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REGISTERED NUMBER: 03824713 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Ford Parts (UK) Limited

Ford Parts (UK) Limited (Registered number: 03824713)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ford Parts (UK) Limited

Company Information
for the year ended 31 August 2023







DIRECTOR: T Gamble



SECRETARY: K J Gamble



REGISTERED OFFICE: Unit 14A
Brama Teams Industrial Estate
Dunston
Gateshead
Tyne and Wear
NE8 2RG



REGISTERED NUMBER: 03824713 (England and Wales)



ACCOUNTANTS: TTR Barnes
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: The Royal Bank of Scotland plc
31 Grey Street
Newcastle upon Tyne
NE1 6ES

Ford Parts (UK) Limited (Registered number: 03824713)

Statement of Financial Position
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,083 35,833
Tangible assets 5 698,852 740,674
Investment property 6 201,092 202,295
930,027 978,802

CURRENT ASSETS
Stocks 23,000 23,000
Debtors 7 31,871 21,153
Cash at bank and in hand 2,137 35,878
57,008 80,031
CREDITORS
Amounts falling due within one year 8 255,913 229,858
NET CURRENT LIABILITIES (198,905 ) (149,827 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

731,122

828,975

CREDITORS
Amounts falling due after more than one
year

9

-

(95,581

)

PROVISIONS FOR LIABILITIES (17,696 ) (16,305 )
NET ASSETS 713,426 717,089

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 713,424 717,087
SHAREHOLDERS' FUNDS 713,426 717,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Ford Parts (UK) Limited (Registered number: 03824713)

Statement of Financial Position - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2024 and were signed by:





T Gamble - Director


Ford Parts (UK) Limited (Registered number: 03824713)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Ford Parts (UK) 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover
Turnover represents net invoiced rental income and services, and in addition the sale of second hand motor spares, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the businesses, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% Straight line
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.


Ford Parts (UK) Limited (Registered number: 03824713)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 115,000
AMORTISATION
At 1 September 2022 79,167
Amortisation for year 5,750
At 31 August 2023 84,917
NET BOOK VALUE
At 31 August 2023 30,083
At 31 August 2022 35,833

Ford Parts (UK) Limited (Registered number: 03824713)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
Buildings property machinery
£    £    £   
COST
At 1 September 2022 634,476 108,116 179,499
Additions - - 17,417
Disposals (29,500 ) - (6,468 )
At 31 August 2023 604,976 108,116 190,448
DEPRECIATION
At 1 September 2022 76,137 11,598 93,793
Charge for year 12,690 2,162 13,914
Eliminated on disposal - - (3,308 )
At 31 August 2023 88,827 13,760 104,399
NET BOOK VALUE
At 31 August 2023 516,149 94,356 86,049
At 31 August 2022 558,339 96,518 85,706

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 2,400 3,257 927,748
Additions - 2,816 20,233
Disposals - (3,256 ) (39,224 )
At 31 August 2023 2,400 2,817 908,757
DEPRECIATION
At 1 September 2022 2,400 3,146 187,074
Charge for year - 536 29,302
Eliminated on disposal - (3,163 ) (6,471 )
At 31 August 2023 2,400 519 209,905
NET BOOK VALUE
At 31 August 2023 - 2,298 698,852
At 31 August 2022 - 111 740,674

Ford Parts (UK) Limited (Registered number: 03824713)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 367,888
Disposals (2,005 )
At 31 August 2023 365,883
DEPRECIATION
At 1 September 2022 165,593
Eliminated on disposal (802 )
At 31 August 2023 164,791
NET BOOK VALUE
At 31 August 2023 201,092
At 31 August 2022 202,295

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,387 11,927
Other debtors 13,484 9,226
31,871 21,153

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 13,496
Trade creditors 18,284 9,832
Taxation and social security 23,770 21,069
Other creditors 213,859 185,461
255,913 229,858

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 95,581

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 45,333

Ford Parts (UK) Limited (Registered number: 03824713)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 109,077

Loans are secured by way of a fixed charge over the properties, plant and equipment of the company.