REGISTERED NUMBER: 05642730 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

A V Parts Master Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

Mr P J Jennings

REGISTERED OFFICE:

Unit 6, Wokingham Commercial Centre

Molly Millars Lane

Wokingham

Berkshire

RG41 2RF

REGISTERED NUMBER:

05642730 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Ambrose FCCA FCA

AUDITORS:

Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company during the period was the online sale of audio-visual and related equipment.

Sales for the year were £19,100,028, compared to the 2023 figure of £18,702,340. The gross profit margin of 21.9% was similar to the 2023 margin of 23.3%, and the director is pleased with the results.

The net assets at the balance sheet date were £8,365,559, compared to £7,303,930 in 2023. Cash reserves at the balance sheet date were £6,969,042 (2023: £6,668,245).

The results and year-end position are in line with the director's expectations.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives

The company uses various financial instruments including cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to maintain finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks are price risk, cash flow, credit risk and liquidity risk. The director reviews and agrees policies for managing each of these risks and they are summarised as follows.

Price risk

The company monitors competitors' prices to ensure that its own are competitive, and that set prices are commercial.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties are commercial banks.

Cash flow risk

The director continually monitors the cash balance and cash flow forecasts to mitigate cash flow risk and to ensure that a suitable level of liquid funds are available at all times.

ON BEHALF OF THE BOARD:

Mr P J Jennings - Director

29 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Dividends for the year totalled £55,458 (2023: £1,050,000). The director does not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The director is optimistic regarding future trading after a strong start to 2025.

DIRECTOR

Mr P J Jennings held office during the whole of the period from 1 January 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Information relating to principal risks and uncertainties is shown in the Strategic Report, under s414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr P J Jennings - Director

29 September 2025

Opinion

We have audited the financial statements of A V Parts Master Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing 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 the company is in, its control environment and business performance, including the design of the company's policies and key drivers;

- Results of our enquiries of management about their own assessment of the risks of irregularities;

- Any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

- Enquiries of management and staff concerning any instances of non-compliance with laws;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed and assessing suitability; and assessing the judgements made in making accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

30 September 2025

TURNOVER

19,100,028

18,702,340

Cost of sales

(14,917,921

)

(14,327,824

)

GROSS PROFIT

4,182,107

4,374,516

Administrative expenses

(2,853,903

)

(2,474,626

)

1,328,204

1,899,890

Other operating income

-

112

OPERATING PROFIT

5

1,328,204

1,900,002

Interest receivable and similar income

179,239

129,134

1,507,443

2,029,136

Interest payable and similar expenses

6

(5,592

)

(20,347

)

PROFIT BEFORE TAXATION

1,501,851

2,008,789

Tax on profit

7

(384,764

)

(416,333

)

PROFIT FOR THE FINANCIAL YEAR

1,117,087

1,592,456

PROFIT FOR THE YEAR

1,117,087

1,592,456

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,117,087

1,592,456

FIXED ASSETS

Tangible assets

9

275,487

111,467

CURRENT ASSETS

Stocks

10

1,602,211

1,807,148

Debtors

11

1,965,973

1,142,254

Cash at bank and in hand

6,969,042

6,668,245

10,537,226

9,617,647

CREDITORS

Amounts falling due within one year

12

(2,321,683

)

(2,421,684

)

NET CURRENT ASSETS

8,215,543

7,195,963

TOTAL ASSETS LESS CURRENT LIABILITIES

8,491,030

7,307,430

CREDITORS

Amounts falling due after more than one year

13

(125,471

)

-

PROVISIONS FOR LIABILITIES

16

-

(3,500

)

NET ASSETS

8,365,559

7,303,930

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

8,365,459

7,303,830

SHAREHOLDERS' FUNDS

8,365,559

7,303,930

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

Mr P J Jennings - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

6,761,374

6,761,474

Changes in equity

Dividends

-

(1,050,000

)

(1,050,000

)

Total comprehensive income

-

1,592,456

1,592,456

Balance at 31 December 2023

100

7,303,830

7,303,930

Changes in equity

Dividends

-

(55,458

)

(55,458

)

Total comprehensive income

-

1,117,087

1,117,087

Balance at 31 December 2024

100

8,365,459

8,365,559

Cash flows from operating activities

Cash generated from operations

1

1,240,879

1,947,340

Interest paid

(119

)

(20,347

)

Interest element of hire purchase payments paid

(5,473

)

-

Tax paid

(540,280

)

(1,032,430

)

Net cash from operating activities

695,007

894,563

Cash flows from investing activities

Purchase of tangible fixed assets

(29,254

)

(18,491

)

Interest received

179,239

129,134

Net cash from investing activities

149,985

110,643

Cash flows from financing activities

Capital repayments in year

(47,151

)

-

Amount introduced by directors

55,770

615,955

Amount withdrawn by directors

(497,356

)

-

Equity dividends paid

(55,458

)

(1,050,000

)

Net cash from financing activities

(544,195

)

(434,045

)

Increase in cash and cash equivalents

300,797

571,161

Cash and cash equivalents at beginning of year

2

6,668,245

6,097,084

Cash and cash equivalents at end of year

2

6,969,042

6,668,245

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,501,851

2,008,789

Depreciation charges

51,695

33,140

Finance costs

5,592

20,347

Finance income

(179,239

)

(129,134

)

1,379,899

1,933,142

Decrease in stocks

204,937

544,176

(Increase)/decrease in trade and other debtors

(382,133

)

11,974

Increase/(decrease) in trade and other creditors

38,176

(541,952

)

Cash generated from operations

1,240,879

1,947,340

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

6,969,042

6,668,245

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,668,245

6,097,084

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

6,668,245

300,797

6,969,042

6,668,245

300,797

6,969,042

Debt

Finance leases

-

47,151

(186,461

)

(139,310

)

-

47,151

(186,461

)

(139,310

)

Total

6,668,245

347,948

(186,461

)

6,829,732

1.	STATUTORY INFORMATION

A V Parts Master Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding VAT and discounts offered.

Sales are recorded at the point of despatch to the customer.

Where income is received in advance it is included in the Balance Sheet as a creditor.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the term of the primary lease

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued on an average cost basis using the first-in, first-out method, and are recorded either at the point of delivery to the company, or when made available for the company to sell, once they have been accepted as in a satisfactory condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company makes contributions to directors' personal pension schemes which are charged to the Income Statement when they are paid, and to a defined contribution scheme for staff and directors which are charged to the Income Statement in the period to which they relate.

Hire purchase and operating leases

Assets obtained under hire purchase contracts are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgements in applying accounting policies

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

In preparing these financial statements, the directors have made the following judgements:

To determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of the asset.

To determine whether there are indicators of impairment of the company's stock. Factors taken into consideration in reaching a decision include the current economic viability and expected future selling price of the stock.

To determine whether provisions such as for doubtful debts are required. The directors look at the likelihood of these provisions crystallising by assessing all the information available at the time in determining the decision.

Key sources of estimation uncertainties

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Specific estimation uncertainty is as follows:

Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values where appropriate. The actual lives may depend on a number of factors including product life and replacement policies.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,101,393

681,045

Social security costs

118,559

61,309

Other pension costs

49,646

197,890

1,269,598

940,244

The average number of employees during the year was as follows:

2024

2023

Directors

1

2

Sales

8

7

Administration and customer support

8

6

Warehouse and stock

3

3

Delivery and installation

3

3

Marketing

2

2

25

23

The directors consider that key management comprises the directors.

2024

2023

£

£

Directors' remuneration

12,570

67,501

Directors' pension contributions to money purchase schemes

13,000

184,317

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

51,695

33,140

Auditors' remuneration

10,000

9,400

Foreign exchange differences

(5,889

)

174

Operating lease expense for the year

64,990

51,912

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

119

20,347

Hire purchase

5,473

-

5,592

20,347

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

388,264

479,100

Movement related to prior year

-

(34,738

)

Total current tax

388,264

444,362

Deferred tax

(3,500

)

(28,029

)

Tax on profit

384,764

416,333

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

1,501,851

2,008,789

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

375,463

502,197

Effects of:

Expenses not deductible for tax purposes

8,845

5,508

Depreciation in excess of capital allowances

3,956

1,170

Adjustments to tax charge in respect of previous periods

-

(34,738

)

Deferred tax

(3,500

)

(28,029

)

Difference between actual rate and effective rate of tax

-

(29,775

)

Total tax charge

384,764

416,333

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

55,458

1,050,000