1 July 2022 false No description of principal activity Taxfiler 2023.14 NI638945business:PrivateLimitedCompanyLtd2022-07-012023-06-30 NI6389452022-06-30 NI6389452022-07-012023-06-30 NI638945business:AuditExempt-NoAccountantsReport2022-07-012023-06-30 NI638945business:FilletedAccounts2022-07-012023-06-30 NI6389452023-06-30 NI638945business:Director12022-07-012023-06-30 NI638945business:RegisteredOffice2022-07-012023-06-30 NI6389452022-06-30 NI638945core:WithinOneYear2023-06-30 NI638945core:WithinOneYear2022-06-30 NI638945core:AfterOneYear2023-06-30 NI638945core:AfterOneYear2022-06-30 NI638945core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 NI638945core:ShareCapitalcore:PreviouslyStatedAmount2022-06-30 NI638945core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 NI638945core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-06-30 NI638945core:PreviouslyStatedAmount2023-06-30 NI638945core:PreviouslyStatedAmount2022-06-30 NI638945business:SmallEntities2022-07-012023-06-30 NI638945countries:NorthernIreland2022-07-012023-06-30 NI638945core:MotorVehicles2022-07-012023-06-30 NI638945core:FurnitureFittings2022-07-012023-06-30 NI638945core:ComputerEquipment2022-07-012023-06-30 NI638945core:IntangibleAssetsOtherThanGoodwill2022-06-30 NI638945core:IntangibleAssetsOtherThanGoodwill2023-06-30 NI638945core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-30 NI638945core:MotorVehicles2022-06-30 NI638945core:FurnitureFittings2022-06-30 NI638945core:MotorVehicles2023-06-30 NI638945core:FurnitureFittings2023-06-30 NI6389452021-07-012022-06-30 iso4217:GBP xbrli:pure
Company Registration No. NI638945 (Northern Ireland)
Spares Direct Belfast Ltd Unaudited accounts for the year ended 30 June 2023
Spares Direct Belfast Ltd Unaudited accounts Contents
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Spares Direct Belfast Ltd Company Information for the year ended 30 June 2023
Director
Cairns, Peter
Company Number
NI638945 (Northern Ireland)
Registered Office
Unit 5, Dargan Industrial Estate 62 Dargan Crescent Belfast BT3 9JP Northern Ireland
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Spares Direct Belfast Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
59,098 
63,422 
Tangible assets
28,246 
30,597 
87,344 
94,019 
Current assets
Inventories
524,618 
318,210 
Debtors
103,005 
333,676 
627,623 
651,886 
Creditors: amounts falling due within one year
(454,804)
(474,370)
Net current assets
172,819 
177,516 
Total assets less current liabilities
260,163 
271,535 
Creditors: amounts falling due after more than one year
(20,110)
(33,731)
Net assets
240,053 
237,804 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
240,052 
237,803 
Shareholders' funds
240,053 
237,804 
For the year ending 30 June 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 21 February 2024 and were signed on its behalf by
Cairns, Peter Director Company Registration No. NI638945
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Spares Direct Belfast Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Spares Direct Belfast Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI638945. The registered office is Unit 5, Dargan Industrial Estate, 62 Dargan Crescent, Belfast, BT3 9JP, 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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Motor vehicles
20 - 25% Straight line
Fixtures & fittings
10 - 25% Straight line
Computer equipment
20 - 25% Straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Spares Direct Belfast Ltd Notes to the Accounts for the year ended 30 June 2023
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 July 2022
72,070 
At 30 June 2023
72,070 
Amortisation
At 1 July 2022
8,648 
Charge for the year
4,324 
At 30 June 2023
12,972 
Net book value
At 30 June 2023
59,098 
At 30 June 2022
63,422 
5
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2022
21,995 
18,940 
40,935 
Additions
- 
3,589 
3,589 
At 30 June 2023
21,995 
22,529 
44,524 
Depreciation
At 1 July 2022
8,798 
1,540 
10,338 
Charge for the year
4,399 
1,541 
5,940 
At 30 June 2023
13,197 
3,081 
16,278 
Net book value
At 30 June 2023
8,798 
19,448 
28,246 
At 30 June 2022
13,197 
17,400 
30,597 
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Spares Direct Belfast Ltd Notes to the Accounts for the year ended 30 June 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
20,205 
Trade debtors
70,399 
184,013 
Other debtors
32,606 
129,458 
103,005 
333,676 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
150,323 
91,401 
VAT
118,425 
208,352 
Obligations under finance leases and hire purchase contracts
4,507 
4,507 
Trade creditors
86,973 
10,522 
Taxes and social security
700 
2,085 
Other creditors
61,912 
113,611 
Loans from directors
22,981 
33,242 
Accruals
8,983 
10,650 
454,804 
474,370 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
20,110 
29,845 
Obligations under finance leases and hire purchase contracts
- 
3,886 
20,110 
33,731 
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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