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Registered number: 08594441
Iparts4u Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Mollio Limited
Merlin House
Langstone Business Village
Newport
NP18 2HJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08594441
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 75,199 100,417
75,199 100,417
CURRENT ASSETS
Stocks 5 608,215 714,523
Debtors 6 30,854 12,424
Cash at bank and in hand 16,717 18,322
655,786 745,269
Creditors: Amounts Falling Due Within One Year 7 (345,598 ) (384,934 )
NET CURRENT ASSETS (LIABILITIES) 310,188 360,335
TOTAL ASSETS LESS CURRENT LIABILITIES 385,387 460,752
Creditors: Amounts Falling Due After More Than One Year 8 (85,699 ) (174,362 )
NET ASSETS 299,688 286,390
CAPITAL AND RESERVES
Called up share capital 10 101 101
Profit and Loss Account 299,587 286,289
SHAREHOLDERS' FUNDS 299,688 286,390
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Humphrey
Director
27/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Iparts4u Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08594441 . The registered office is Unit 1 Phoenix Business PArk, Telford Street, Newport, NP19 0LW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 12)
7 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 10,771 95,019 19,275 56,384 181,449
Additions 3,010 - 96 - 3,106
Disposals - - - (2,520 ) (2,520 )
As at 31 October 2024 13,781 95,019 19,371 53,864 182,035
Depreciation
As at 1 November 2023 6,227 32,112 15,168 27,525 81,032
Provided during the period 1,743 16,977 4,398 2,686 25,804
As at 31 October 2024 7,970 49,089 19,566 30,211 106,836
Net Book Value
As at 31 October 2024 5,811 45,930 (195 ) 23,653 75,199
As at 1 November 2023 4,544 62,907 4,107 28,859 100,417
5. Stocks
2024 2023
£ £
Finished goods 608,215 714,523
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 25,154 10,984
Prepayments and accrued income 4,260 -
Other debtors 1,440 1,440
30,854 12,424
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,496 10,496
Trade creditors 92,349 86,110
Bank loans and overdrafts 114,668 84,893
Other loans 57,506 37,891
Other taxes and social security 3,784 3,361
VAT 66,495 161,483
Accruals and deferred income 300 700
345,598 384,934
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,179 32,675
Bank loans 25,497 99,980
Directors loan account 38,023 41,707
85,699 174,362
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,496 10,496
Later than one year and not later than five years 22,179 32,675
32,675 43,171
32,675 43,171
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
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