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THE PARTS STORE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE PARTS STORE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R T L Watkins
S G Ruddle





REGISTERED OFFICE: 82 High Street
Nailsea
Bristol
BS48 1AS





REGISTERED NUMBER: 03436859 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
Chartered Accountants
Unit 1 Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE

THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,816 9,046

CURRENT ASSETS
Stocks 5 80,784 80,120
Debtors 6 181,165 97,060
Prepayments and accrued income 10,305 3,914
Cash at bank and in hand 194,633 227,591
466,887 408,685
CREDITORS
Amounts falling due within one year 7 137,607 135,364
NET CURRENT ASSETS 329,280 273,321
TOTAL ASSETS LESS CURRENT
LIABILITIES

346,096

282,367

PROVISIONS FOR LIABILITIES 8 (4,041 ) (2,089 )

ACCRUALS AND DEFERRED INCOME (1,490 ) (1,562 )
NET ASSETS 340,565 278,716

CAPITAL AND RESERVES
Called up share capital 85 85
Capital redemption reserve 15 15
Retained earnings 340,465 278,616
SHAREHOLDERS' FUNDS 340,565 278,716

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)

BALANCE SHEET - continued
29 FEBRUARY 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 19 June 2024 and were signed on its behalf by:





S G Ruddle - Director


THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

The Parts Store 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.

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 - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor Computer
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 18,789 1,215 30,788 22,825 73,617
Additions - 825 16,000 - 16,825
Disposals - - (12,140 ) - (12,140 )
At 29 February 2024 18,789 2,040 34,648 22,825 78,302
DEPRECIATION
At 1 March 2023 18,789 435 24,276 21,071 64,571
Charge for year - 122 4,393 557 5,072
Eliminated on disposal - - (8,157 ) - (8,157 )
At 29 February 2024 18,789 557 20,512 21,628 61,486
NET BOOK VALUE
At 29 February 2024 - 1,483 14,136 1,197 16,816
At 28 February 2023 - 780 6,512 1,754 9,046

5. STOCKS
2024 2023
£    £   
Stocks 80,784 80,120

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 49,777 66,202
Other debtors 30,366 30,366
Directors' current accounts 100,530 -
Tax 492 492
181,165 97,060

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 89,322 94,927
Tax 35,488 19,939
Social security and other taxes 598 1,079
VAT 10,603 13,322
Other creditors - 291
Directors' current accounts 1,596 5,806
137,607 135,364

THE PARTS STORE LTD (REGISTERED NUMBER: 03436859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,041 2,089

Deferred
tax
£   
Balance at 1 March 2023 2,089
Provided during year 1,952
Balance at 29 February 2024 4,041

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
R T L Watkins
Balance outstanding at start of year - -
Amounts advanced 100,531 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100,531 -

Interest has been charge on loans at the official rate where the balance exceeds £10,000.

10. RELATED PARTY DISCLOSURES

Included within other debtors is a loan of £30,366 (2023: £30,366) due from Richard Watkins & Associates Limited. A company under common control with The Parts Store Limited.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Richard Watkins.