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REGISTERED NUMBER: SC488336 (Scotland)















Financial Statements For The Year Ended 31 December 2023

for

Concept Part Solutions Europe Limited

Concept Part Solutions Europe Limited (Registered number: SC488336)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Concept Part Solutions Europe Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: B D T Dickson
R L Diehl





REGISTERED OFFICE: Unit 5 Northpoint
28 Stephenson Street
Hillington
Glasgow
G52 4JD





REGISTERED NUMBER: SC488336 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Concept Part Solutions Europe Limited (Registered number: SC488336)

Abridged Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,462 3,314

CURRENT ASSETS
Stocks 923,642 961,551
Debtors 5 531,880 622,308
Cash at bank 674,372 479,893
2,129,894 2,063,752
CREDITORS
Amounts falling due within one year 1,066,084 1,001,198
NET CURRENT ASSETS 1,063,810 1,062,554
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,065,272

1,065,868

PROVISIONS FOR LIABILITIES 366 828
NET ASSETS 1,064,906 1,065,040

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,064,806 1,064,940
SHAREHOLDERS' FUNDS 1,064,906 1,065,040

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





B D T Dickson - Director


Concept Part Solutions Europe Limited (Registered number: SC488336)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Concept Part Solutions Europe Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are dispatched to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Turnover 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 turnover 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 33.33% on cost
Fixtures and fittings - 25% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Concept Part Solutions Europe Limited (Registered number: SC488336)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the income statement.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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 the income statement in the period to which they relate.

Government grants
Government grants received in respect of tangible fixed assets are treated as deferred income and released to the income statement over the useful lives of the assets to which they relate. Other grants are credited to the income statement on the related expenditure incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

Concept Part Solutions Europe Limited (Registered number: SC488336)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 37,515
DEPRECIATION
At 1 January 2023 34,201
Charge for year 1,852
At 31 December 2023 36,053
NET BOOK VALUE
At 31 December 2023 1,462
At 31 December 2022 3,314

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 2,050 2,050

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 23,000 23,000
Between one and five years 11,500 34,500
34,500 57,500

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

8. RELATED PARTY DISCLOSURES

During the year under review the company had the following transactions at normal commercial terms with Concept Part Solutions Incorporated, the ultimate parent company:

Sales: £nil (2022: £13,167)
Purchases: £3,706,293 (2022: £5,523,940)

At the statement of financial position date of 31 December 2023 an amount of £880,051 (2022: £823,854) was
due to Concept Part Solutions Incorporated and an amount of £0 (2022: £0 was due from Concept Part Solutions
Incorporated.

Concept Part Solutions Europe Limited (Registered number: SC488336)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Concept Part Solutions Inc. (incorporated in the USA).

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Concept Part Solutions Inc. (incorporated in the USA).