SBS Spares Limited 00614833 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is sale of secondhand commercial vehicles, used spare parts and scrap metal Digita Accounts Production Advanced 6.30.9574.0 true true 00614833 2023-01-01 2023-12-31 00614833 2023-12-31 00614833 bus:OrdinaryShareClass1 2023-12-31 00614833 core:CapitalRedemptionReserve 2023-12-31 00614833 core:RetainedEarningsAccumulatedLosses 2023-12-31 00614833 core:ShareCapital 2023-12-31 00614833 core:CurrentFinancialInstruments 2023-12-31 00614833 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00614833 core:FurnitureFittingsToolsEquipment 2023-12-31 00614833 core:LandBuildings 2023-12-31 00614833 core:MotorVehicles 2023-12-31 00614833 core:OtherPropertyPlantEquipment 2023-12-31 00614833 bus:SmallEntities 2023-01-01 2023-12-31 00614833 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00614833 bus:FilletedAccounts 2023-01-01 2023-12-31 00614833 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00614833 bus:RegisteredOffice 2023-01-01 2023-12-31 00614833 bus:Director1 2023-01-01 2023-12-31 00614833 bus:Director2 2023-01-01 2023-12-31 00614833 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00614833 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00614833 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 00614833 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00614833 core:ShareCapital 2023-01-01 2023-12-31 00614833 core:Buildings 2023-01-01 2023-12-31 00614833 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00614833 core:LandBuildings 2023-01-01 2023-12-31 00614833 core:MotorVehicles 2023-01-01 2023-12-31 00614833 core:OfficeEquipment 2023-01-01 2023-12-31 00614833 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00614833 core:PlantMachinery 2023-01-01 2023-12-31 00614833 countries:EnglandWales 2023-01-01 2023-12-31 00614833 2022-12-31 00614833 core:CapitalRedemptionReserve 2022-12-31 00614833 core:RetainedEarningsAccumulatedLosses 2022-12-31 00614833 core:ShareCapital 2022-12-31 00614833 core:FurnitureFittingsToolsEquipment 2022-12-31 00614833 core:LandBuildings 2022-12-31 00614833 core:MotorVehicles 2022-12-31 00614833 core:OtherPropertyPlantEquipment 2022-12-31 00614833 2022-01-01 2022-12-31 00614833 2022-12-31 00614833 bus:OrdinaryShareClass1 2022-12-31 00614833 core:CurrentFinancialInstruments 2022-12-31 00614833 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00614833 core:FurnitureFittingsToolsEquipment 2022-12-31 00614833 core:LandBuildings 2022-12-31 00614833 core:MotorVehicles 2022-12-31 00614833 core:OtherPropertyPlantEquipment 2022-12-31 00614833 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00614833 core:ShareCapital 2022-01-01 2022-12-31 00614833 2021-12-31 00614833 core:RetainedEarningsAccumulatedLosses 2021-12-31 00614833 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00614833

SBS Spares Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

SBS Spares Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

SBS Spares Limited

Company Information

Directors

Mr John Lewis Nicholls

Mr Robert James Nicholls

Mr Michael Lewis Nicholls

Company secretary

Mr Michael Lewis Nicholls

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Taxation Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

SBS Spares Limited

(Registration number: 00614833)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

90,143

74,241

Investment property

5

600,000

600,000

 

690,143

674,241

Current assets

 

Stocks

167,625

172,775

Debtors

6

28,256

8,017

Cash at bank and in hand

 

841,935

933,301

 

1,037,816

1,114,093

Creditors: Amounts falling due within one year

7

(56,062)

(77,867)

Net current assets

 

981,754

1,036,226

Total assets less current liabilities

 

1,671,897

1,710,467

Provisions for liabilities

(58,184)

(53,498)

Net assets

 

1,613,713

1,656,969

Capital and reserves

 

Called up share capital

8

45,000

50,000

Capital redemption reserve

5,000

-

Retained earnings

1,563,713

1,606,969

Shareholders' funds

 

1,613,713

1,656,969

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

 

SBS Spares Limited

(Registration number: 00614833)
Balance Sheet as at 31 December 2023

.........................................
Mr John Lewis Nicholls
Director

.........................................
Mr Robert James Nicholls
Director

 

SBS Spares Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

50,000

-

1,606,969

1,656,969

Profit for the year

-

-

26,479

26,479

Dividends

-

-

(22,500)

(22,500)

Purchase of own share capital

(5,000)

-

(42,235)

(47,235)

Other capital redemption reserve movements

-

5,000

(5,000)

-

At 31 December 2023

45,000

5,000

1,563,713

1,613,713

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

50,000

1,560,562

1,610,562

Profit for the year

-

68,907

68,907

Dividends

-

(22,500)

(22,500)

At 31 December 2022

50,000

1,606,969

1,656,969

 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

The principal place of business is:
Valley Farm Pit
Hadleigh Road
Sproughton
Ipswich
IP8 3EN

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers and rental income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

50 years straight line

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, Fittings and Equipment

25% Straight line and 15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

113,145

3,531

87,494

140,443

344,613

Additions

-

-

-

34,424

34,424

Disposals

-

-

-

(8,000)

(8,000)

At 31 December 2023

113,145

3,531

87,494

166,867

371,037

Depreciation

At 1 January 2023

69,778

1,800

82,577

116,217

270,372

Charge for the year

2,263

261

1,130

10,555

14,209

Eliminated on disposal

-

-

-

(3,687)

(3,687)

At 31 December 2023

72,041

2,061

83,707

123,085

280,894

Carrying amount

At 31 December 2023

41,104

1,470

3,787

43,782

90,143

At 31 December 2022

43,367

1,731

4,917

24,226

74,241

Included within the net book value of land and buildings above is £41,104 (2022 - £43,367) in respect of freehold land and buildings.
 

 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

600,000

At 31 December

600,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Trade debtors

21,799

3,492

Prepayments

6,038

4,108

Other debtors

419

417

 

28,256

8,017

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

30,936

21,150

Trade creditors

 

1,620

12,185

Taxation and social security

 

13,961

27,640

Accruals and deferred income

 

4,545

4,130

Other creditors

 

5,000

12,762

 

56,062

77,867

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

45,000

45,000

50,000

50,000

       
 

SBS Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Other transactions with directors

The directors have provided interest free loans to the company in the sum of £30,935 (2022:£21,150). These loans are repayable on demand.