclude its negotiations and not continue as a going concern.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Plant and machinery	-	25% on reducing balance
Motor vehicles	-	25% on reducing balance
Fixtures and fittings	-	15% on reducing balance
Office equipment	-	33% on cost

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.

Page 2


ACCESSORY BITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
Stock is recognised as goods in transit when the terms with the supplier are such that Accessory Bits Limited takes ownership before it arrives at Accessory Bits Limited's premises.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.

2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using
the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue
costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 3


ACCESSORY BITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 14).

Page 4


ACCESSORY BITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	18,250	-	60,373	16,487	95,110
Additions	16,939	41,335	11,930	2,545	72,749
At 31 December 2024	35,189	41,335	72,303	19,032	167,859
Depreciation
At 1 January 2024	12,817	-	42,887	12,553	68,257
Charge for the year on owned assets	4,606	2,273	3,121	1,442	11,442
At 31 December 2024	17,423	2,273	46,008	13,995	79,699
Net book value
At 31 December 2024	17,766	39,062	26,295	5,037	88,160
At 31 December 2023	5,433	-	17,486	3,934	26,853

Debtors

					2024	2023
					£	£


Trade debtors	405,282	597,425
Amounts owed by group undertakings	4,854,331	4,811,452
Other debtors	1,919	27,803
Prepayments and accrued income	24,688	53,471
	5,286,220	5,490,151

Page 5


ACCESSORY BITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Trade creditors	64,746	138,189
Amounts owed to group undertakings	614,332	692,369
Other taxation and social security	92,027	128,983
Other creditors	4,729	2,602
Accruals and deferred income	56,239	204,231
	832,073	1,166,374

7.	Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is SAMPS Group Limited, a company registered in England and Wales. The registered office of SAMPS Group Limited is A6 Wellingborough Road, Sywell, Northampton, England, NN6 0BN.

8.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 September 2025 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 6