Registered number
10549613
STANDARD PARTS DISTRIBUTE CENTRE (UK) LTD
Filleted Accounts
30 November 2021
STANDARD PARTS DISTRIBUTE CENTRE (UK) LTD
Registered number: 10549613
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 - 1,248
Current assets
Stocks 6,786 3,251
Debtors 4 1,075 798
Cash at bank and in hand 11,070 9,452
18,931 13,501
Creditors: amounts falling due within one year 5 (67,536) (65,424)
Net current liabilities (48,605) (51,923)
Net liabilities (48,605) (50,675)
Capital and reserves
Called up share capital 1 1
Profit and loss account (48,606) (50,676)
Shareholders' funds (48,605) (50,675)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jun Chen
Director
Approved by the board on 27 August 2022
STANDARD PARTS DISTRIBUTE CENTRE (UK) LTD
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 50% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2020 2,496
At 30 November 2021 2,496
Depreciation
At 1 December 2020 1,248
Charge for the year 1,248
At 30 November 2021 2,496
Net book value
At 30 November 2021 -
At 30 November 2020 1,248
4 Debtors 2021 2020
£ £
Other debtors 1,075 798
5 Creditors: amounts falling due within one year 2021 2020
£ £
Other creditors 67,536 65,424
6 Going Concern
After due consideration the director considers it appropriate to prepare the accounts on the going concern basis.
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