Company Registration No. NI603173 (Northern Ireland)
Parts Garage Ltd
Unaudited accounts
for the year ended 31 October 2023
Parts Garage Ltd
Unaudited accounts
Contents
Parts Garage Ltd
Company Information
for the year ended 31 October 2023
Company Number
NI603173 (Northern Ireland)
Registered Office
175 Spencer Road
Waterside
Derry / Londonderry
BT47 6AH
Northern Ireland
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Parts Garage Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
1,958
2,210
Cash at bank and in hand
457
8,271
Creditors: amounts falling due within one year
(13,949)
(9,775)
Net current assets
61,537
63,448
Total assets less current liabilities
63,495
65,658
Creditors: amounts falling due after more than one year
(45,979)
(49,610)
Called up share capital
2
2
Profit and loss account
17,514
16,046
Shareholders' funds
17,516
16,048
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 February 2024 and were signed on its behalf by
Alan Browne
Director
Company Registration No. NI603173
Parts Garage Ltd
Notes to the Accounts
for the year ended 31 October 2023
Parts Garage Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI603173. The registered office is 175 Spencer Road, Waterside, Derry / Londonderry, BT47 6AH, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention and in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight Line 20%
Computer equipment
Straight Line 33%
Other tangible fixed assets
Straight Line 20%
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
The accounts are presented in £ sterling.
Parts Garage Ltd
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Accrued income and prepayments
23
-
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
9,997
6,458
Taxes and social security
372
344
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
19,756
19,756
8
Transactions with related parties
There were no transactions with the director or other related parties during the year.
The balance due to the director at the year-end date was £19,756. This is disclosed as Other Creditors at note 7.
9
Average number of employees
During the year the average number of employees was 1 (2022: 2).