Registered number
11426402
London Spare Parts Ltd
Filleted Accounts
31 May 2024
London Spare Parts Ltd
Registered number: 11426402
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,499 1,474
Current assets
Stocks 7,000 9,000
Debtors 4 58,622 75,785
Cash at bank and in hand 31,267 5,146
96,889 89,931
Creditors: amounts falling due within one year 5 (94,356) (88,238)
Net current assets 2,533 1,693
Net assets 4,032 3,167
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,932 3,067
Shareholders' funds 4,032 3,167
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dilaver Saglam
Director
Approved by the board on 31 July 2024
London Spare Parts Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 2,878
Additions 400
At 31 May 2024 3,278
Depreciation
At 1 June 2023 1,404
Charge for the year 375
At 31 May 2024 1,779
Net book value
At 31 May 2024 1,499
At 31 May 2023 1,474
4 Debtors 2024 2023
£ £
Trade debtors 56,694 74,411
Other debtors 1,928 1,374
58,622 75,785
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 2,958
Taxation and social security costs 13,480 11,873
Other creditors 80,876 73,407
94,356 88,238
6 Controlling party
Mr Dilaver Saglam, a company shareholder controls the company by virtue of holding 100% of the issued share capital.
7 Other information
London Spare Parts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Clock House Parade
North Circular Road
London
N13 6BG
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