Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false2022-12-01falseRepair of electrical equipment11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10459310 2022-12-01 2023-11-30 10459310 2021-12-01 2022-11-30 10459310 2023-11-30 10459310 2022-11-30 10459310 c:Director1 2022-12-01 2023-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2023-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2022-11-30 10459310 d:CurrentFinancialInstruments 2023-11-30 10459310 d:CurrentFinancialInstruments 2022-11-30 10459310 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 10459310 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10459310 d:ShareCapital 2023-11-30 10459310 d:ShareCapital 2022-11-30 10459310 d:RetainedEarningsAccumulatedLosses 2023-11-30 10459310 d:RetainedEarningsAccumulatedLosses 2022-11-30 10459310 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 10459310 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 10459310 c:OrdinaryShareClass1 2022-12-01 2023-11-30 10459310 c:OrdinaryShareClass1 2023-11-30 10459310 c:FRS102 2022-12-01 2023-11-30 10459310 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 10459310 c:FullAccounts 2022-12-01 2023-11-30 10459310 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10459310 d:WithinOneYear 2023-11-30 10459310 d:WithinOneYear 2022-11-30 10459310 d:BetweenOneFiveYears 2023-11-30 10459310 d:BetweenOneFiveYears 2022-11-30 10459310 d:MoreThanFiveYears 2023-11-30 10459310 d:MoreThanFiveYears 2022-11-30 10459310 e:PoundSterling 2022-12-01 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel1 2022-12-01 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel1 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel2 2022-12-01 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel2 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel3 2022-12-01 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel3 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel4 2022-12-01 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel4 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10459310









UNIVERSAL SPARES & PARTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
UNIVERSAL SPARES & PARTS LTD
REGISTERED NUMBER: 10459310

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
24,923
27,692

  
24,923
27,692

Current assets
  

Debtors: amounts falling due within one year
 5 
33,599
12,803

Cash at bank and in hand
 6 
22,294
46,412

  
55,893
59,215

Creditors: amounts falling due within one year
 7 
(344,000)
(271,808)

Total assets less current liabilities
  
 
 
(263,184)
 
 
(184,901)

Provisions for liabilities
  

Deferred tax
 8 
(4,533)
(4,853)

Net liabilities
  
(267,717)
(189,754)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(267,817)
(189,854)

  
(267,717)
(189,754)


Page 1

 
UNIVERSAL SPARES & PARTS LTD
REGISTERED NUMBER: 10459310
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 29 August 2024.




Y Shenoy
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Universal Spares & Parts Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 128 City Road, London, United Kingdom, EC1V 2NX.
The company specialises in the repair of electrical equipment.

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

Going concern

The financial statements are prepared on a going concern basis, despite the Statement of financial position showing net liabilities of £267,717 (2022 – £189,754). The director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

 
2.3

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 year 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the reporting date can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25% reducing balance

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 Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 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.

Page 5

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. 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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that
the Company becomes aware of the obligation, and are measured at the best estimate at the
reporting date of the expenditure required to settle the obligation, taking into account relevant risks
and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.



3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property

£



Cost 


At 1 December 2022
42,506



At 30 November 2023

42,506



Depreciation


At 1 December 2022
14,814


Charge for the year
2,769



At 30 November 2023

17,583



Net book value



At 30 November 2023
24,923



At 30 November 2022
27,692


5.


Debtors

2023
2022
£
£


Trade debtors
2,886
2,763

Other debtors
30,713
10,040

33,599
12,803



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,294
46,412

22,294
46,412


Page 7

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,754
4,640

Other taxation and social security
630
478

Other creditors
320,482
258,307

Accruals and deferred income
17,134
8,383

344,000
271,808



8.


Deferred taxation




2023


£






At beginning of year
4,853


Credited to the Statement of comprehensive income
(320)



At end of year
4,533

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,533
4,853

4,533
4,853


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 8

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


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 £504 (2022 - £183). Contributions totalling £92 (2022 - £Nil) were payable to the fund at the Statement of financial position date.


11.


Commitments under operating leases

At 30 November 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
35,000
35,000

Later than 1 year and not later than 5 years
140,000
140,000

Later than 5 years
-
35,000

175,000
210,000


12.


Related party transactions

Included within other creditors is an amount of £6 (2022 - £6) due to the director.

Included within other debtors is an amount of £3,049 (2022 - £376) due from a company controlled by aclose family member of director.

Included within other creditors is an amount of £319,008 (2022 - £258,275) due to a company controlledby a close family member of director.

Included within other debtors is an amount of £18,000 (2022 - £Nil) due from a company controlled by aclose family member of director.


13.


Controlling party

The ultimate controlling party is the director by virtue of her majority shareholding in the company.

 
Page 9