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REGISTERED NUMBER: 09077925 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

CAR PARTS EXPRESS LIMITED

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CAR PARTS EXPRESS LIMITED

COMPANY INFORMATION
For The Year Ended 30 November 2023







DIRECTORS: D P Lewis
Z E Lewis





REGISTERED OFFICE: 3 Levellers Lane
Eynesbury
St Neots
PE19 2JL





REGISTERED NUMBER: 09077925 (England and Wales)





ACCOUNTANTS: TC Group
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,200
Tangible assets 5 24,023 29,897
24,023 32,097

CURRENT ASSETS
Stocks 6 396,807 352,214
Debtors 7 264,918 233,703
Cash at bank and in hand 459,545 280,356
1,121,270 866,273
CREDITORS
Amounts falling due within one year 8 464,943 362,616
NET CURRENT ASSETS 656,327 503,657
TOTAL ASSETS LESS CURRENT LIABILITIES 680,350 535,754

CREDITORS
Amounts falling due after more than one
year

9

-

(30,040

)

PROVISIONS FOR LIABILITIES 10 (1,935 ) (2,883 )
NET ASSETS 678,415 502,831

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 678,413 502,829
SHAREHOLDERS' FUNDS 678,415 502,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

BALANCE SHEET - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





D P Lewis - Director


CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 November 2023


1. STATUTORY INFORMATION

Car Parts Express Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 have also been consistently applied within the same accounts.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount generated in connection with the incorporation of a Limited Company from a previous Sole Trading business.
The goodwill is being amortised over 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 11,000
AMORTISATION
At 1 December 2022 8,800
Amortisation for year 2,200
At 30 November 2023 11,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 2,200

5. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 December 2022 3,900 15,191 62,009 81,100
Additions - 1,811 - 1,811
At 30 November 2023 3,900 17,002 62,009 82,911
DEPRECIATION
At 1 December 2022 3,900 10,453 36,850 51,203
Charge for year - 1,395 6,290 7,685
At 30 November 2023 3,900 11,848 43,140 58,888
NET BOOK VALUE
At 30 November 2023 - 5,154 18,869 24,023
At 30 November 2022 - 4,738 25,159 29,897

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022
and 30 November 2023 36,160
DEPRECIATION
At 1 December 2022 17,939
Charge for year 4,555
At 30 November 2023 22,494
NET BOOK VALUE
At 30 November 2023 13,666
At 30 November 2022 18,221

6. STOCKS
2023 2022
£    £   
Stocks 396,807 352,214

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 251,735 224,018
Prepayments 13,183 9,685
264,918 233,703

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,040 7,560
Trade creditors 314,874 238,531
Corporation tax 91,587 61,636
VAT 23,246 26,594
Directors' loan accounts 28,846 27,010
Accrued expenses 1,350 1,285
464,943 362,616

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 5,040
Other creditors - 25,000
- 30,040

CAR PARTS EXPRESS LIMITED (REGISTERED NUMBER: 09077925)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2023


10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,935 2,883

Deferred
tax
£   
Balance at 1 December 2022 2,883
Provided during year (948 )
accelerated provision
Balance at 30 November 2023 1,935

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary shares £1 2 2

12. RESERVES
Retained
earnings
£   

At 1 December 2022 502,829
Profit for the year 297,584
Dividends (122,000 )
At 30 November 2023 678,413

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the directors D and Z Lewis £28,846 (2022 : £27,010). The loan is payable on demand and interest free.

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £122,000 were paid to the directors .

15. ULTIMATE CONTROLLING PARTY

By virtue of the directors D Lewis and Z Lewis each having a 50% share holding, there is no ultimate controlling party.