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REGISTERED NUMBER: 10873653 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

ASAP GEARBOX PARTS LIMITED

ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASAP GEARBOX PARTS LIMITED

Company Information
for the Year Ended 31 JULY 2023







DIRECTOR: R P J Sparkes





REGISTERED OFFICE: Unit 6, Mendip Industrial Estate
Mendip Road
Rooksbridge
Somerset
BS26 2UG





REGISTERED NUMBER: 10873653 (England and Wales)





ACCOUNTANTS: The Greene Partnership LLP
Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW

ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)

Balance Sheet
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 451,620 451,818

CURRENT ASSETS
Stocks 5 875 1,750
Debtors 6 138,788 135,935
Cash at bank and in hand 21,586 23,269
161,249 160,954
CREDITORS
Amounts falling due within one year 7 170,745 164,154
NET CURRENT LIABILITIES (9,496 ) (3,200 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

442,124

448,618

CREDITORS
Amounts falling due after more than one year 8 (318,333 ) (328,333 )

PROVISIONS FOR LIABILITIES (531 ) (569 )
NET ASSETS 123,260 119,716

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 123,160 119,616
SHAREHOLDERS' FUNDS 123,260 119,716

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

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

ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)

Balance Sheet - continued
31 JULY 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 22 April 2024 and were signed by:





R P J Sparkes - Director


ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)

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

1. STATUTORY INFORMATION

ASAP GEARBOX PARTS 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 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.
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 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 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.

3. EMPLOYEES AND DIRECTORS

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

ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)

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

4. TANGIBLE FIXED ASSETS
Freehold Computer
property equipment Totals
£    £    £   
COST
At 1 August 2022 448,824 6,257 455,081
Additions - 733 733
At 31 July 2023 448,824 6,990 455,814
DEPRECIATION
At 1 August 2022 - 3,263 3,263
Charge for year - 931 931
At 31 July 2023 - 4,194 4,194
NET BOOK VALUE
At 31 July 2023 448,824 2,796 451,620
At 31 July 2022 448,824 2,994 451,818

5. STOCKS
31.7.23 31.7.22
£    £   
Stocks 875 1,750

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 35,788 29,944
Other debtors 103,000 103,000
VAT - 2,991
138,788 135,935

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 42,322 33,472
Tax 835 2,619
Social security and other taxes 2,254 1,378
VAT 5,564 -
Other creditors 105,000 105,000
Accrued expenses 4,770 11,685
170,745 164,154

ASAP GEARBOX PARTS LIMITED (Registered number: 10873653)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 8,333 18,333
Other creditors 300,000 300,000
318,333 328,333

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 August 2022 119,616
Profit for the year 3,544
At 31 July 2023 123,160