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REGISTERED NUMBER: 05513721 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

TTS Performance Parts Limited

TTS Performance Parts Limited (Registered number: 05513721)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TTS Performance Parts Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: R Albans





REGISTERED OFFICE: 2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL





REGISTERED NUMBER: 05513721 (England and Wales)





ACCOUNTANTS: Harris & Co
Chartered Accountants
2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL

TTS Performance Parts Limited (Registered number: 05513721)

Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 133,610 127,343

CURRENT ASSETS
Stocks 252,450 181,000
Debtors 5 34,487 46,334
Cash at bank and in hand 165 2,178
287,102 229,512
CREDITORS
Amounts falling due within one year 6 (210,978 ) (153,786 )
NET CURRENT ASSETS 76,124 75,726
TOTAL ASSETS LESS CURRENT LIABILITIES 209,734 203,069

CREDITORS
Amounts falling due after more than one
year

7

(85,473

)

(90,778

)
NET ASSETS 124,261 112,291

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 124,260 112,290
SHAREHOLDERS' FUNDS 124,261 112,291

TTS Performance Parts Limited (Registered number: 05513721)

Balance Sheet - continued
31 July 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 25 November 2024 and were signed by:





R Albans - Director


TTS Performance Parts Limited (Registered number: 05513721)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

TTS Performance 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover is recognised when the service has been performed.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

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 - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - Not depreciated
Computer equipment - 25% 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 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.

TTS Performance Parts Limited (Registered number: 05513721)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 141,111 3,458 106,400 - 250,969
Additions - - 10,774 3,186 13,960
At 31 July 2024 141,111 3,458 117,174 3,186 264,929
DEPRECIATION
At 1 August 2023 120,168 3,458 - - 123,626
Charge for year 7,029 - - 664 7,693
At 31 July 2024 127,197 3,458 - 664 131,319
NET BOOK VALUE
At 31 July 2024 13,914 - 117,174 2,522 133,610
At 31 July 2023 20,943 - 106,400 - 127,343


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,195 46,132
Provision for bad debts (958 ) -
Other debtors - 202
Prepayments and accrued income 3,250 -
34,487 46,334

TTS Performance Parts Limited (Registered number: 05513721)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 42,515 24,709
Hire purchase contracts - 1,394
Trade creditors 83,947 121,186
Corporation tax payable 499 (16,891 )
Social security and other taxes 5,403 5,919
VAT 1,817 566
Directors' loan accounts 75,527 15,698
Accruals and deferred income 1,270 1,205
210,978 153,786

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 85,473 82,246
Hire purchase contracts - 8,532
85,473 90,778

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,170 3,622
Bank loans 38,345 21,087
42,515 24,709

Amounts falling due between one and two years:
Bank loans - 1-2 years 38,020 26,516

Amounts falling due between two and five years:
Bank loans - 2-5 years 47,453 55,730

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 9,926