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Registration number: 04656212

Swarland Motor Parts Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2023 to 25 April 2024

 

Swarland Motor Parts Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Swarland Motor Parts Limited

(Registration number: 04656212)
Balance Sheet as at 25 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,126

27,554

Current assets

 

Stocks

6

19,856

23,308

Debtors

7

8,190

10,097

 

28,046

33,405

Creditors: Amounts falling due within one year

8

(135,900)

(109,002)

Net current liabilities

 

(107,854)

(75,597)

Total assets less current liabilities

 

(86,728)

(48,043)

Creditors: Amounts falling due after more than one year

8

(16,145)

(21,697)

Net liabilities

 

(102,873)

(69,740)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(102,973)

(69,840)

Shareholders' deficit

 

(102,873)

(69,740)

For the financial period ending 25 April 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 period 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 25 April 2025
 

.........................................
D Mason
Director

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

1

General information

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

The address of its registered office is:
16 Glebe Road
Bedlington
Northumberland
NE22 6JS

These financial statements were authorised for issue by the director on 25 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.

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.

Government grants

The entity adopted the accrual model for recognising government grants.

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:

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance Basis

Plant and machinery

15% Reducing Balance Basis

Furniture and fittings

15% Reducing Balance Basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% 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.

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.

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

10,000

10,000

At 25 April 2024

10,000

10,000

Amortisation

At 1 May 2023

10,000

10,000

At 25 April 2024

10,000

10,000

Carrying amount

At 25 April 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

5,073

37,612

8,945

51,630

At 25 April 2024

5,073

37,612

8,945

51,630

Depreciation

At 1 May 2023

4,530

14,621

4,925

24,076

Charge for the period

79

5,747

602

6,428

At 25 April 2024

4,609

20,368

5,527

30,504

Carrying amount

At 25 April 2024

464

17,244

3,418

21,126

At 30 April 2023

543

22,991

4,020

27,554

6

Stocks

2024
£

2023
£

Raw materials and consumables

19,856

23,308

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

7

Debtors

Current

2024
£

2023
£

Other debtors

8,190

10,097

 

8,190

10,097

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

15,613

15,078

Trade creditors

 

11,602

6,862

Taxation and social security

 

1,272

18,613

Accruals and deferred income

 

10,000

13,000

Other creditors

 

97,413

55,449

 

135,900

109,002

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

16,145

21,697

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

317

-

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,963

14,213

Hire purchase contracts

5,182

7,484

16,145

21,697

 

Swarland Motor Parts Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 25 April 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,250

3,109

Bank overdrafts

9,985

9,842

Finance lease liabilities

2,378

2,127

15,613

15,078