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Registration number: 04610674

Allparts Southwest Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Allparts Southwest Limited
(Registration number: 04610674)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Allparts Southwest Limited
(Registration number: 04610674)

Company Information

Directors

D J Newbery

M Newbery

K Newbery

Company secretary

G Newbery

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Allparts Southwest Limited
(Registration number: 04610674)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,144

4,662

Tangible assets

5

112,548

122,099

 

116,692

126,761

Current assets

 

Stocks

6

814,442

779,185

Debtors

7

1,795,730

1,826,497

Cash at bank and in hand

 

1,565,436

1,132,476

 

4,175,608

3,738,158

Creditors: Amounts falling due within one year

8

(1,038,714)

(964,902)

Net current assets

 

3,136,894

2,773,256

Total assets less current liabilities

 

3,253,586

2,900,017

Provisions for liabilities

(26,247)

(21,357)

Net assets

 

3,227,339

2,878,660

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,227,239

2,878,560

Total equity

 

3,227,339

2,878,660

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Allparts Southwest Limited
(Registration number: 04610674)

Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
D J Newbery
Director

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold

10% straight line basis

Office equipment

10% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

20% straight line basis

Plant and machinery

10% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Website

10 years

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 36).

4

Intangible assets

Goodwill
 £

Website
 £

Total
£

Cost or valuation

At 1 May 2023

400,000

5,180

405,180

At 30 April 2024

400,000

5,180

405,180

Amortisation

At 1 May 2023

400,000

518

400,518

Amortisation charge

-

518

518

At 30 April 2024

400,000

1,036

401,036

Carrying amount

At 30 April 2024

-

4,144

4,144

At 30 April 2023

-

4,662

4,662

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

12,000

78,607

123,300

419,947

633,854

Additions

-

873

54,685

-

55,558

Disposals

-

-

-

(120,921)

(120,921)

At 30 April 2024

12,000

79,480

177,985

299,026

568,491

Depreciation

At 1 May 2023

7,500

61,517

108,520

334,218

511,755

Charge for the year

1,200

4,074

19,227

27,919

52,420

Eliminated on disposal

-

-

-

(108,232)

(108,232)

At 30 April 2024

8,700

65,591

127,747

253,905

455,943

Carrying amount

At 30 April 2024

3,300

13,889

50,238

45,121

112,548

At 30 April 2023

4,500

17,090

14,780

85,729

122,099

Included within the net book value of land and buildings above is £3,300 (2023 - £4,500) in respect of long leasehold land and buildings.
 

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Other stocks

814,442

779,185

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,049,748

994,129

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

447,793

511,542

Other debtors

 

277,913

311,642

Prepayments and accrued income

 

20,276

9,184

Total current trade and other debtors

 

1,795,730

1,826,497

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

720,267

657,251

Taxation and social security

284,735

273,470

Other creditors

27,362

27,957

Accrued expenses

6,350

6,224

1,038,714

964,902

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Interest free loan repayable on demand

27,543

69,766

(60,070)

37,239

         
       

 

 

Allparts Southwest Limited
(Registration number: 04610674)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Interest free loan repayable on demand

-

27,543

27,543