Registered number
11426402
London Spare Parts Ltd
Filleted Accounts
31 May 2023
London Spare Parts Ltd
Registered number: 11426402
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,474 1,842
Current assets
Stocks 9,000 13,500
Debtors 4 75,785 48,849
Cash at bank and in hand 5,146 21,069
89,931 83,418
Creditors: amounts falling due within one year 5 (88,238) (83,885)
Net current assets/(liabilities) 1,693 (467)
Net assets 3,167 1,375
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,067 1,275
Shareholders' funds 3,167 1,375
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dilaver Saglam
Director
Approved by the board on 10 November 2023
London Spare Parts Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 2,878
At 31 May 2023 2,878
Depreciation
At 1 June 2022 1,036
Charge for the year 368
At 31 May 2023 1,404
Net book value
At 31 May 2023 1,474
At 31 May 2022 1,842
4 Debtors 2023 2022
£ £
Trade debtors 74,411 48,849
Other debtors 1,374 -
75,785 48,849
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 4,345
Trade creditors 2,958 7,991
Taxation and social security costs 11,873 4,646
Other creditors 73,407 66,903
88,238 83,885
6 Controlling party
Mr Dilaver Saglam, a company shareholder controls the company by virtue of holding 100% of the issued share capital.
7 Other information
London Spare Parts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Clock House Parade
North Circular Road
London
N13 6BG
London Spare Parts Ltd 11426402 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts October 2023 release 2 Dilaver Saglam No description of principal activity 11426402 2021-06-01 2022-05-31 11426402 core:WithinOneYear 2022-05-31 11426402 core:ShareCapital 2022-05-31 11426402 core:RetainedEarningsAccumulatedLosses 2022-05-31 11426402 2022-06-01 2023-05-31 11426402 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11426402 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11426402 bus:Director40 2022-06-01 2023-05-31 11426402 core:PlantMachinery 2022-06-01 2023-05-31 11426402 countries:England 2022-06-01 2023-05-31 11426402 bus:FRS102 2022-06-01 2023-05-31 11426402 bus:FullAccounts 2022-06-01 2023-05-31 11426402 2023-05-31 11426402 core:WithinOneYear 2023-05-31 11426402 core:ShareCapital 2023-05-31 11426402 core:RetainedEarningsAccumulatedLosses 2023-05-31 11426402 core:PlantMachinery 2023-05-31 11426402 2022-05-31 11426402 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure