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Registration number: 06613414

Express Car Parts Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 August 2024

 

Express Car Parts Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Express Car Parts Limited

(Registration number: 06613414)
Statement of Financial Position
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,951

20,827

Current assets

 

Stocks

5

209,359

212,487

Debtors

6

114,330

75,221

Cash at bank and in hand

 

197

9,456

 

323,886

297,164

Creditors: Amounts falling due within one year

7

(314,245)

(280,305)

Net current assets

 

9,641

16,859

Total assets less current liabilities

 

27,592

37,686

Creditors: Amounts falling due after more than one year

7

(88,649)

(106,973)

Net liabilities

 

(61,057)

(69,287)

Capital and reserves

 

Called up share capital

150,100

150,100

Retained earnings

(211,157)

(219,387)

Shareholders' deficit

 

(61,057)

(69,287)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. 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 director on 11 March 2025
 

 

Express Car Parts Limited

(Registration number: 06613414)
Statement of Financial Position
31 August 2024

.........................................
M Taylor
Director

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

1

General information

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

The address of its registered office is:
Unit 8, Parsonage Park
Horsham
West Sussex
RH12 4AL

These financial statements were authorised for issue by the director on 11 March 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

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.

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

over 4 years

Equipment

over 5 years

Plant and machnery

over 4 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

2

Accounting policies (continued)

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

84,308

24,355

4,219

112,882

At 31 August 2024

84,308

24,355

4,219

112,882

Depreciation

At 1 September 2023

66,560

24,352

1,143

92,055

Charge for the year

1,822

-

1,054

2,876

At 31 August 2024

68,382

24,352

2,197

94,931

Carrying amount

At 31 August 2024

15,926

3

2,022

17,951

At 31 August 2023

17,748

3

3,076

20,827

5

Stocks

2024
£

2023
£

Other inventories

209,359

212,487

6

Debtors

Current

2024
£

2023
£

Trade debtors

84,330

75,221

Other debtors

30,000

-

 

114,330

75,221

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

45,419

21,879

Trade creditors

 

181,542

151,604

Taxation and social security

 

4,669

5,777

Accruals and deferred income

 

1,631

1,258

Other creditors

 

80,984

99,787

 

314,245

280,305

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

88,649

106,973

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,790

64,576

Other borrowings

37,859

42,397

88,649

106,973

 

Express Car Parts Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

8

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,000

21,879

Bank overdrafts

19,619

-

Other borrowings

4,800

-

45,419

21,879