IRIS Accounts Production v23.3.1.45 03133544 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 true true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031335442022-12-31031335442023-12-31031335442023-01-012023-12-31031335442021-07-31031335442021-08-012022-12-31031335442022-12-3103133544ns10:Originalns15:EnglandWales2023-01-012023-12-3103133544ns14:PoundSterlingns10:Original2023-01-012023-12-3103133544ns10:Originalns10:Director12023-01-012023-12-3103133544ns10:Original2023-01-012023-12-3103133544ns10:Originalns10:Director22023-01-012023-12-3103133544ns10:Original2023-12-3103133544ns10:Originalns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103133544ns10:Originalns10:FRS1022023-01-012023-12-3103133544ns10:Originalns10:Audited2023-01-012023-12-3103133544ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103133544ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2023-01-012023-12-3103133544ns10:Originalns10:FullAccounts2023-01-012023-12-3103133544ns10:Originalns10:OrdinaryShareClass12023-01-012023-12-3103133544ns10:Originalns10:Director32023-01-012023-12-3103133544ns10:Originalns10:Director42023-01-012023-12-3103133544ns10:Originalns10:RegisteredOffice2023-01-012023-12-3103133544ns10:Original2021-08-012022-12-3103133544ns10:Original2022-12-3103133544ns10:Originalns5:CurrentFinancialInstruments2023-12-3103133544ns10:Originalns5:CurrentFinancialInstruments2022-12-3103133544ns5:ShareCapitalns10:Original2023-12-3103133544ns5:ShareCapitalns10:Original2022-12-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-12-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3103133544ns5:ShareCapitalns10:Original2021-07-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-07-3103133544ns10:Original2021-07-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-08-012022-12-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103133544ns10:Original2022-12-3103133544ns10:Originalns5:PlantMachinery2023-01-012023-12-3103133544ns10:Originalns5:MotorVehicles2023-01-012023-12-3103133544ns10:Originalns10:HighestPaidDirector2023-01-012023-12-3103133544ns10:Originalns10:HighestPaidDirector2021-08-012022-12-3103133544ns5:OwnedAssetsns10:Original2023-01-012023-12-3103133544ns5:OwnedAssetsns10:Original2021-08-012022-12-3103133544ns10:Originalns10:OrdinaryShareClass12021-08-012022-12-3103133544ns10:Originalns5:PlantMachinery2022-12-3103133544ns10:Originalns5:MotorVehicles2022-12-3103133544ns10:Originalns5:PlantMachinery2023-12-3103133544ns10:Originalns5:MotorVehicles2023-12-3103133544ns10:Originalns5:PlantMachinery2022-12-3103133544ns10:Originalns5:MotorVehicles2022-12-3103133544ns10:Originalns5:CostValuation2022-12-3103133544ns10:Originalns5:Subsidiary12023-01-012023-12-3103133544ns10:Originalns5:Subsidiary112023-01-012023-12-3103133544ns10:Originalns5:Subsidiary22023-01-012023-12-3103133544ns10:Original3ns5:Subsidiary22023-01-012023-12-3103133544ns5:Subsidiary3ns10:Original2023-01-012023-12-3103133544ns5:Subsidiary3ns10:Original52023-01-012023-12-3103133544ns10:Originalns5:Subsidiary42023-01-012023-12-31031335447ns10:Originalns5:Subsidiary42023-01-012023-12-3103133544ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103133544ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103133544ns10:Originalns5:DeferredTaxation2022-12-3103133544ns10:Originalns5:DeferredTaxation2023-01-012023-12-3103133544ns10:Originalns5:DeferredTaxation2023-12-3103133544ns10:Originalns10:OrdinaryShareClass12023-12-3103133544ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 03133544 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Partsworld Limited

Partsworld Limited (Registered number: 03133544)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditor 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Partsworld Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K Kirkham
J Halstead
V L Norton
E Elwell



REGISTERED OFFICE: Unit C
Orbital Way
Cannock
Staffordshire
WS11 8XW



REGISTERED NUMBER: 03133544 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Andrew Groucott



AUDITOR: Groucott Moor Limited
Lombard House
Cross Keys
Lichfield
Staffordshire
WS13 6DN

Partsworld Limited (Registered number: 03133544)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year are set out on page 8.

PRINCIPAL RISKS AND UNCERTAINTIES
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors. The main purpose of these instruments is to finance the business' operations.


Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity is managed by ensuring sufficient funds are available to meet the amounts due.

FINANCIAL KEY PERFORMING INDICATORS
During the period, The turnover was £22,643,719 (2022-£24,720,541). Operating profit was £3,212,942 (2022- £2,850,788). The directors consider these to be the key performance indicators.

Net assets at the period end were £11,142,835 (2022-£9,233,296) the board are satisfied with the company's financial position.

ON BEHALF OF THE BOARD:





J Halstead - Director


29 February 2024

Partsworld Limited (Registered number: 03133544)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of distribution of motor parts.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £734,657 per share.

The total distribution of dividends for the year ended 31 December 2023 will be £ 734,657 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

K Kirkham
J Halstead
V L Norton
E Elwell

POLITICAL DONATIONS AND EXPENDITURE
Donations have been made in the year totalling £6,450. The amount was supporting national charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Partsworld Limited (Registered number: 03133544)

Report of the Directors
for the Year Ended 31 December 2023


AUDITOR
The auditor, Groucott Moor Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Halstead - Director


29 February 2024

Report of the Independent Auditor to the Members of
Partsworld Limited

Opinion
I have audited the financial statements of Partsworld Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Report of the Independent Auditor to the Members of
Partsworld Limited


Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- I have not received all the information and explanations I require for my audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditor to the Members of
Partsworld Limited


Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- results of our enquiries of management about their own identification and assessment of the risks and irregularities
- any matters we identified having obtained an understanding of the company policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls set up to mitigate risks of fraud or non-compliance with laws and regulations
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, including UK Companies Act 2006, pensions and tax legislation
- provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
- enquiring of management concerning actual and potential legal action and claims
- carrying out analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
- considering performance targets and their influence on efforts made by management to manage earnings


Report of the Independent Auditor to the Members of
Partsworld Limited

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Auditor.

Use of my report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Andrew Groucott (Senior Statutory Auditor)
for and on behalf of Groucott Moor Limited
Lombard House
Cross Keys
Lichfield
Staffordshire
WS13 6DN

29 February 2024

Partsworld Limited (Registered number: 03133544)

Income Statement
for the Year Ended 31 December 2023

Period
1.8.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 22,643,719 24,720,541

Cost of sales 17,439,732 19,251,888
GROSS PROFIT 5,203,987 5,468,653

Administrative expenses 1,991,045 2,617,865
OPERATING PROFIT 4 3,212,942 2,850,788

Interest receivable and similar income 269,262 40,112
PROFIT BEFORE TAXATION 3,482,204 2,890,900

Tax on profit 5 838,008 523,035
PROFIT FOR THE FINANCIAL
YEAR

2,644,196

2,367,865

Partsworld Limited (Registered number: 03133544)

Other Comprehensive Income
for the Year Ended 31 December 2023

Period
1.8.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 2,644,196 2,367,865


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

2,644,196

2,367,865

Partsworld Limited (Registered number: 03133544)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 485,650 433,482
Investments 8 13,504 13,504
499,154 446,986

CURRENT ASSETS
Stocks 9 1,299,987 1,155,872
Debtors 10 2,985,114 2,671,476
Cash at bank and in hand 9,583,677 6,586,961
13,868,778 10,414,309
CREDITORS
Amounts falling due within one year 11 3,168,925 1,564,066
NET CURRENT ASSETS 10,699,853 8,850,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,199,007

9,297,229

PROVISIONS FOR LIABILITIES 13 56,172 63,933
NET ASSETS 11,142,835 9,233,296

CAPITAL AND RESERVES
Called up share capital 14 13,506 13,506
Retained earnings 15 11,129,329 9,219,790
SHAREHOLDERS' FUNDS 11,142,835 9,233,296

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:




J Halstead - Director



K Kirkham - Director


Partsworld Limited (Registered number: 03133544)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 13,506 7,653,443 7,666,949

Changes in equity
Dividends - (801,518 ) (801,518 )
Total comprehensive income - 2,367,865 2,367,865
Balance at 31 December 2022 13,506 9,219,790 9,233,296

Changes in equity
Dividends - (734,657 ) (734,657 )
Total comprehensive income - 2,644,196 2,644,196
Balance at 31 December 2023 13,506 11,129,329 11,142,835

Partsworld Limited (Registered number: 03133544)

Statement of Cash Flows
for the Year Ended 31 December 2023

Period
1.8.21
Year Ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,497,982 4,257,738
Tax paid (845,769 ) (1,170,232 )
Net cash from operating activities 3,652,213 3,087,506

Cash flows from investing activities
Purchase of tangible fixed assets (249,420 ) (274,764 )
Sale of tangible fixed assets 64,692 118,822
Interest received 269,262 40,112
Net cash from investing activities 84,534 (115,830 )

Cash flows from financing activities
Amount introduced by directors - 5,000
Amount withdrawn by directors (5,374 ) -
Equity dividends paid (734,657 ) (801,518 )
Net cash from financing activities (740,031 ) (796,518 )

Increase in cash and cash equivalents 2,996,716 2,175,158
Cash and cash equivalents at
beginning of year

2

6,586,961

4,411,803

Cash and cash equivalents at end of
year

2

9,583,677

6,586,961

Partsworld Limited (Registered number: 03133544)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before taxation 3,482,204 2,890,900
Depreciation charges 53,052 94,104
Loss/(profit) on disposal of fixed assets 79,508 (8,295 )
Finance income (269,262 ) (40,112 )
3,345,502 2,936,597
(Increase)/decrease in stocks (144,115 ) 160,665
(Increase)/decrease in trade and other debtors (313,638 ) 3,003,694
Increase/(decrease) in trade and other creditors 1,610,233 (1,843,218 )
Cash generated from operations 4,497,982 4,257,738

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 9,583,677 6,586,961
Period ended 31 December 2022
31.12.22 1.8.21
£    £   
Cash and cash equivalents 6,586,961 4,411,803


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 6,586,961 2,996,716 9,583,677
6,586,961 2,996,716 9,583,677
Total 6,586,961 2,996,716 9,583,677

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Partsworld 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management consider than certain accounting assumptions relating to revenue, stock and provisions are its critical accounting polices.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks 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.


Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

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
Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Wages and salaries 1,282,584 1,774,805
Other pension costs 23,098 33,130
1,305,682 1,807,935

The average number of employees during the year was as follows:
Period
1.8.21
Year Ended to
31.12.23 31.12.22

Directors 4 4
Wages 30 34
34 38

Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 379,628 323,054

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Emoluments etc 180,315 185,731

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Depreciation - owned assets 58,215 94,103
Loss/(profit) on disposal of fixed assets 74,345 (8,295 )
Auditors' remuneration 15,850 5,275
Foreign exchange differences 4,294 (87,496 )

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 845,769 541,400
Adjustment in respect of
previous years - (16,031 )
Total current tax 845,769 525,369

Deferred tax (7,761 ) (2,334 )
Tax on profit 838,008 523,035

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DIVIDENDS
Period
1.8.21
Year Ended to
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Final 734,657 801,518

7. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 472,736 238,888 711,624
Additions 580 248,840 249,420
Disposals (249,249 ) (83,627 ) (332,876 )
At 31 December 2023 224,067 404,101 628,168
DEPRECIATION
At 1 January 2023 226,698 51,444 278,142
Charge for year 38,617 19,598 58,215
Eliminated on disposal (176,024 ) (17,815 ) (193,839 )
At 31 December 2023 89,291 53,227 142,518
NET BOOK VALUE
At 31 December 2023 134,776 350,874 485,650
At 31 December 2022 246,038 187,444 433,482

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 13,504
NET BOOK VALUE
At 31 December 2023 13,504
At 31 December 2022 13,504

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Drivetrain Supplies Limited
Registered office: Unit C Orbital Way , Cannock , Staffordshire , WS11 8XW
Nature of business: Distribution of motor parts
%
Class of shares: holding
Ordinary 100.00

Powertrain Supplies Limited
Registered office: Unit C Orbital Way , Cannock , Staffordshire , WS11 8XW
Nature of business: Distribution of motor parts
%
Class of shares: holding
Ordinary 100.00

Netlogistics Limited
Registered office: Unit C Orbital Way , Cannock , Staffordshire , WS11 8XW
Nature of business: Distribution of motor parts
%
Class of shares: holding
Ordinary 100.00

Reliant Parts World Limited
Registered office: Unit C Orbital Way , Cannock , Staffordshire , WS11 8XW
Nature of business: Distribution of motor parts
%
Class of shares: holding
Ordinary 100.00

9. STOCKS
31.12.23 31.12.22
£    £   
Stocks 1,299,987 1,155,872

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,342,484 838,615
Other debtors 1,621,937 1,815,073
Prepayments 20,693 17,788
2,985,114 2,671,476

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,859,304 1,289,540
Social security and other taxes 96,013 95,541
VAT 198,836 161,917
Other creditors 2,592 8,803
Directors' current accounts - 5,374
Accrued expenses 12,180 2,891
3,168,925 1,564,066

12. SECURED DEBTS

The bank holds charges including fixed and floating charges over all assets and undertakings, both present and future dated 28 January 2015.

13. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 56,172 63,933

Deferred
tax
£   
Balance at 1 January 2023 63,933
Provided during year (7,761 )
Balance at 31 December 2023 56,172

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
4 Ordinary £1 13,506 13,506

15. RESERVES
Retained
earnings
£   

At 1 January 2023 9,219,790
Profit for the year 2,644,196
Dividends (734,657 )
At 31 December 2023 11,129,329

Partsworld Limited (Registered number: 03133544)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. RELATED PARTY DISCLOSURES

The company is owed from Partsworld Investment Limited £1,580,832 at the period end. Partsworld Investment Limited is 100% owned by J Halstead a director of Partsworld Limited.