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REGISTERED NUMBER: 07623724















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Peters Spares Model Railways Limited

Peters Spares Model Railways Limited (Registered number: 07623724)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Peters Spares Model Railways Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: P Corbitt





SECRETARY:





REGISTERED OFFICE: 75 Imperial Road
Billingham
TS23 1DJ





REGISTERED NUMBER: 07623724





ACCOUNTANTS: Switch Accountants
Switch House
City West Business Park
St John's Road
Meadowfield
Durham
DH7 8ER

Peters Spares Model Railways Limited (Registered number: 07623724)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,093 5,968
5,093 5,968

CURRENT ASSETS
Stocks 508,001 428,455
Debtors 6 393,616 477,128
Cash at bank and in hand 19,878 114,304
921,495 1,019,887
CREDITORS
Amounts falling due within one year 7 199,263 401,901
NET CURRENT ASSETS 722,232 617,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

727,325

623,954

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 727,324 623,953
727,325 623,954

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

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

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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 February 2024 and were signed by:





P Corbitt - Director


Peters Spares Model Railways Limited (Registered number: 07623724)

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

1. STATUTORY INFORMATION

Peters Spares Model Railways Limited is a private company, limited by shares , registered in Not specified/Other. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on reducing balance
Computer equipment - 25% on reducing balance

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 Profit and loss account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Peters Spares Model Railways Limited (Registered number: 07623724)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 10,000
AMORTISATION
At 1 June 2022
and 31 May 2023 10,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 13,725 12,103 21,190 8,663 55,681
Additions - - - 629 629
At 31 May 2023 13,725 12,103 21,190 9,292 56,310
DEPRECIATION
At 1 June 2022 11,836 10,501 20,647 6,729 49,713
Charge for year 283 401 179 641 1,504
At 31 May 2023 12,119 10,902 20,826 7,370 51,217
NET BOOK VALUE
At 31 May 2023 1,606 1,201 364 1,922 5,093
At 31 May 2022 1,889 1,602 543 1,934 5,968

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 393,616 477,128

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 161,471 181,230
Taxation and social security 34,372 96,191
Other creditors 3,420 124,480
199,263 401,901