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REGISTERED NUMBER: 08957524 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

IT PARTS (EUROPE) LIMITED

IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IT PARTS (EUROPE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: H T Atkins
N D Hilliard





REGISTERED OFFICE: 49 The Drive
Rickmansworth
WD3 4EA





BUSINESS ADDRESS: 2 Prince Georges Road
Colliers Wood
London
SW19 2PX





REGISTERED NUMBER: 08957524 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 243 435
243 435

CURRENT ASSETS
Stocks 1,807 6,003
Debtors 7 4,910 13,004
Cash at bank 148,767 108,431
155,484 127,438
CREDITORS
Amounts falling due within one year 8 40,322 45,606
NET CURRENT ASSETS 115,162 81,832
TOTAL ASSETS LESS CURRENT LIABILITIES 115,405 82,267

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 115,305 82,167
SHAREHOLDERS' FUNDS 115,405 82,267

The 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





H T Atkins - Director


IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

IT Parts (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
There are no significant accounting judgements and estimates that require disclosure.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on the despatch of goods. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. In practice this means that revenue is recognised when the goods are invoiced.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held with banks and other short term highly liquid investments with original maturities of three months or less.

(ii) Trade and other debtors

Trade and other debtors are measured at transaction price. Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business less any impairment provision. There are recognised as current assets as collection is due within one year or less.

(iii) Trade and other creditors

Trade and other creditors are measured at transaction price. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. These are classified as current liabilities as payment is due in one year or less.

Share Capital
Ordinary shares are classified as equity.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 10,000
AMORTISATION
At 1 June 2023
and 31 May 2024 10,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 3,406
DEPRECIATION
At 1 June 2023 2,971
Charge for year 192
At 31 May 2024 3,163
NET BOOK VALUE
At 31 May 2024 243
At 31 May 2023 435

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,743 10,337
Other debtors 1,167 2,667
4,910 13,004

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 520 718
Amounts owed to group undertakings 20,284 28,632
Taxation and social security 13,154 9,493
Other creditors 6,364 6,763
40,322 45,606

IT PARTS (EUROPE) LIMITED (REGISTERED NUMBER: 08957524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Retained
earnings
£   

At 1 June 2023 82,167
Profit for the year 33,138
At 31 May 2024 115,305

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Askew FCA (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

12. OPERATING LEASE COMMITMENTS

During the year the company entered into a property lease agreement with an outstanding commitment at the year end of £21,000.

13. ULTIMATE PARENT COMPANY

The ultimate parent company is 2PG Investments Limited, a company registered in England and Wales. The consolidated accounts are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.