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REGISTERED NUMBER: 07537802 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Economy Spares Limited

Economy Spares Limited (Registered number: 07537802)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 5

Economy Spares Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: L Horner
J Horner
C Horner
Mrs A Horner





REGISTERED OFFICE: 100a Henshaw Lane
Yeadon
Leeds
West Yorkshire
LS19 7RZ





REGISTERED NUMBER: 07537802 (England and Wales)





ACCOUNTANTS: Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ

Economy Spares Limited (Registered number: 07537802)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 90,210 78,719
90,210 78,719

CURRENT ASSETS
Stocks 235,419 238,720
Debtors 6 220,550 259,354
Cash at bank and in hand 157,418 168,514
613,387 666,588
CREDITORS
Amounts falling due within one year 7 431,352 495,063
NET CURRENT ASSETS 182,035 171,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

272,245

250,244

PROVISIONS FOR LIABILITIES 15,382 8,324
NET ASSETS 256,863 241,920

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 256,763 241,820
256,863 241,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





L Horner - Director


Economy Spares Limited (Registered number: 07537802)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Economy Spares 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
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 represents amounts invoiced net of value added tax in respect of the sales of motor vehicles parts.

Goodwill
Goodwill has been fully amortised evenly over its estimated useful life.

Intangible assets
Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Website development costs are amortised over a 5 year period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

Economy Spares Limited (Registered number: 07537802)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 150,000 32,610 182,610
AMORTISATION
At 1 April 2023
and 31 March 2024 150,000 32,610 182,610
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 23,479 114,034 137,513
Additions 9,694 25,000 34,694
Disposals (683 ) - (683 )
At 31 March 2024 32,490 139,034 171,524
DEPRECIATION
At 1 April 2023 19,884 38,910 58,794
Charge for year 1,933 21,124 23,057
Eliminated on disposal (537 ) - (537 )
At 31 March 2024 21,280 60,034 81,314
NET BOOK VALUE
At 31 March 2024 11,210 79,000 90,210
At 31 March 2023 3,595 75,124 78,719

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 182,164 220,935
Other debtors 38,386 38,419
220,550 259,354

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 200,241 216,531
Taxation and social security 29,193 46,582
Other creditors 201,918 231,950
431,352 495,063

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Economy Spares Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Economy Spares Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Economy Spares Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Economy Spares Limited and state those matters that we have agreed to state to the Board of Directors of Economy Spares Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Economy Spares Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Economy Spares Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Economy Spares Limited. You consider that Economy Spares Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Economy Spares Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ


4 September 2024