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REGISTERED NUMBER: 03603277 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

IMPEX PARTS LIMITED

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IMPEX PARTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTOR: S W Burrows





SECRETARY: D M Ramsbottom





REGISTERED OFFICE: Unit 8
United Business Park
Lowfields Road
Leeds
LS12 6UB





REGISTERED NUMBER: 03603277 (England and Wales)





ACCOUNTANTS: Bairstow and Atkinson Chartered Accountants
Carlton House
Bull Close Lane
Halifax
West Yorkshire
HX1 2EG

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

BALANCE SHEET
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,185 9,826
Tangible assets 5 333,789 358,446
Investments 6 100 100
343,074 368,372

CURRENT ASSETS
Stocks 1,770,864 2,547,565
Debtors 7 3,098,262 2,554,626
Cash at bank 15,871,148 13,636,882
20,740,274 18,739,073
CREDITORS
Amounts falling due within one year 8 4,383,692 4,372,019
NET CURRENT ASSETS 16,356,582 14,367,054
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,699,656

14,735,426

PROVISIONS FOR LIABILITIES 11 38,383 38,666
NET ASSETS 16,661,273 14,696,760

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 16,660,273 14,695,760
SHAREHOLDERS' FUNDS 16,661,273 14,696,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 December 2023 and were signed by:




S W Burrows - Director


IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Impex 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

A sale is recorded when stock leaves the warehouse for delivery to a customer.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

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 - straight line over 32 years
Plant and machinery etc - 25% on reducing balance and 5% on cost

Fixed assets are initially recognised when costs are incurred and depreciated from when they are brought into use. Fixed assets are written down in value if there is any indication of impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Stock is valued using the weighted average cost method.

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.

The company is charged by its subsidiary for the losses received under group relief. The amount charged is the amount of tax relief which the company receives as a result of this group relief. This recharge is included in the tax charge in the profit and loss account and is netted off the intercompany account in the balance sheet.

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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 30 (2021 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 12,818
AMORTISATION
At 1 January 2022 2,992
Charge for year 641
At 31 December 2022 3,633
NET BOOK VALUE
At 31 December 2022 9,185
At 31 December 2021 9,826

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 195,595 670,419 866,014
Additions - 35,211 35,211
Disposals - (33,188 ) (33,188 )
At 31 December 2022 195,595 672,442 868,037
DEPRECIATION
At 1 January 2022 6,112 501,456 507,568
Charge for year 6,112 45,786 51,898
Eliminated on disposal - (25,218 ) (25,218 )
At 31 December 2022 12,224 522,024 534,248
NET BOOK VALUE
At 31 December 2022 183,371 150,418 333,789
At 31 December 2021 189,483 168,963 358,446

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 100
NET BOOK VALUE
At 31 December 2022 100
At 31 December 2021 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 436,687 511,639
Other debtors 2,661,575 2,042,987
3,098,262 2,554,626

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 1,506 966
Trade creditors 316,492 253,150
Taxation and social security 273,549 631,736
Other creditors 3,792,145 3,486,167
4,383,692 4,372,019

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 18,440 19,761
Between one and five years 45,838 54,017
In more than five years 183,556 191,006
247,834 264,784

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdrafts 1,506 966

The company credit card balance is secured by an unlimited debenture dated 14th July 2000, incorporating a fixed and floating charge.

11. PROVISIONS FOR LIABILITIES
31.12.22 31.12.21
£    £   
Deferred tax
Accelerated capital allowances 28,383 28,666
Other provisions 10,000 10,000
38,383 38,666

Deferred Warranty
tax provision
£    £   
Balance at 1 January 2022 28,666 10,000
Credit to Income Statement during year (283 ) -
Balance at 31 December 2022 28,383 10,000

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1,000 Ordinary £1 1,000 1,000

IMPEX PARTS LIMITED (REGISTERED NUMBER: 03603277)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

13. RELATED PARTY DISCLOSURES

2022 2021

Entities with control over company - due to related party 351,883 351,954
Entities with control over company - sales - 475
Key management personnel - rent 71,000 71,000
Key management personnel - interest payable 34,790 19,625
Other related parties - due to related parties 585,561 761,250
Other related parties - sales 2,535,216 1,222,840
Other related parties - purchases 2,676,707 639,555
Other related parties - management income 330,000 265,000
Other related parties - interest income 106,054 -

All related party balances are repayable on demand.
Interest is charged on two of the intercompany loans. One is charged at 5% per annum and the other at 7.5% per annum. All other intercompany loans are interest free.

14. ULTIMATE CONTROLLING PARTY

The controlling party is S W Burrows.