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REGISTERED NUMBER: 13848210 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

INDEPENDENT AGRI PARTS LIMITED

INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDEPENDENT AGRI PARTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P M Durkin
D J Durkin
S P Durkin
J M Durkin





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 13848210 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 55,611 62,563
Tangible assets 5 43,412 39,049
99,023 101,612

CURRENT ASSETS
Stocks 140,698 115,912
Debtors 6 22,356 38,782
Cash in hand 1,120 31
164,174 154,725
CREDITORS
Amounts falling due within one year 7 241,142 199,404
NET CURRENT LIABILITIES (76,968 ) (44,679 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,055

56,933

CREDITORS
Amounts falling due after more than one
year

8

84,895

88,722
NET LIABILITIES (62,840 ) (31,789 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (62,940 ) (31,889 )
SHAREHOLDERS' FUNDS (62,840 ) (31,789 )

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

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

INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

BALANCE SHEET - continued
31 MAY 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 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 7 October 2024 and were signed on its behalf by:




P M Durkin - Director D J Durkin - Director




S P Durkin - Director J M Durkin - Director


INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Independent Agri 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.

The accounts have been prepared using the going concern basis, due to the continued support of the company's directors.

Turnover
Turnover is derived from the sale of agricultural machinery parts and accessories, and is recognised on exchange of goods, excluding discounts and value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 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.


INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 an auto-enrolment 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 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 69,515
AMORTISATION
At 1 June 2023 6,952
Charge for year 6,952
At 31 May 2024 13,904
NET BOOK VALUE
At 31 May 2024 55,611
At 31 May 2023 62,563

INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 42,935
Additions 10,225
At 31 May 2024 53,160
DEPRECIATION
At 1 June 2023 3,886
Charge for year 5,862
At 31 May 2024 9,748
NET BOOK VALUE
At 31 May 2024 43,412
At 31 May 2023 39,049

The net book value of tangible fixed assets includes £ 764 in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 22,139 12,913
Other debtors 217 25,869
22,356 38,782

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 49,065 45,535
Hire purchase contracts 612 -
Trade creditors 29,318 112,107
Taxation and social security 771 -
Other creditors 161,376 41,762
241,142 199,404

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 84,793 88,722
Hire purchase contracts 102 -
84,895 88,722

INDEPENDENT AGRI PARTS LIMITED (REGISTERED NUMBER: 13848210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 62,197 62,762

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 44,158 39,928
Bank loans 89,700 94,329
Hire purchase contracts 714 -
134,572 134,257

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
25 A Shares £1 25 25
25 B Shares £1 25 25
25 C Shares £1 25 25
25 D Shares £1 25 25
100 100