IRIS Accounts Production v23.4.0.336 10983947 Board of Directors 1.10.22 30.9.23 30.9.23 false true false false true false 82135 76594 83541 82135 78000 82135 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh109839472022-09-30109839472023-09-30109839472022-10-012023-09-30109839472021-09-30109839472021-10-012022-09-30109839472022-09-3010983947ns15:EnglandWales2022-10-012023-09-3010983947ns14:PoundSterling2022-10-012023-09-3010983947ns10:Director12022-10-012023-09-3010983947ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3010983947ns10:SmallEntities2022-10-012023-09-3010983947ns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3010983947ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3010983947ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3010983947ns10:FullAccounts2022-10-012023-09-301098394742ns10:Director22022-09-301098394742ns10:Director22021-09-301098394742ns10:Director22021-10-012022-09-301098394742ns10:Director22022-10-012023-09-301098394742ns10:Director22022-09-3010983947ns5:CurrentFinancialInstruments2023-09-3010983947ns5:CurrentFinancialInstruments2022-09-3010983947ns5:Non-currentFinancialInstruments2023-09-3010983947ns5:Non-currentFinancialInstruments2022-09-3010983947ns5:ShareCapital2023-09-3010983947ns5:ShareCapital2022-09-3010983947ns5:RetainedEarningsAccumulatedLosses2023-09-3010983947ns5:RetainedEarningsAccumulatedLosses2022-09-3010983947ns10:RegisteredOffice2022-10-012023-09-3010983947ns5:PlantMachinery2022-10-012023-09-3010983947ns5:MotorVehicles2022-10-012023-09-3010983947ns5:ComputerEquipment2022-10-012023-09-3010983947ns5:PlantMachinery2022-09-3010983947ns5:MotorVehicles2022-09-3010983947ns5:ComputerEquipment2022-09-3010983947ns5:PlantMachinery2023-09-3010983947ns5:MotorVehicles2023-09-3010983947ns5:ComputerEquipment2023-09-3010983947ns5:PlantMachinery2022-09-3010983947ns5:MotorVehicles2022-09-3010983947ns5:ComputerEquipment2022-09-3010983947ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-012023-09-3010983947ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-012023-09-3010983947ns5:LeasedAssetsHeldAsLessee2022-10-012023-09-3010983947ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3010983947ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3010983947ns5:LeasedAssetsHeldAsLessee2023-09-3010983947ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:LeasedAssetsHeldAsLessee2022-09-3010983947ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3010983947ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3010983947ns10:Director32022-10-012023-09-3010983947ns10:Director22022-10-012023-09-3010983947ns10:Director332022-09-3010983947ns10:Director332021-09-3010983947ns10:Director332022-10-012023-09-3010983947ns10:Director332021-10-012022-09-3010983947ns10:Director332023-09-3010983947ns10:Director332022-09-30109839471ns10:Director12022-09-30109839471ns10:Director12021-09-30109839471ns10:Director12022-10-012023-09-30109839471ns10:Director12021-10-012022-09-30109839471ns10:Director12023-09-30109839471ns10:Director12022-09-3010983947ns10:Director42022-10-012023-09-3010983947ns10:Director442022-09-3010983947ns10:Director442021-09-3010983947ns10:Director442022-10-012023-09-3010983947ns10:Director442021-10-012022-09-3010983947ns10:Director442023-09-3010983947ns10:Director442022-09-30
REGISTERED NUMBER: 10983947 (England and Wales)



















TECHNOLOGY SPARE PARTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 103,781 48,490

CURRENT ASSETS
Stocks 672,000 442,000
Debtors 5 68,977 97,313
Cash at bank 33,613 11,287
774,590 550,600
CREDITORS
Amounts falling due within one year 6 757,706 494,553
NET CURRENT ASSETS 16,884 56,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,665

104,537

CREDITORS
Amounts falling due after more than one year 7 110,163 104,388
NET ASSETS 10,502 149

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10,402 49
SHAREHOLDERS' FUNDS 10,502 149

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:




Mr I B Olayiwola - Director


TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Technology Spare Parts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10983947

Registered office: 6 Cam Square
Hitchin
SG4 0TZ

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

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Technology Spare Parts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is derived from retail sales of electrical products and is recognised when the goods are delivered to the customer. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax and rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 - 5 ) .

TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 16,149 55,988 16,499 88,636
Additions - 94,822 11,297 106,119
Disposals - (55,988 ) - (55,988 )
At 30 September 2023 16,149 94,822 27,796 138,767
DEPRECIATION
At 1 October 2022 3,096 23,619 13,431 40,146
Charge for year 3,264 10,477 4,718 18,459
Eliminated on disposal - (23,619 ) - (23,619 )
At 30 September 2023 6,360 10,477 18,149 34,986
NET BOOK VALUE
At 30 September 2023 9,789 84,345 9,647 103,781
At 30 September 2022 13,053 32,369 3,068 48,490

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022 16,149 55,988 72,137
Additions - 94,822 94,822
Disposals - (55,988 ) (55,988 )
At 30 September 2023 16,149 94,822 110,971
DEPRECIATION
At 1 October 2022 3,096 23,619 26,715
Charge for year 3,264 10,477 13,741
Eliminated on disposal - (23,619 ) (23,619 )
At 30 September 2023 6,360 10,477 16,837
NET BOOK VALUE
At 30 September 2023 9,789 84,345 94,134
At 30 September 2022 13,053 32,369 45,422

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,290 8,151
Other debtors 43,687 89,162
68,977 97,313

TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,000 25,000
Hire purchase contracts 19,132 15,371
Trade creditors 92,933 96,369
Amounts owed to group undertakings 12,470 -
Taxation and social security 27,937 33,686
Other creditors 580,234 324,127
757,706 494,553

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 41,667 66,667
Hire purchase contracts 68,496 37,721
110,163 104,388

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 87,628 53,092

The loan is secured by a fixed and floating charge over the company's assets.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
Mr M El Sobky and Mrs J Brennan
Balance outstanding at start of year 82,135 76,594
Amounts advanced - 83,541
Amounts repaid (82,135 ) (78,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 82,135

Mr I B Olayiwola
Balance outstanding at start of year - -
Amounts repaid (24,600 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (24,600 ) -

TECHNOLOGY SPARE PARTS LIMITED (REGISTERED NUMBER: 10983947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr O O Onobun
Balance outstanding at start of year - -
Amounts repaid (15,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,000 ) -

During the year, dividends amounting to £50,530 (2022 - £78,000) were paid to the directors.

At the balance sheet date, the directors were owed £39,600 (2022 - £82,135 was owed to the company).

10. ULTIMATE PARENT COMPANY

From 19 May 2023, the ultimate parent company of Technology Spare Parts Limited is Haril Integrated Services Limited which is incorporated in England and Wales.

The registered office of the ultimate parent company is 28 Bishops Castle Way, Gloucester, England, GL1 4DP.

The parent company, Haril Integrated Services Limited has not prepared group accounts as it is exempted from the requirement to do so by Section 398 of the Companies Act 2006. The company meets the qualifying conditions for a small sized group as laid down in section 398 of the Act.