2022-04-012023-03-312023-03-31false03955789PARTSOURCE LTD.2023-10-16iso4217:GBPxbrli:pure039557892022-04-01039557892023-03-31039557892022-04-012023-03-31039557892021-04-01039557892022-03-31039557892021-04-012022-03-3103955789bus:SmallEntities2022-04-012023-03-3103955789bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3103955789bus:AbridgedAccounts2022-04-012023-03-3103955789bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103955789core:WithinOneYear2023-03-3103955789core:AfterOneYear2023-03-3103955789core:WithinOneYear2022-03-3103955789core:AfterOneYear2022-03-3103955789core:ShareCapital2023-03-3103955789core:SharePremium2023-03-3103955789core:RevaluationReserve2023-03-3103955789core:OtherReservesSubtotal2023-03-3103955789core:RetainedEarningsAccumulatedLosses2023-03-3103955789core:ShareCapital2022-03-3103955789core:SharePremium2022-03-3103955789core:RevaluationReserve2022-03-3103955789core:OtherReservesSubtotal2022-03-3103955789core:RetainedEarningsAccumulatedLosses2022-03-3103955789core:LandBuildings2023-03-3103955789core:PlantMachinery2023-03-3103955789core:Vehicles2023-03-3103955789core:FurnitureFittings2023-03-3103955789core:OfficeEquipment2023-03-3103955789core:NetGoodwill2023-03-3103955789core:IntangibleAssetsOtherThanGoodwill2023-03-3103955789core:ListedExchangeTraded2023-03-3103955789core:UnlistedNon-exchangeTraded2023-03-3103955789core:LandBuildings2022-03-3103955789core:PlantMachinery2022-03-3103955789core:Vehicles2022-03-3103955789core:FurnitureFittings2022-03-3103955789core:OfficeEquipment2022-03-3103955789core:NetGoodwill2022-03-3103955789core:IntangibleAssetsOtherThanGoodwill2022-03-3103955789core:ListedExchangeTraded2022-03-3103955789core:UnlistedNon-exchangeTraded2022-03-3103955789core:LandBuildings2022-04-012023-03-3103955789core:PlantMachinery2022-04-012023-03-3103955789core:Vehicles2022-04-012023-03-3103955789core:FurnitureFittings2022-04-012023-03-3103955789core:OfficeEquipment2022-04-012023-03-3103955789core:NetGoodwill2022-04-012023-03-3103955789core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3103955789core:ListedExchangeTraded2022-04-012023-03-3103955789core:UnlistedNon-exchangeTraded2022-04-012023-03-3103955789core:MoreThanFiveYears2022-04-012023-03-3103955789core:Non-currentFinancialInstruments2023-03-3103955789core:Non-currentFinancialInstruments2022-03-3103955789dpl:CostSales2022-04-012023-03-3103955789dpl:DistributionCosts2022-04-012023-03-3103955789dpl:AdministrativeExpenses2022-04-012023-03-3103955789core:LandBuildings2022-04-012023-03-3103955789core:PlantMachinery2022-04-012023-03-3103955789core:Vehicles2022-04-012023-03-3103955789core:FurnitureFittings2022-04-012023-03-3103955789core:OfficeEquipment2022-04-012023-03-3103955789core:NetGoodwill2022-04-012023-03-3103955789core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3103955789dpl:GroupUndertakings2022-04-012023-03-3103955789dpl:ParticipatingInterests2022-04-012023-03-3103955789dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3103955789core:ListedExchangeTraded2022-04-012023-03-3103955789dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3103955789core:UnlistedNon-exchangeTraded2022-04-012023-03-3103955789dpl:CostSales2021-04-012022-03-3103955789dpl:DistributionCosts2021-04-012022-03-3103955789dpl:AdministrativeExpenses2021-04-012022-03-3103955789core:LandBuildings2021-04-012022-03-3103955789core:PlantMachinery2021-04-012022-03-3103955789core:Vehicles2021-04-012022-03-3103955789core:FurnitureFittings2021-04-012022-03-3103955789core:OfficeEquipment2021-04-012022-03-3103955789core:NetGoodwill2021-04-012022-03-3103955789core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3103955789dpl:GroupUndertakings2021-04-012022-03-3103955789dpl:ParticipatingInterests2021-04-012022-03-3103955789dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3103955789core:ListedExchangeTraded2021-04-012022-03-3103955789dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3103955789core:UnlistedNon-exchangeTraded2021-04-012022-03-3103955789core:NetGoodwill2023-03-3103955789core:IntangibleAssetsOtherThanGoodwill2023-03-3103955789core:LandBuildings2023-03-3103955789core:PlantMachinery2023-03-3103955789core:Vehicles2023-03-3103955789core:FurnitureFittings2023-03-3103955789core:OfficeEquipment2023-03-3103955789core:AfterOneYear2023-03-3103955789core:WithinOneYear2023-03-3103955789core:ListedExchangeTraded2023-03-3103955789core:UnlistedNon-exchangeTraded2023-03-3103955789core:ShareCapital2023-03-3103955789core:SharePremium2023-03-3103955789core:RevaluationReserve2023-03-3103955789core:OtherReservesSubtotal2023-03-3103955789core:RetainedEarningsAccumulatedLosses2023-03-3103955789core:NetGoodwill2022-03-3103955789core:IntangibleAssetsOtherThanGoodwill2022-03-3103955789core:LandBuildings2022-03-3103955789core:PlantMachinery2022-03-3103955789core:Vehicles2022-03-3103955789core:FurnitureFittings2022-03-3103955789core:OfficeEquipment2022-03-3103955789core:AfterOneYear2022-03-3103955789core:WithinOneYear2022-03-3103955789core:ListedExc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PARTSOURCE LTD.

Registered Number
03955789
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

PARTSOURCE LTD.
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

JONES, Bethany Leigh
JONES, Martin Howard
JONES, Matthew David

Registered Address

Unit 2f Spa Fields Industrial Estate
Slaithwaite
Huddersfield
HD7 5BB

Registered Number

03955789 (England and Wales)
PARTSOURCE LTD.
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets721,21019,200
Tangible assets81,5812,674
22,79121,874
Current assets
Stocks81,76575,461
Debtors85,64890,185
Cash at bank and on hand22,1578,246
189,570173,892
Creditors amounts falling due within one year12(175,720)(118,545)
Net current assets (liabilities)13,85055,347
Total assets less current liabilities36,64177,221
Creditors amounts falling due after one year(35,643)(40,683)
Provisions for liabilities(300)(508)
Net assets69836,030
Capital and reserves
Called up share capital200300
Profit and loss account49835,730
Shareholders' funds69836,030
The financial statements were approved and authorised for issue by the Board of Directors on 16 October 2023, and are signed on its behalf by:
JONES, Matthew David
Director
Registered Company No. 03955789
PARTSOURCE LTD.
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
Manufacture of bearings, gears, gearing and driving elements.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery3
Vehicles4
Intangible assets policy
Goodwill arising on the acquisition of an entity represents the excess of the cost of the acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised a the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful like, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The directors have reviewed the financial position of the company and they are of the consideration that the company will continue trading as a going concern.
6.Employee information

20232022
Average number of employees during the year22
7.Intangible assets

Total

£
Cost or valuation
At 01 April 2224,000
Additions7,602
At 31 March 2331,602
Amortisation and impairment
At 01 April 224,800
Charge for year5,592
At 31 March 2310,392
Net book value
At 31 March 2321,210
At 31 March 2219,200
8.Property, plant and equipment

Total

£
Cost or valuation
At 01 April 223,278
At 31 March 233,278
Depreciation and impairment
At 01 April 22604
Charge for year1,093
At 31 March 231,697
Net book value
At 31 March 231,581
At 31 March 222,674
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
JONES, Matthew David(2,169)64,91769,494(6,746)
(2,169)64,91769,494(6,746)
10.Dividends proposed and payable

2023

2022

££
Dividends Paid74,50074,500
Total74,50074,500
11.Debtors within one year

2023

2022

££
Trade debtors / trade receivables73,41585,311
Other debtors12,1174,133
Prepayments and accrued income116741
Total85,64890,185
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.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables105,43764,700
Bank borrowings and overdrafts5,0604,954
Taxation and social security36,24242,911
Other creditors27,2185,957
Accrued liabilities and deferred income1,76323
Total175,720118,545
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.