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
Spares Direct Belfast Ltd
Company Information
for the year ended 30 June 2023
Company Number
NI638945 (Northern Ireland)
Registered Office
Unit 5, Dargan Industrial Estate
62 Dargan Crescent
Belfast
BT3 9JP
Northern Ireland
Spares Direct Belfast Ltd
Statement of financial position
as at 30 June 2023
Intangible assets
59,098
63,422
Tangible assets
28,246
30,597
Inventories
524,618
318,210
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
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
Spares Direct Belfast Ltd
Notes to the Accounts
for the year ended 30 June 2023
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.
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 as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
Expenditure on research and development is written off in the year in which it is incurred.
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.
Spares Direct Belfast Ltd
Notes to the Accounts
for the year ended 30 June 2023
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.
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.
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
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
At 30 June 2023
21,995
22,529
44,524
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
At 30 June 2023
8,798
19,448
28,246
At 30 June 2022
13,197
17,400
30,597
Spares Direct Belfast Ltd
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Trade debtors
70,399
184,013
Other debtors
32,606
129,458
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
150,323
91,401
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
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
3,886
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).