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Registered Number: 12229540


 

 

 

V6 AUTO PARTS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Director Muhammad IQBAL
Registered Number 12229540
Registered Office Unit 3 Carlton Business Centre
104 Nechells Place
Birmingham
West Midlands
B7 5AB
Bankers Barclays



1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 September 2024.
Principal activities
Principal activity of the company during the financial year was of selling motor vehicle parts and accessories online.
Director
The director who served the company throughout the year was as follows:
Muhammad IQBAL
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Muhammad IQBAL
Director

Date approved: 24 January 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 7,455    7,862 
7,455    7,862 
Current assets      
Stocks 4 42,870    40,300 
Debtors 5 5,740    10,800 
Cash at bank and in hand 56,920    51,197 
105,530    102,297 
Creditors: amount falling due within one year 6 (20,955)   (34,729)
Net current assets 84,575    67,568 
 
Total assets less current liabilities 92,030    75,430 
Creditors: amount falling due after more than one year 7 (16,212)   (26,574)
Net assets 75,818    48,856 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 75,817    48,855 
Shareholders' funds 75,818    48,856 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 24 January 2025 and were signed by:


-------------------------------
Muhammad IQBAL
Director
3
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 October 2022 1  26,051  26,052 
Profit for the year 22,804  22,804 
Total comprehensive income for the year 22,804  22,804 
Total investments by and distributions to owners
At 30 September 2023 1  48,855  48,856 
At 01 October 2023 1  48,855  48,856 
Profit for the year 26,962  26,962 
Total comprehensive income for the year 26,962  26,962 
Total investments by and distributions to owners
At 30 September 2024 1  75,817  75,818 
4
General Information
V6 Auto Parts Ltd is a private company, limited by shares, registered in , registration number 12229540, registration address Unit 3 Carlton Business Centre, 104 Nechells Place, Birmingham, West Midlands, B7 5AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 20% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 October 2023 10,000    2,586    3,601    16,187 
Additions     1,457    1,457 
Disposals      
At 30 September 2024 10,000    2,586    5,058    17,644 
Depreciation
At 01 October 2023 4,880    1,320    2,126    8,326 
Charge for year 1,024    253    586    1,863 
On disposals      
At 30 September 2024 5,904    1,573    2,712    10,189 
Net book values
Closing balance as at 30 September 2024 4,096    1,013    2,346    7,455 
Opening balance as at 01 October 2023 5,120    1,267    1,475    7,862 


4.

Stocks

2024
£
  2023
£
Stocks 42,870    40,300 
42,870    40,300 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 5,740    10,800 
5,740    10,800 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 6,965    5,946 
PAYE & Social Security 622    5,007 
Accrued Expenses 1,350    450 
Wages & Salaries Control Account   3,923 
Directors' Current Accounts 1,563    6,405 
VAT 10,455    12,998 
20,955    34,729 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 16,212    26,574 
16,212    26,574 

5