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REGISTERED NUMBER: 04088943 (England and Wales)













Financial Statements

for the Year Ended 31 March 2024

for

V.Parts Limited

V.Parts Limited (Registered number: 04088943)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


V.Parts Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr R I J Fox



SECRETARY: Mrs K V Fox



REGISTERED OFFICE: Barley House
Mill Lane
Osgodby
MARKET RASEN
Lincolnshire
LN8 3TB



REGISTERED NUMBER: 04088943 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Natwest Bank Plc
7 Market Place
MARKET RASEN
Lincolnshire
LN8 3HP

V.Parts Limited (Registered number: 04088943)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 579,084 640,056

CURRENT ASSETS
Stocks 527,710 440,100
Debtors 5 427,207 283,163
Cash in hand 50 50
954,967 723,313
CREDITORS
Amounts falling due within one year 6 269,850 293,384
NET CURRENT ASSETS 685,117 429,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,264,201

1,069,985

CREDITORS
Amounts falling due after more than
one year

7

(33,527

)

(23,253

)

PROVISIONS FOR LIABILITIES (145,047 ) (124,468 )
NET ASSETS 1,085,627 922,264

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 1,085,527 922,164
SHAREHOLDERS' FUNDS 1,085,627 922,264

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 director acknowledges his 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.

V.Parts Limited (Registered number: 04088943)

Balance Sheet - continued
31 March 2024


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 9 September 2024 and were signed by:





Mr R I J Fox - Director


V.Parts Limited (Registered number: 04088943)

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

1. STATUTORY INFORMATION

V.Parts 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
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
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.


V.Parts Limited (Registered number: 04088943)

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

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

V.Parts Limited (Registered number: 04088943)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,086,500 10,858 45,951 8,888 1,152,197
Additions 297,576 10,359 - 752 308,687
Disposals (349,367 ) - - - (349,367 )
At 31 March 2024 1,034,709 21,217 45,951 9,640 1,111,517
DEPRECIATION
At 1 April 2023 463,723 5,098 38,751 4,569 512,141
Charge for year 175,641 2,811 1,800 1,490 181,742
Eliminated on disposal (161,450 ) - - - (161,450 )
At 31 March 2024 477,914 7,909 40,551 6,059 532,433
NET BOOK VALUE
At 31 March 2024 556,795 13,308 5,400 3,581 579,084
At 31 March 2023 622,777 5,760 7,200 4,319 640,056

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 310,797 231,722
Other debtors 28,217 -
Directors' current accounts 65,827 34,484
VAT 17,322 -
Prepayments 5,044 16,957
427,207 283,163

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 57,428 161,943
Trade creditors 80,238 71,337
Tax 129,145 44,011
VAT - 13,136
Other creditors - 63
Accruals and deferred income 3,039 2,894
269,850 293,384

V.Parts Limited (Registered number: 04088943)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 33,527 23,253

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Within one year 34,793 102,064
Over one year 33,527 23,253
68,320 125,317

The company has a fixed and floating charge over all property and assets in favour of Natwest Bank plc.

The Director has given personal security for the bank loans.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr R I J Fox
Balance outstanding at start of year 34,484 101,638
Amounts advanced 217,194 137,846
Amounts repaid (185,851 ) (205,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,827 34,484

Interest has been charged on the Directors loan account at a rate of 2.25%. The loan is unsecured and was cleared within 9 months of the year end.