Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-29The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.212023-03-01falseNo description of principal activity21falsetruefalse 03710776 2023-03-01 2024-02-29 03710776 2022-03-01 2023-02-28 03710776 2024-02-29 03710776 2023-02-28 03710776 c:Director2 2023-03-01 2024-02-29 03710776 d:PlantMachinery 2023-03-01 2024-02-29 03710776 d:PlantMachinery 2024-02-29 03710776 d:PlantMachinery 2023-02-28 03710776 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03710776 d:MotorVehicles 2023-03-01 2024-02-29 03710776 d:MotorVehicles 2024-02-29 03710776 d:MotorVehicles 2023-02-28 03710776 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03710776 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03710776 d:CurrentFinancialInstruments 2024-02-29 03710776 d:CurrentFinancialInstruments 2023-02-28 03710776 d:Non-currentFinancialInstruments 2024-02-29 03710776 d:Non-currentFinancialInstruments 2023-02-28 03710776 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03710776 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03710776 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 03710776 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03710776 d:ShareCapital 2024-02-29 03710776 d:ShareCapital 2023-02-28 03710776 d:SharePremium 2024-02-29 03710776 d:SharePremium 2023-02-28 03710776 d:CapitalRedemptionReserve 2024-02-29 03710776 d:CapitalRedemptionReserve 2023-02-28 03710776 d:RetainedEarningsAccumulatedLosses 2024-02-29 03710776 d:RetainedEarningsAccumulatedLosses 2023-02-28 03710776 c:FRS102 2023-03-01 2024-02-29 03710776 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03710776 c:FullAccounts 2023-03-01 2024-02-29 03710776 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03710776 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-29 03710776 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 03710776 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 03710776 2 2023-03-01 2024-02-29 03710776 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 03710776












 
PERFORMANCE PARTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024



 
PERFORMANCE PARTS LIMITED
REGISTERED NUMBER: 03710776

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
84,889
103,007

  
84,889
103,007

Current assets
  

Stocks
  
970,811
998,161

Debtors: amounts falling due within one year
 5 
434,367
492,571

Bank and cash balances
  
22
2,217

  
1,405,200
1,492,949

Creditors: amounts falling due within one year
 6 
(652,627)
(601,161)

Net current assets
  
 
 
752,573
 
 
891,788

Total assets less current liabilities
  
837,462
994,795

Creditors: amounts falling due after more than one year
 7 
-
(33,333)

Provisions for liabilities
  

Deferred tax
  
(12,807)
(15,250)

  
 
 
(12,807)
 
 
(15,250)

Net assets
  
824,655
946,212


Capital and reserves
  

Called up share capital 
  
352
352

Share premium account
  
5,268
5,268

Capital redemption reserve
  
665
665

Profit and loss account
  
818,370
939,927

  
824,655
946,212


Page 1

 
PERFORMANCE PARTS LIMITED
REGISTERED NUMBER: 03710776
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A C Wilkes
Director

Date: 25 November 2024


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Performance Parts Limited is a private company, limited by shares, which is domiciled in England and Wales, registration number 03710776. The registered office is Units 3 & 4 Broad March, Long March Industrial Estate, Daventry, Northamptonshire, NN1 4HE.
Principal activities
The principal activity of the Company during the period was that of the wholesale distribution of motorcycle parts and accessories.

29/02/2024

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been adopted:

Page 3

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15% straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initally at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

Page 6

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 21).

Page 7

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 March 2023
263,507
132,766
396,273


Additions
2,719
8,333
11,052


Disposals
-
(1,833)
(1,833)



At 29 February 2024

266,226
139,266
405,492



Depreciation


At 1 March 2023
211,222
82,044
293,266


Charge for the year on owned assets
29,170
-
29,170


Disposals
-
(1,833)
(1,833)



At 29 February 2024

240,392
80,211
320,603



Net book value



At 29 February 2024
25,834
59,055
84,889



At 28 February 2023
52,285
50,722
103,007


5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
414,612
426,521

Other debtors
11,517
66,050

Prepayments and accrued income
8,238
-

434,367
492,571


Page 8

 
PERFORMANCE PARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
54,066
-

Bank loans
33,334
66,667

Trade creditors
345,279
324,117

Corporation tax
62,222
54,701

Other taxation and social security
152,261
150,096

Other creditors
2,215
2,330

Accruals and deferred income
3,250
3,250

652,627
601,161


Bank loans amounting to £33,334 (2023 - £66,667) are secured by the Company.


7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
-
33,333

-
33,333


Bank loans amounting to £Nil (2023 - £33,333) are secured by the Company.


8.


Transactions with directors

At the start of the year, the directors owed the Company £57,957. During the year, the directors made payments of £20,067 and advances of £74,600, leaving a balance of £3,424 owing to the Company by the directors.  Interest has been charged at 2% on the overdrawn balance.

 
Page 9