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Registered number: 09723728
Ford Spare Parts Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
CBS Accountants Ltd
Chartered Accountants
Unit 17, Orbital 25 Business Park
Dwight Road
Watford
Hertfordshire
WD18 9DA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09723728
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,692 66,846
Investments 5 184,465 184,465
245,157 251,311
CURRENT ASSETS
Stocks 6 354,650 214,650
Debtors 7 22,889 15,984
Cash at bank and in hand 3,338 502
380,877 231,136
Creditors: Amounts Falling Due Within One Year 8 (444,245 ) (279,109 )
NET CURRENT ASSETS (LIABILITIES) (63,368 ) (47,973 )
TOTAL ASSETS LESS CURRENT LIABILITIES 181,789 203,338
Creditors: Amounts Falling Due After More Than One Year 9 (53,033 ) (88,953 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,478 ) (12,701 )
NET ASSETS 112,278 101,684
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 112,277 101,683
SHAREHOLDERS' FUNDS 112,278 101,684
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Azeem Ahmed
Director
11/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ford Spare Parts Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09723728 . The registered office is Unit 16, Station Approach, Hitchin, SG4 9UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% Straight line
Plant & Machinery 25% Straight line
Fixtures & Fittings 15% Straight line
Computer Equipment 25% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 9,446 35,139 97,956 7,254 149,795
Additions - 21,000 - - 21,000
Disposals (551 ) - - - (551 )
As at 31 August 2024 8,895 56,139 97,956 7,254 170,244
Depreciation
As at 1 September 2023 - 23,882 54,473 4,594 82,949
Provided during the period - 10,097 14,693 1,813 26,603
As at 31 August 2024 - 33,979 69,166 6,407 109,552
...CONTINUED
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Net Book Value
As at 31 August 2024 8,895 22,160 28,790 847 60,692
As at 1 September 2023 9,446 11,257 43,483 2,660 66,846
5. Investments
Unlisted
£
Cost
As at 1 September 2023 184,465
As at 31 August 2024 184,465
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 184,465
As at 1 September 2023 184,465
Fixed asset investments are shown at cost less amounts written off.
6. Stocks
2024 2023
£ £
Stock 354,650 214,650
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,714 12,395
Other debtors 2,175 3,589
22,889 15,984
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Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 64,236 180,486
Bank loans and overdrafts 41,291 6,069
Other loans 8,788 20,204
Other creditors 305,859 57,055
Taxation and social security 24,071 15,295
444,245 279,109
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 53,033 88,953
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within other Creditors are the following loans from directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Azeem Ahmed 52,517 249,191 - - 301,708
The above loan is unsecured, interest free and repayable on demand.
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