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REGISTERED NUMBER: 03029286 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 June 2023

for

L&F Commercial Parts Specialists Limited

L&F Commercial Parts Specialists Limited (Registered number: 03029286)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


L&F Commercial Parts Specialists Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: D Ford



REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



REGISTERED NUMBER: 03029286 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: Lloyds TSB
Westbury on Trym Branch
15 High Street
Westbury on Trym
Bristol
BS9 3DA

L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 43,235 34,949

CURRENT ASSETS
Inventories 3,000 3,500
Debtors 5 39,135 20,908
Cash at bank 217,324 167,310
259,459 191,718
CREDITORS
Amounts falling due within one year 6 290,370 200,985
NET CURRENT LIABILITIES (30,911 ) (9,267 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,324

25,682

PROVISIONS FOR LIABILITIES 7,755 4,631
NET ASSETS 4,569 21,051

CAPITAL AND RESERVES
Called up share capital 7 1 1
Capital redemption reserve 8 2 2
Retained earnings 8 4,566 21,048
SHAREHOLDERS' FUNDS 4,569 21,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Statement of Financial Position - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2024 and were signed by:





D Ford - Director


L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

L&F Commercial Parts Specialists 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

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 statement of financial position date.


L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 10,885 51,537 62,422
Additions - 34,138 34,138
Disposals - (19,997 ) (19,997 )
At 30 June 2023 10,885 65,678 76,563
DEPRECIATION
At 1 July 2022 10,422 17,051 27,473
Charge for year 70 13,115 13,185
Eliminated on disposal - (7,330 ) (7,330 )
At 30 June 2023 10,492 22,836 33,328
NET BOOK VALUE
At 30 June 2023 393 42,842 43,235
At 30 June 2022 463 34,486 34,949

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 36,555 20,908
Other debtors 2,580 -
39,135 20,908

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 251,914 171,757
Tax 6,496 6,708
Social security and other taxes 1,453 868
VAT 3,301 2,651
Other creditors 1,483 -
Directors' current accounts 25,317 18,812
Pension 406 189
290,370 200,985

L&F Commercial Parts Specialists Limited (Registered number: 03029286)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
1 Ordinary £1 1 1

8. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2022 21,048 2 21,050
Profit for the year 41,008 41,008
Dividends (57,490 ) (57,490 )
At 30 June 2023 4,566 2 4,568

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £57,490 (2022 - £30,000) were paid to the director .

During the year the company entered into the following transactions with the director:

D Ford

2023 2022

Capital introduced 6,505-

Capital withdrawn 28,779

At the year end the amount owed to the director was £25,316 (2022 - £18,812).

10. ULTIMATE CONTROLLING PARTY

The controlling party is D Ford.