Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs G Kujawska 01/02/2013 Mr R Kujawski 18/03/2010 11 November 2024 The principal activity of the Company during the financial year was the sale of motor parts and accessories. 07194402 2024-04-30 07194402 bus:Director1 2024-04-30 07194402 bus:Director2 2024-04-30 07194402 2023-04-30 07194402 core:CurrentFinancialInstruments 2024-04-30 07194402 core:CurrentFinancialInstruments 2023-04-30 07194402 core:Non-currentFinancialInstruments 2024-04-30 07194402 core:Non-currentFinancialInstruments 2023-04-30 07194402 core:ShareCapital 2024-04-30 07194402 core:ShareCapital 2023-04-30 07194402 core:OtherCapitalReserve 2024-04-30 07194402 core:OtherCapitalReserve 2023-04-30 07194402 core:RetainedEarningsAccumulatedLosses 2024-04-30 07194402 core:RetainedEarningsAccumulatedLosses 2023-04-30 07194402 core:Goodwill 2023-04-30 07194402 core:Goodwill 2024-04-30 07194402 core:PlantMachinery 2023-04-30 07194402 core:Vehicles 2023-04-30 07194402 core:FurnitureFittings 2023-04-30 07194402 core:OfficeEquipment 2023-04-30 07194402 core:PlantMachinery 2024-04-30 07194402 core:Vehicles 2024-04-30 07194402 core:FurnitureFittings 2024-04-30 07194402 core:OfficeEquipment 2024-04-30 07194402 core:CostValuation 2023-04-30 07194402 core:CostValuation 2024-04-30 07194402 bus:OrdinaryShareClass1 2024-04-30 07194402 2023-05-01 2024-04-30 07194402 bus:FilletedAccounts 2023-05-01 2024-04-30 07194402 bus:SmallEntities 2023-05-01 2024-04-30 07194402 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07194402 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07194402 bus:Director1 2023-05-01 2024-04-30 07194402 bus:Director2 2023-05-01 2024-04-30 07194402 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 07194402 core:PlantMachinery 2023-05-01 2024-04-30 07194402 core:Vehicles 2023-05-01 2024-04-30 07194402 core:FurnitureFittings 2023-05-01 2024-04-30 07194402 core:OfficeEquipment 2023-05-01 2024-04-30 07194402 2022-05-01 2023-04-30 07194402 core:Subsidiary1 2023-05-01 2024-04-30 07194402 core:Subsidiary1 1 2023-05-01 2024-04-30 07194402 core:Subsidiary1 1 2022-05-01 2023-04-30 07194402 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 07194402 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 07194402 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 07194402 (England and Wales)

LESS 4 SPARES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

LESS 4 SPARES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

LESS 4 SPARES LIMITED

BALANCE SHEET

As at 30 April 2024
LESS 4 SPARES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 65,092 43,282
Investments 5 100 100
65,192 43,382
Current assets
Stocks 6 186,730 241,768
Debtors 7 189,520 245,437
Cash at bank and in hand 61,433 42,198
437,683 529,403
Creditors: amounts falling due within one year 8 ( 225,062) ( 216,401)
Net current assets 212,621 313,002
Total assets less current liabilities 277,813 356,384
Creditors: amounts falling due after more than one year 9 ( 34,729) ( 31,042)
Provision for liabilities ( 7,668) ( 10,821)
Net assets 235,416 314,521
Capital and reserves
Called-up share capital 10 100 100
Other reserves 12,669 12,669
Profit and loss account 222,647 301,752
Total shareholders' funds 235,416 314,521

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Less 4 Spares Limited (registered number: 07194402) were approved and authorised for issue by the Board of Directors on 11 November 2024. They were signed on its behalf by:

Mr R Kujawski
Director
LESS 4 SPARES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
LESS 4 SPARES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Less 4 Spares Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Packaging House, Wilson Way, Redruth, TR15 3RS, United Kingdom. The principal place of business is Packaging House, Wilson Way, Pool, Redruth, Cornwall, TR15 3QN.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 200,000 200,000
At 30 April 2024 200,000 200,000
Accumulated amortisation
At 01 May 2023 200,000 200,000
At 30 April 2024 200,000 200,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 13,019 42,995 46,476 30,162 132,652
Additions 0 36,620 0 1,470 38,090
At 30 April 2024 13,019 79,615 46,476 31,632 170,742
Accumulated depreciation
At 01 May 2023 9,522 12,092 44,299 23,457 89,370
Charge for the financial year 875 13,066 544 1,795 16,280
At 30 April 2024 10,397 25,158 44,843 25,252 105,650
Net book value
At 30 April 2024 2,622 54,457 1,633 6,380 65,092
At 30 April 2023 3,497 30,903 2,177 6,705 43,282
Leased assets included above:
Net book value
At 30 April 2024 0 54,457 0 0 54,457
At 30 April 2023 0 30,903 0 0 30,903

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 100
At 30 April 2024 100
Carrying value at 30 April 2024 100
Carrying value at 30 April 2023 100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.04.2024
Ownership
30.04.2023
Jump 4 South West Limited Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA Trampoline Park Ordinary 100.00% 100.00%

6. Stocks

2024 2023
£ £
Stocks 186,730 241,768

7. Debtors

2024 2023
£ £
Trade debtors 11,269 6,224
Other debtors 178,251 239,213
189,520 245,437

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 6,000 15,919
Trade creditors 108,965 62,822
Accruals 5,357 8,250
Taxation and social security 69,342 109,107
Obligations under finance leases and hire purchase contracts 16,379 8,750
Other creditors 19,019 11,553
225,062 216,401

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,000 15,000
Obligations under finance leases and hire purchase contracts 25,729 16,042
34,729 31,042

The company bankers hold a charge over the assets of the company.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Jump 4 South West Limited 87,029 103,507

The company owns 100% of the share capital in Jump 4 South West Limited. There is an ongoing intercompany loan between the two entities, for which the balances at the year end date is shown above. Less 4 Spares Limited does not charge any interest on the outstanding loan balance with Jump 4 South West Limited.

Transactions with the entity's directors

2024 2023
£ £
Mr R Kujawski 20,609 30,172
Mrs G Kujawska 20,608 30,172

Advances

Advances have been made to the directors during the year totalling £186,467, with repayments made by the directors of £205,594. The outstanding balances are subject to interest at 2.25% and repayable on demand.