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Registration number: 06766402

Parts Station Limited
(formerly Dairy Bits Limited)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Parts Station Limited
(formerly Dairy Bits Limited)

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Parts Station Limited
(formerly Dairy Bits Limited)

Company Information

Directors

Mr Paul Crowter

Mrs Louise Crowter

Company secretary

Mrs Louise Crowter

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Parts Station Limited
(formerly Dairy Bits Limited)

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Change of company name

The company changed its name from Dairy Bits Limited to Parts Station Limited effective from 22 May 2024.

Director of the company

The director who held office during the year was as follows:

Mr Paul Crowter

The following director was appointed after the year end:

Mrs Louise Crowter - Director (appointed 3 April 2025)

Principal activity

The principal activity of the company is resale of dairy machinery parts.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 11 April 2025 and signed on its behalf by:

.........................................
Mr Paul Crowter
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parts Station Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parts Station Limited for the year ended 31 December 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Parts Station Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parts Station Limited and state those matters that we have agreed to state to the Board of Directors of Parts Station Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parts Station Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Parts Station Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Parts Station Limited. You consider that Parts Station Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Parts Station Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Pattinsons Business Services Ltd
Accountants
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

11 April 2025

 

Parts Station Limited
(formerly Dairy Bits Limited)

(Registration number: 06766402)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

12,052

15,129

Tangible assets

6

6,647

9,959

 

18,699

25,088

Current assets

 

Stocks

7

241,304

275,269

Debtors

8

231,533

633,423

Cash at bank and in hand

 

147,975

215,852

 

620,812

1,124,544

Creditors: Amounts falling due within one year

9

(168,337)

(303,988)

Net current assets

 

452,475

820,556

Total assets less current liabilities

 

471,174

845,644

Provisions for liabilities

(1,662)

(2,490)

Net assets

 

469,512

843,154

Capital and reserves

 

Called up share capital

10

1,001

1,001

Retained earnings

468,511

842,153

Shareholders' funds

 

469,512

843,154

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr Paul Crowter
Director

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The company was formerly known as Dairy Bits Limited.

The address of its registered office is:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the Board on 11 April 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.

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.

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.

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

25% reducing balance

Computer equipment

4 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

5 years straight line

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.

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,312

2,312

Amortisation expense

3,077

256

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

15,385

15,385

At 31 December 2024

15,385

15,385

Amortisation

At 1 January 2024

256

256

Amortisation charge

3,077

3,077

At 31 December 2024

3,333

3,333

Carrying amount

At 31 December 2024

12,052

12,052

At 31 December 2023

15,129

15,129

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

13,444

13,444

At 31 December 2024

13,444

13,444

Depreciation

At 1 January 2024

3,485

3,485

Charge for the year

3,312

3,312

At 31 December 2024

6,797

6,797

Carrying amount

At 31 December 2024

6,647

6,647

At 31 December 2023

9,959

9,959

7

Stocks

2024
£

2023
£

Other inventories

241,304

275,269

8

Debtors

2024
£

2023
£

Trade debtors

41,241

33,617

Other debtors

190,292

599,806

231,533

633,423

 

Parts Station Limited
(formerly Dairy Bits Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

12,645

25,431

Taxation and social security

 

94,526

34,392

Directors loan account

 

-

684

Other creditors

 

61,166

243,481

 

168,337

303,988

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A shares of £1 each

1

1

1

1

1,001

1,001

1,001

1,001

11

Related party transactions

Loans to related parties


Machinery World Limited
Included within debtors is an amount of £175,898 (2023: £352,402) due from Machinery World Limited, a company connected by virtue of common directorship. The loan was interest free and has no set repayment terms.


Rokk Processing Limited
Included within debtors is an amount of £Nil (2023: £217,310) due from Rokk Processing Limited, a company connected by virtue of common directorship. The loan was interest free and has no set repayment terms.

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.