BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the wholesale trade of motor vehicle parts and accessories. 2 October 2024 NI058863 2024-05-31 NI058863 2023-05-31 NI058863 2022-05-31 NI058863 2023-06-01 2024-05-31 NI058863 2022-06-01 2023-05-31 NI058863 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI058863 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI058863 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI058863 uk-bus:FullAccounts 2023-06-01 2024-05-31 NI058863 uk-bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 NI058863 uk-bus:Director2 2023-06-01 2024-05-31 NI058863 uk-bus:Director3 2023-06-01 2024-05-31 NI058863 uk-bus:CompanySecretary1 2023-06-01 2024-05-31 NI058863 uk-bus:RegisteredOffice 2023-06-01 2024-05-31 NI058863 uk-bus:Agent1 2023-06-01 2024-05-31 NI058863 uk-core:ShareCapital 2024-05-31 NI058863 uk-core:ShareCapital 2023-05-31 NI058863 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI058863 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI058863 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI058863 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI058863 uk-bus:FRS102 2023-06-01 2024-05-31 NI058863 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI058863 uk-core:MotorVehicles 2023-06-01 2024-05-31 NI058863 uk-core:WithinOneYear 2024-05-31 NI058863 uk-core:WithinOneYear 2023-05-31 NI058863 uk-core:OtherMiscellaneousReserve 2023-05-31 NI058863 uk-core:OtherMiscellaneousReserve 2023-06-01 2024-05-31 NI058863 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 NI058863 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-05-31 NI058863 uk-core:OtherDeferredTax 2024-05-31 NI058863 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-05-31 NI058863 uk-core:OtherMiscellaneousReserve 2024-05-31 NI058863 2023-06-01 2024-05-31 NI058863 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Woodstock Motorparts (NI) Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 May 2024
Woodstock Motorparts (NI) Limited
DIRECTORS AND OTHER INFORMATION

 
Directors David Davidson
Gordon Davidson
Kathleen Davidson
 
 
Company Secretary David Davidson
 
 
Company Registration Number NI058863
 
 
Registered Office and Business Address Unit 8
Ravenhill Business Park
Ravenhill Road
Belfast
BT6 8AM
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Danske Bank
  Donegall Square West
  Belfast
  Co Antrim
  BT1 6JS
  Belfast



Woodstock Motorparts (NI) Limited
Company Registration Number: NI058863
STATEMENT OF FINANCIAL POSITION
as at 31 May 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 4,419 5,368
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Current Assets
Inventories 5 133,126 117,632
Receivables 6 141,985 131,287
Cash and cash equivalents 120,262 104,780
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395,373 353,699
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Payables: amounts falling due within one year 7 (212,339) (207,038)
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Net Current Assets 183,034 146,661
───────── ─────────
Total Assets less Current Liabilities 187,453 152,029
 
Provisions for liabilities 9 (597) (692)
───────── ─────────
Net Assets 186,856 151,337
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 186,756 151,237
───────── ─────────
Equity attributable to owners of the company 186,856 151,337
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 2 October 2024 and signed on its behalf by
           
           
________________________________          
David Davidson          
Director          
           



Woodstock Motorparts (NI) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
Woodstock Motorparts (NI) Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is Unit 8, Ravenhill Business Park, Ravenhill Road, Belfast, BT6 8AM which is also the principal place of business of the company. The principal activity of the company is the wholesale trade of motor vehicle parts and accessories. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing balance
  Motor vehicles - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Inventories
Inventoriess are valued at the lower of cost and net realisable value. Inventoriess are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 9, (2023 - 9).
 
  2024 2023
  Number Number
 
Director 3 3
Employee 6 6
  ───────── ─────────
  9 9
  ═════════ ═════════
         
4. Property, plant and equipment
  Fixtures, Motor Total
  fittings and vehicles  
  equipment    
  £ £ £
Cost or Valuation
At 1 June 2023 5,450 2,545 7,995
  ───────── ───────── ─────────
 
At 31 May 2024 5,450 2,545 7,995
  ───────── ───────── ─────────
Depreciation
At 1 June 2023 1,513 1,114 2,627
Charge for the financial year 591 358 949
  ───────── ───────── ─────────
At 31 May 2024 2,104 1,472 3,576
  ───────── ───────── ─────────
Carrying amount
At 31 May 2024 3,346 1,073 4,419
  ═════════ ═════════ ═════════
At 31 May 2023 3,937 1,431 5,368
  ═════════ ═════════ ═════════
       
5. Inventories 2024 2023
  £ £
 
Finished goods and goods for resale 133,126 117,632
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 141,985 131,287
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Trade payables 163,851 156,851
Taxation  (Note 8) 45,518 35,390
Directors' current accounts - 11,518
Other creditors - 450
Accruals 2,970 2,829
  ───────── ─────────
  212,339 207,038
  ═════════ ═════════
       
8. Taxation 2024 2023
  £ £
 
Payables:
VAT 12,870 12,388
Corporation tax 30,317 20,752
PAYE / NI 2,331 2,250
  ───────── ─────────
  45,518 35,390
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 692 692 641
Charged to profit and loss (95) (95) 51
  ───────── ───────── ─────────
At financial year end 597 597 692
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 May 2024.
           
11. Related party transactions
 
Woodstock Motorparts (NI) Limited and Woodstock Motorparts Limited had directors and shareholders in common during the financial year.

During the financial year Woodstock Motorparts (NI) Limited charged Woodstock Motorparts Limited £6,250 in relation to rent, this was paid in full. As at 31 May 2024 no balance was owed between the two companies.
   
12. Directors' advances, credits and guarantees
 
At 1 June 2023 there was a balance of £11,518 owed between Woodstock Motorparts (NI) Limited and its Directors. During the financial year there was a net movement of £11,518. As at 31 May 2024 there was a balance of £Nil owed by Woodstock Motorparts (NI) Limited to its directors. This loan is interest free and repayable on demand.
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.