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Registered number: 01927277










BETTAPARTS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BETTAPARTS LIMITED
REGISTERED NUMBER: 01927277

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,405
20,083

Current assets
  

Stocks
  
786,205
961,681

Debtors: amounts falling due within one year
 5 
1,125,507
707,785

Cash at bank and in hand
  
2,983
39,213

  
1,914,695
1,708,679

Creditors: amounts falling due within one year
 6 
(778,248)
(1,217,620)

Net current assets
  
 
 
1,136,447
 
 
491,059

Total assets less current liabilities
  
1,145,852
511,142

  

Net assets
  
1,145,852
511,142


Capital and reserves
  

Called up share capital 
  
340
340

Share premium account
  
18,076
18,076

Capital redemption reserve
  
60
60

Profit and loss account
  
1,127,376
492,666

  
1,145,852
511,142


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




M Clegg
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bettaparts Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01927277). Its registered office is Unit 3 Redhouse Interchange, Adwick-Le-Street, Doncaster, England, DN6 7FB. The principal activity of the company throughout the period continued to be that of the sale of vehicle parts and spares. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Freehold property
-
Over the term of the lease
Plant and machinery
-
15% reducing balance
Office equipment
-
15% reducing balance (computer equipment 25% straight line)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 4

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 14).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
11,528
41,949
243,928
297,405


Additions
-
-
2,786
2,786


Disposals
-
-
(58)
(58)



At 31 December 2023

11,528
41,949
246,656
300,133



Depreciation


At 1 January 2023
10,600
36,381
230,341
277,322


Charge for the year on owned assets
928
3,453
9,041
13,422


Disposals
-
-
(16)
(16)



At 31 December 2023

11,528
39,834
239,366
290,728



Net book value



At 31 December 2023
-
2,115
7,290
9,405



At 31 December 2022
928
5,568
13,587
20,083


5.


Debtors

2023
2022
£
£


Trade debtors
1,085,706
673,856

Other debtors
37,458
8,536

Deferred taxation
2,343
25,393

1,125,507
707,785


Page 5

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
49,304
-

Trade creditors
319,978
340,207

Amounts owed to group undertakings
-
362,179

Corporation tax
174,145
-

Other taxation and social security
129,024
18,135

Other creditors
105,797
497,099

778,248
1,217,620



7.


Deferred taxation




2023


£






At beginning of year
25,393


Charged to profit or loss
(23,050)



At end of year
2,343

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(434)
(2,856)

Tax losses carried forward
-
21,035

Movement in provisions
2,777
7,214

2,343
25,393


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,176 (2022 - £4,343).

Page 6

 
BETTAPARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
42,711
42,711

Later than 1 year and not later than 5 years
74,668
117,379

117,379
160,090


10.


Related party transactions

The Company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.

The consolidated accounts of the parent company, Fras-Le can be obtained from Avenida Rubem Alves, No 1469, Room 6, Bairro Interlagos.

11.


Ultimate parent company

The immediate parent undertaking is AML Juratek Limited, a company registered in England and Wales.
On 1 March 2023 the entire share capital of AML Juratek Limited, was sold to Fras-Le, a company incorporated in Brazil. The ultimate parent undertaking is Fras-Le, Avenida Rubem Bento Alves, No 1469, Room 6, Bairro Interlagos.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 2 August 2024 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 7