Registered number
SC409111
PRICE PARTS LIMITED
Filleted Accounts
31 January 2024
PRICE PARTS LIMITED
Registered number: SC409111
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 273,068 273,068
Current assets
Cash at bank and in hand 41,180 40,753
Creditors: amounts falling due within one year 4 (15,446) (15,462)
Net current assets 25,734 25,291
Total assets less current liabilities 298,802 298,359
Creditors: amounts falling due after more than one year 5 (238,806) (248,599)
Net assets 59,996 49,760
Capital and reserves
Called up share capital 1 1
Profit and loss account 59,995 49,759
Shareholders' funds 59,996 49,760
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lilian Price
Director
Approved by the board on 27 August 2024
PRICE PARTS LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023 273,068
At 31 January 2024 273,068
Depreciation
At 31 January 2024 -
Net book value
At 31 January 2024 273,068
At 31 January 2023 273,068
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,420 12,420
Taxation and social security costs 2,401 2,417
Other creditors 625 625
15,446 15,462
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,373 52,372
Amounts owed to group undertakings and undertakings in which the company has a participating interest 200,433 196,227
238,806 248,599
6 Other information
PRICE PARTS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
C/o Connolly Accountants
188 Woodhill Road
Bishopbriggs
Glasgow
G64 1DW
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