1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 170 85 17 102 68 85 xbrli:pure xbrli:shares iso4217:GBP 09544513 2023-05-01 2024-04-30 09544513 2024-04-30 09544513 2023-04-30 09544513 2022-05-01 2023-04-30 09544513 2023-04-30 09544513 2022-04-30 09544513 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 09544513 core:FurnitureFittings 2023-05-01 2024-04-30 09544513 core:MotorVehicles 2023-05-01 2024-04-30 09544513 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 09544513 bus:Director1 2023-05-01 2024-04-30 09544513 core:WithinOneYear 2024-04-30 09544513 core:WithinOneYear 2023-04-30 09544513 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 09544513 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 09544513 core:FurnitureFittings 2023-04-30 09544513 core:MotorVehicles 2023-04-30 09544513 core:FurnitureFittings 2024-04-30 09544513 core:MotorVehicles 2024-04-30 09544513 core:AfterOneYear 2024-04-30 09544513 core:AfterOneYear 2023-04-30 09544513 core:ShareCapital 2024-04-30 09544513 core:ShareCapital 2023-04-30 09544513 core:RetainedEarningsAccumulatedLosses 2024-04-30 09544513 core:RetainedEarningsAccumulatedLosses 2023-04-30 09544513 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 09544513 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 09544513 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 09544513 core:FurnitureFittings 2023-04-30 09544513 core:MotorVehicles 2023-04-30 09544513 bus:SmallEntities 2023-05-01 2024-04-30 09544513 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09544513 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09544513 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09544513 bus:FullAccounts 2023-05-01 2024-04-30 09544513 bus:OrdinaryShareClass1 2024-04-30 09544513 bus:OrdinaryShareClass1 2023-04-30
COMPANY REGISTRATION NUMBER: 09544513
RETRO PARTS GROUP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
RETRO PARTS GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
68
85
Tangible assets
6
27,847
27,730
--------
--------
27,915
27,815
CURRENT ASSETS
Stocks
19,500
20,000
Debtors
7
18,218
23,466
Cash at bank and in hand
41,024
40,465
--------
--------
78,742
83,931
CREDITORS: amounts falling due within one year
8
31,157
53,339
--------
--------
NET CURRENT ASSETS
47,585
30,592
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
75,500
58,407
CREDITORS: amounts falling due after more than one year
9
10,833
20,833
PROVISIONS
Taxation including deferred tax
5,278
5,907
--------
--------
NET ASSETS
59,389
31,667
--------
--------
CAPITAL AND RESERVES
Called up share capital
11
1
1
Profit and loss account
59,388
31,666
--------
--------
SHAREHOLDER FUNDS
59,389
31,667
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
RETRO PARTS GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr K Cochrane
Director
Company registration number: 09544513
RETRO PARTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Birch House Farm, Ednaston, Brailsford, Ashbourne, DE6 3AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Operating lease Lease payments are recognised as an expense over the lease term on a straight-line basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably . Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences - 10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 May 2023 and 30 April 2024
170
----
Amortisation
At 1 May 2023
85
Charge for the year
17
----
At 30 April 2024
102
----
Carrying amount
At 30 April 2024
68
----
At 30 April 2023
85
----
6. Tangible assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
27,397
48,239
75,636
Additions
13,125
13,125
Disposals
( 8,832)
( 8,832)
--------
--------
--------
At 30 April 2024
27,397
52,532
79,929
--------
--------
--------
Depreciation
At 1 May 2023
17,394
30,512
47,906
Charge for the year
2,501
6,782
9,283
Disposals
( 5,107)
( 5,107)
--------
--------
--------
At 30 April 2024
19,895
32,187
52,082
--------
--------
--------
Carrying amount
At 30 April 2024
7,502
20,345
27,847
--------
--------
--------
At 30 April 2023
10,003
17,727
27,730
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
10,972
14,646
Prepayments and accrued income
1,395
597
Corporation tax repayable
4,404
4,404
Other debtors
1,447
3,819
--------
--------
18,218
23,466
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,438
26,726
Accruals and deferred income
5,484
2,720
Corporation tax
6,332
Social security and other taxes
551
177
Obligations under finance leases and hire purchase contracts
767
Director loan accounts
352
352
Bank loan
9,655
Bounce back loan
10,000
10,000
Other creditors
2,942
--------
--------
31,157
53,339
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce back loan
10,833
20,833
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
5,278
5,907
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
5,278
5,907
-------
-------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----