2 2 Sparesmaster Limited 02010184 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is sale of garage door spares Digita Accounts Production Advanced 6.30.9574.0 true false true 02010184 2023-06-01 2024-05-31 02010184 2024-05-31 02010184 bus:OrdinaryShareClass1 2024-05-31 02010184 core:CurrentFinancialInstruments 2024-05-31 02010184 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 02010184 core:AllAssociates 2024-05-31 02010184 core:ParentEntities 2024-05-31 02010184 bus:SmallEntities 2023-06-01 2024-05-31 02010184 bus:Audited 2023-06-01 2024-05-31 02010184 bus:FilletedAccounts 2023-06-01 2024-05-31 02010184 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02010184 bus:RegisteredOffice 2023-06-01 2024-05-31 02010184 bus:CompanySecretary1 2023-06-01 2024-05-31 02010184 bus:Director3 2023-06-01 2024-05-31 02010184 bus:Director4 2023-06-01 2024-05-31 02010184 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 02010184 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02010184 bus:Agent1 2023-06-01 2024-05-31 02010184 core:AllAssociates 2023-06-01 2024-05-31 02010184 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-01 2024-05-31 02010184 core:ParentEntities 2023-06-01 2024-05-31 02010184 core:ParentEntities core:RenderingOrReceivingServices 2023-06-01 2024-05-31 02010184 1 2023-06-01 2024-05-31 02010184 countries:England 2023-06-01 2024-05-31 02010184 2023-05-31 02010184 core:AllAssociates 2023-05-31 02010184 core:ParentEntities 2023-05-31 02010184 2022-06-01 2023-05-31 02010184 2023-05-31 02010184 bus:OrdinaryShareClass1 2023-05-31 02010184 core:CurrentFinancialInstruments 2023-05-31 02010184 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 02010184 core:AllAssociates 2023-05-31 02010184 core:ParentEntities 2023-05-31 02010184 core:AllAssociates 2022-06-01 2023-05-31 02010184 core:ParentEntities 2022-06-01 2023-05-31 02010184 2022-05-31 02010184 core:AllAssociates 2022-05-31 02010184 core:ParentEntities 2022-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 02010184

Sparesmaster Limited

Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sparesmaster Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Sparesmaster Limited

Company Information

Directors

Mr J Wright

Mr A J Wright

Company secretary

Mr JC Suart

Registered office

Genesis House
Priestley Way
Crawley
West Sussex
RH10 9PR

Auditors

Carter Nicholls Ltd Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Sparesmaster Limited

(Registration number: 02010184)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

2,261,020

1,138,284

Creditors: Amounts falling due within one year

5

(965,507)

(39,301)

Net assets

 

1,295,513

1,098,983

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

1,295,511

1,098,981

Shareholders' funds

 

1,295,513

1,098,983

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 

.........................................
Mr J Wright
Director

 

Sparesmaster Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Genesis House
Priestley Way
Crawley
West Sussex
RH10 9PR
United Kingdom

These financial statements were authorised for issue by the Board on 18 February 2025.

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.

Going concern

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 18 February 2025 was Stephen Dewar Potter, who signed for and on behalf of Carter Nicholls Ltd.

.........................................

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.

 

Sparesmaster Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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.

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.

 

Sparesmaster Limited

Notes to the Financial Statements for the Year Ended 31 May 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 2 (2023 - 2).

 

Sparesmaster Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

9,705

11,793

Amounts owed by related parties

7

2,227,374

1,124,401

Prepayments

 

23,870

2,021

Other debtors

 

71

69

   

2,261,020

1,138,284

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

161

-

Taxation and social security

65,510

32,683

Accruals and deferred income

-

6,618

Other creditors

899,836

-

965,507

39,301

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

7

Related party transactions

Summary of transactions with parent

The company is a subsidiary of Access Garage Doors Limited.

Summary of transactions with all entities with joint control or significant interest

Capital Garage Doors Ltd is a fellow subsidiary of Access Garage Doors Ltd.

Expenditure with and payables to related parties

2024

Parent
£

Rendering of services

50,000

 

Sparesmaster Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

2023

Loans to related parties

2024

Parent
£

Associates
£

Total
£

At start of period

458,320

666,082

1,124,402

Advanced

-

1,561,292

1,561,292

Repaid

(458,320)

-

(458,320)

At end of period

-

2,227,374

2,227,374

2023

Parent
£

Associates
£

Total
£

At start of period

360,469

631,113

991,582

Advanced

97,851

34,969

132,820

At end of period

458,320

666,082

1,124,402

Loans from related parties

2024

Parent
£

Total
£

Advanced

899,836

899,836

At end of period

899,836

899,836

8

Parent and ultimate parent undertaking

The company's immediate parent is Access Garage Doors Limited, incorporated in England.