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REGISTERED NUMBER: 00857186 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

SSS LETTINGS LTD

PREVIOUSLY KNOWN AS
SPEEDY SPARES SERVICE LTD

SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SSS LETTINGS LTD
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Company Information
for the year ended 31 December 2023







DIRECTOR: S E L Benson





REGISTERED OFFICE: 8 Howard Road
Sompting
West Sussex
BN15 0LW





REGISTERED NUMBER: 00857186 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,544 4,628
Investment property 5 1,000,000 1,000,000
1,004,544 1,004,628

CURRENT ASSETS
Stocks 89,000 107,500
Debtors 6 2,850 717
Cash at bank and in hand 370 370
92,220 108,587
CREDITORS
Amounts falling due within one year 7 (145,453 ) (119,465 )
NET CURRENT LIABILITIES (53,233 ) (10,878 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

951,311

993,750

PROVISIONS FOR LIABILITIES 8 (235,000 ) (235,000 )
NET ASSETS 716,311 758,750

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 716,211 758,650
SHAREHOLDERS' FUNDS 716,311 758,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Balance Sheet - continued
31 December 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 director and authorised for issue on 28 August 2024 and were signed by:





S E L Benson - Director


SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

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

The presentational 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 as modified by the revaluation of certain assets.

Turnover
Sales of motor parts are recognised at the point of sale, excluding discounts, rebates, value added tax and other sales taxes, when the fair value of consideration is received or is receivable.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery -25% on reducing balance

The cost of freehold property has not been depreciated.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.


SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
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 expenses in the Income Statement 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 is independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 4,294 31,191 3,350 38,835
Disposals - (30,746 ) (3,350 ) (34,096 )
At 31 December 2023 4,294 445 - 4,739
DEPRECIATION
At 1 January 2023 - 30,857 3,350 34,207
Charge for year - 84 - 84
Eliminated on disposal - (30,746 ) (3,350 ) (34,096 )
At 31 December 2023 - 195 - 195
NET BOOK VALUE
At 31 December 2023 4,294 250 - 4,544
At 31 December 2022 4,294 334 - 4,628

SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,000,000
NET BOOK VALUE
At 31 December 2023 1,000,000
At 31 December 2022 1,000,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 590,000
Valuation in 2021 350,000
Cost 60,000
1,000,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,850 717

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,809 13,534
Trade creditors 10,183 3,692
Taxation and social security 3,880 11,504
Other creditors 112,581 90,735
145,453 119,465

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 235,000 235,000

Deferred
tax
£   
Balance at 1 January 2023 235,000
Balance at 31 December 2023 235,000

SSS LETTINGS LTD (REGISTERED NUMBER: 00857186)
PREVIOUSLY KNOWN AS SPEEDY SPARES SERVICE LTD

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1.00 100 100