IRIS Accounts Production v24.3.0.553 04674946 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046749462023-02-28046749462024-02-29046749462023-03-012024-02-29046749462022-02-28046749462022-03-012023-02-28046749462023-02-2804674946ns15:EnglandWales2023-03-012024-02-2904674946ns14:PoundSterling2023-03-012024-02-2904674946ns10:Director12023-03-012024-02-2904674946ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2904674946ns10:SmallEntities2023-03-012024-02-2904674946ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2904674946ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2904674946ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2904674946ns10:FullAccounts2023-03-012024-02-2904674946ns10:Director22023-03-012024-02-2904674946ns10:RegisteredOffice2023-03-012024-02-2904674946ns5:CurrentFinancialInstruments2024-02-2904674946ns5:CurrentFinancialInstruments2023-02-2804674946ns5:ShareCapital2024-02-2904674946ns5:ShareCapital2023-02-2804674946ns5:RetainedEarningsAccumulatedLosses2024-02-2904674946ns5:RetainedEarningsAccumulatedLosses2023-02-2804674946ns5:FurnitureFittings2023-03-012024-02-2904674946ns5:ComputerEquipment2023-03-012024-02-2904674946ns5:FurnitureFittings2023-02-2804674946ns5:ComputerEquipment2023-02-2804674946ns5:FurnitureFittings2024-02-2904674946ns5:ComputerEquipment2024-02-2904674946ns5:FurnitureFittings2023-02-2804674946ns5:ComputerEquipment2023-02-2804674946ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2904674946ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2804674946ns10:Director222023-02-2804674946ns10:Director222022-02-2804674946ns10:Director222023-03-012024-02-2904674946ns10:Director222022-03-012023-02-2804674946ns10:Director222024-02-2904674946ns10:Director222023-02-28
REGISTERED NUMBER: 04674946 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

PFS Parts Limited

PFS Parts Limited (Registered number: 04674946)






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


PFS Parts Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P M Whiter
S M Turner





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 04674946 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

PFS Parts Limited (Registered number: 04674946)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,782 4,249

CURRENT ASSETS
Stocks 290,255 284,260
Debtors 5 5,192 4,994
Cash at bank and in hand 69,038 100,423
364,485 389,677
CREDITORS
Amounts falling due within one year 6 105,625 111,201
NET CURRENT ASSETS 258,860 278,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,642

282,725

PROVISIONS FOR LIABILITIES 1,141 807
NET ASSETS 263,501 281,918

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 263,401 281,818
SHAREHOLDERS' FUNDS 263,501 281,918

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.

PFS Parts Limited (Registered number: 04674946)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





P M Whiter - Director


PFS Parts Limited (Registered number: 04674946)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

PFS 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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 30% 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 Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

PFS Parts Limited (Registered number: 04674946)

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 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 29,560 4,075 33,635
Additions - 2,645 2,645
Disposals - (854 ) (854 )
At 29 February 2024 29,560 5,866 35,426
DEPRECIATION
At 1 March 2023 25,766 3,620 29,386
Charge for year 569 523 1,092
Eliminated on disposal - (834 ) (834 )
At 29 February 2024 26,335 3,309 29,644
NET BOOK VALUE
At 29 February 2024 3,225 2,557 5,782
At 28 February 2023 3,794 455 4,249

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors - 26
Other debtors 4,066 3,963
Directors' current accounts 394 348
Prepayments 732 657
5,192 4,994

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 59,990 73,664
Corporation Tax 11,062 8,912
Social security and other taxes 1,558 2,466
VAT 16,765 13,877
Other creditors 1,177 3,624
Directors' current accounts 12,548 6,238
Accrued expenses 2,525 2,420
105,625 111,201

PFS Parts Limited (Registered number: 04674946)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. LEASING AGREEMENTS

The company has a non cancellable lease agreement due within one year of £4,654.

8. 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:

29.2.24 28.2.23
£    £   
S M Turner
Balance outstanding at start of year 348 -
Amounts advanced 394 348
Amounts repaid (348 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 394 348