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Company Registration No. NI603173 (Northern Ireland)
Parts Garage Ltd Unaudited accounts for the year ended 31 October 2023
Parts Garage Ltd Unaudited accounts Contents
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Parts Garage Ltd Company Information for the year ended 31 October 2023
Director
Alan Browne
Company Number
NI603173 (Northern Ireland)
Registered Office
175 Spencer Road Waterside Derry / Londonderry BT47 6AH Northern Ireland
Accountants
Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU
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Parts Garage Ltd Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,958 
2,210 
Current assets
Inventories
72,154 
63,929 
Debtors
2,875 
1,023 
Cash at bank and in hand
457 
8,271 
75,486 
73,223 
Creditors: amounts falling due within one year
(13,949)
(9,775)
Net current assets
61,537 
63,448 
Total assets less current liabilities
63,495 
65,658 
Creditors: amounts falling due after more than one year
(45,979)
(49,610)
Net assets
17,516 
16,048 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
17,514 
16,046 
Shareholders' funds
17,516 
16,048 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 February 2024 and were signed on its behalf by
Alan Browne Director Company Registration No. NI603173
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Parts Garage Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Parts Garage Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI603173. The registered office is 175 Spencer Road, Waterside, Derry / Londonderry, BT47 6AH, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS102, 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, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight Line 20%
Computer equipment
Straight Line 33%
Other tangible fixed assets
Straight Line 20%
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.
Presentation currency
The accounts are presented in £ sterling.
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Parts Garage Ltd Notes to the Accounts for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 November 2022
10,673 
Additions
79 
At 31 October 2023
10,752 
Depreciation
At 1 November 2022
8,463 
Charge for the year
331 
At 31 October 2023
8,794 
Net book value
At 31 October 2023
1,958 
At 31 October 2022
2,210 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,852 
1,023 
Accrued income and prepayments
23 
- 
2,875 
1,023 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
2,213 
2,307 
Trade creditors
9,997 
6,458 
Taxes and social security
372 
344 
Other creditors
1,367 
666 
13,949 
9,775 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
26,223 
29,854 
Loans from directors
19,756 
19,756 
45,979 
49,610 
8
Transactions with related parties
There were no transactions with the director or other related parties during the year. The balance due to the director at the year-end date was £19,756. This is disclosed as Other Creditors at note 7.
9
Average number of employees
During the year the average number of employees was 1 (2022: 2).
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