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REGISTERED NUMBER: 10489863 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HUB4PARTS LTD

HUB4PARTS LTD (REGISTERED NUMBER: 10489863)






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


HUB4PARTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A J Hubble
Mrs M K Hubble





SECRETARY: Mrs M K Hubble





REGISTERED OFFICE: 5 Walton Road
Marshland St James
Wisbech
Cambridgeshire
PE14 8DP





REGISTERED NUMBER: 10489863 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

HUB4PARTS LTD (REGISTERED NUMBER: 10489863)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,823 22,038

CURRENT ASSETS
Stocks 34,193 37,793
Debtors 5 98,607 60,738
Cash at bank and in hand 70,953 28,312
203,753 126,843
CREDITORS
Amounts falling due within one year 6 105,955 85,989
NET CURRENT ASSETS 97,798 40,854
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,621

62,892

CREDITORS
Amounts falling due after more than one
year

7

(14,735

)

(25,002

)

PROVISIONS FOR LIABILITIES (3,500 ) (4,200 )
NET ASSETS 96,386 33,690

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 96,286 33,590
SHAREHOLDERS' FUNDS 96,386 33,690

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 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.

HUB4PARTS LTD (REGISTERED NUMBER: 10489863)

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 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 16 September 2024 and were signed on its behalf by:





A J Hubble - Director


HUB4PARTS LTD (REGISTERED NUMBER: 10489863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hub4parts Ltd 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.

The presentation 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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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.
Improvements to property - over term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 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.

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.

HUB4PARTS LTD (REGISTERED NUMBER: 10489863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023
and 31 December 2023 5,275 18,238 7,123
DEPRECIATION
At 1 January 2023 2,174 12,399 3,522
Charge for year 730 1,460 540
At 31 December 2023 2,904 13,859 4,062
NET BOOK VALUE
At 31 December 2023 2,371 4,379 3,061
At 31 December 2022 3,101 5,839 3,601

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 29,745 6,385 66,766
DEPRECIATION
At 1 January 2023 21,640 4,993 44,728
Charge for year 2,026 459 5,215
At 31 December 2023 23,666 5,452 49,943
NET BOOK VALUE
At 31 December 2023 6,079 933 16,823
At 31 December 2022 8,105 1,392 22,038

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 29,490 34,470
Other debtors 69,117 26,268
98,607 60,738

HUB4PARTS LTD (REGISTERED NUMBER: 10489863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,163 9,911
Trade creditors 24,200 23,414
Taxation and social security 36,512 14,902
Other creditors 35,080 37,762
105,955 85,989

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,735 25,002

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 15,067 17,215
Between one and five years 33,900 48,967
48,967 66,182

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A J Hubble and Mrs M K Hubble
Balance outstanding at start of year 23,649 -
Amounts advanced 109,888 133,887
Amounts repaid (65,326 ) (110,238 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68,211 23,649

Interest was charged on debit directors loan account balances exceeding £20,000 at 2% up to 5 April 2023 and 2.25% thereafter. Interest was paid on the credit directors loan account balances at 4.00%.