Registered number
08230508
BITS AND PARTS LIMITED
Filleted Accounts
30 September 2022
BITS AND PARTS LIMITED
Registered number: 08230508
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 22,342 27,927
Current assets
Stocks 81,312 26,712
Cash at bank and in hand 4,322 10,584
85,634 37,296
Creditors: amounts falling due within one year 4 (107,115) (72,872)
Net current liabilities (21,481) (35,576)
Total assets less current liabilities 861 (7,649)
Creditors: amounts falling due after more than one year 5 (43,817) (50,000)
Net liabilities (42,956) (57,649)
Capital and reserves
Called up share capital 1 1
Profit and loss account (42,957) (57,650)
Shareholders' funds (42,956) (57,649)
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.
Haydar Sal
Director
Approved by the board on 26 September 2023
BITS AND PARTS LIMITED
Notes to the Accounts
for the year ended 30 September 2022
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.
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 20% reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Equipment, fixtures and fittings etc
£
Cost
At 1 October 2021 38,571
At 30 September 2022 38,571
Depreciation
At 1 October 2021 10,644
Charge for the year 5,585
At 30 September 2022 16,229
Net book value
At 30 September 2022 22,342
At 30 September 2021 27,927
4 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 2,548
Trade creditors 49,526 69,019
Taxation and social security costs 14,016 3,202
Other creditors 43,573 (1,897)
107,115 72,872
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 43,817 50,000
6 Controlling party
Haydar Sal
7 Other information
BITS AND PARTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
245 Alma Road
Enfield
Middlesex
UK
EN3 7BB
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