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REGISTERED NUMBER: 01221937 (England and Wales)










FINANCIAL STATEMENTS

FOR THE PERIOD

1 AUGUST 2023 TO 31 JANUARY 2024

FOR

EASTERN AUTO SPARES (IPSWICH) LIMITED

EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)






CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 August 2023 to 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EASTERN AUTO SPARES (IPSWICH) LIMITED

COMPANY INFORMATION
for the period 1 August 2023 to 31 January 2024







DIRECTOR: R J Shortis



REGISTERED OFFICE: 186-200 Salhouse Road
Norwich
Norfolk
NR7 9AH



REGISTERED NUMBER: 01221937 (England and Wales)



AUDITORS: Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS



SOLICITORS: Howes Percival
Flint Buildings
1 Bedding Lane
Norwich
Norfolk
NR3 1RG

EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 8,743

CURRENT ASSETS
Stocks - 74,874
Debtors 6 114,369 88,752
Cash at bank and in hand 41,793 27,352
156,162 190,978
CREDITORS
Amounts falling due within one year 7 3,000 27,672
NET CURRENT ASSETS 153,162 163,306
TOTAL ASSETS LESS CURRENT
LIABILITIES

153,162

172,049

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 152,162 171,049
153,162 172,049

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 27 January 2025 and were signed by:





R J Shortis - Director


EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 August 2023 to 31 January 2024

1. STATUTORY INFORMATION

Eastern Auto Spares (Ipswich) 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.

The financial statements are presented in pounds sterling and are rounded to the nearest pound.

There will be no trading beyond these financial statements. Although the financial statements have been prepared under the going concern basis, there is no material difference to them being prepared on a break-up basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 etc - 15% on cost and 15% 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.

EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 August 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the period 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.


EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 August 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued
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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2023 - 7 ) .

4. AUDITORS' REMUNERATION
Period Period
1.8.23 6.8.22
to to
31.1.24 31.7.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

3,000

-

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 70,452 31,696 31,560 133,708
Disposals (70,452 ) (31,696 ) (31,560 ) (133,708 )
At 31 January 2024 - - - -
DEPRECIATION
At 1 August 2023 62,946 30,686 31,333 124,965
Charge for period 125 20 - 145
Eliminated on disposal (63,071 ) (30,706 ) (31,333 ) (125,110 )
At 31 January 2024 - - - -
NET BOOK VALUE
At 31 January 2024 - - - -
At 31 July 2023 7,506 1,010 227 8,743

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 114,369 88,752

EASTERN AUTO SPARES (IPSWICH) LIMITED (REGISTERED NUMBER: 01221937)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 August 2023 to 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 4,580
Taxation and social security - 19,716
Other creditors 3,000 3,376
3,000 27,672

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I A Barlow (Senior Statutory Auditor)
for and on behalf of Sexty & Co

9. ULTIMATE CONTROLLING PARTY

The ultimate parent company is K J Shortis Limited. The direct parent company is Eastern Auto Spares (Ipswich Holdings) Ltd, a wholly owned subsidiary of Wilco Motor Spares Ltd. All K J Shortis Limited, Wilco Motor Spares Ltd and Eastern Auto Spares (Ipswich Holdings) Ltd have the same registered office address of 186 Salhouse Road, Norwich, NR7 9AH.