5 5 Unispares Limited 04108899 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is distributing spare parts to the motor trade. Digita Accounts Production Advanced 6.30.9574.0 true true 04108899 2023-09-01 2024-08-31 04108899 2024-08-31 04108899 core:CurrentFinancialInstruments 2024-08-31 04108899 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04108899 core:Non-currentFinancialInstruments 2024-08-31 04108899 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04108899 core:FurnitureFittingsToolsEquipment 2024-08-31 04108899 bus:SmallEntities 2023-09-01 2024-08-31 04108899 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04108899 bus:FilletedAccounts 2023-09-01 2024-08-31 04108899 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04108899 bus:RegisteredOffice 2023-09-01 2024-08-31 04108899 bus:Director1 2023-09-01 2024-08-31 04108899 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04108899 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04108899 core:MotorVehicles 2023-09-01 2024-08-31 04108899 core:OfficeEquipment 2023-09-01 2024-08-31 04108899 countries:EnglandWales 2023-09-01 2024-08-31 04108899 2023-08-31 04108899 core:FurnitureFittingsToolsEquipment 2023-08-31 04108899 2022-09-01 2023-08-31 04108899 2023-08-31 04108899 core:CurrentFinancialInstruments 2023-08-31 04108899 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04108899 core:Non-currentFinancialInstruments 2023-08-31 04108899 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04108899 core:FurnitureFittingsToolsEquipment 2023-08-31 xbrli:pure iso4217:GBP

Registration number: 04108899

Unispares Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 August 2024

 

Unispares Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Unispares Limited

(Registration number: 04108899)
Statement of Financial Position
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,893

4,325

Current assets

 

Stocks

5

99,210

93,413

Debtors

6

58,446

42,002

Cash at bank and in hand

 

1

1

 

157,657

135,416

Creditors: Amounts falling due within one year

7

(183,069)

(185,209)

Net current liabilities

 

(25,412)

(49,793)

Total assets less current liabilities

 

(21,519)

(45,468)

Creditors: Amounts falling due after more than one year

7

(16,254)

(23,518)

Net liabilities

 

(37,773)

(68,986)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(37,873)

(69,086)

Shareholders' deficit

 

(37,773)

(68,986)

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.

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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

 

Unispares Limited

(Registration number: 04108899)
Statement of Financial Position
31 August 2024

.........................................
G W Shepherd
Director

 

Unispares 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, Burrell Road
Haywards Heath
West Sussex
RH16 1TW

These financial statements were authorised for issue by the Board on 27 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.

Tax

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.

 

Unispares Limited

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

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

Motor vehicles

over 4 years

Computer equipment

between 2 and 5 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.

 

Unispares Limited

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

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.

 

Unispares Limited

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

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 directors) during the year, was 5 (2023 - 5).

 

Unispares Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

54,977

54,977

At 31 August 2024

54,977

54,977

Depreciation

At 1 September 2023

50,652

50,652

Charge for the year

432

432

At 31 August 2024

51,084

51,084

Carrying amount

At 31 August 2024

3,893

3,893

At 31 August 2023

4,325

4,325

5

Stocks

2024
£

2023
£

Other inventories

99,210

93,413

6

Debtors

Current

2024
£

2023
£

Trade debtors

56,621

40,176

Other debtors

1,825

1,826

 

58,446

42,002

 

Unispares 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

54,970

56,203

Trade creditors

 

96,576

112,176

Taxation and social security

 

7,163

3,172

Accruals and deferred income

 

30,373

710

Other creditors

 

(6,013)

12,948

 

183,069

185,209

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

16,254

23,518

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,254

23,518

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,915

9,686

Bank overdrafts

30,787

29,184

Other borrowings

14,268

17,333

54,970

56,203