01 June 2023 31 August 2024 No principle activity is included 12587843 2023-06-01 12587843 2024-08-31 12587843 2023-06-01 2024-08-31 12587843 2023-05-31 12587843 2022-06-01 2023-05-31 12587843 uk-core:WithinOneYear 2024-08-31 12587843 uk-core:WithinOneYear 2023-05-31 12587843 uk-core:ShareCapital 2024-08-31 12587843 uk-core:ShareCapital 2023-05-31 12587843 uk-core:RetainedEarningsAccumulatedLosses 2024-08-31 12587843 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 12587843 uk-bus:Director1 2023-06-01 2024-08-31 12587843 uk-bus:RegisteredOffice 2023-06-01 2024-08-31 12587843 uk-curr:PoundSterling 2023-06-01 2024-08-31 12587843 uk-core:PlantMachinery 2023-06-01 2024-08-31 12587843 uk-core:Vehicles 2023-06-01 2024-08-31 12587843 uk-core:FurnitureFittings 2023-06-01 2024-08-31 12587843 uk-core:OfficeEquipment 2023-06-01 2024-08-31 12587843 uk-core:VehiclesPlantMachinery 2023-05-31 12587843 uk-core:VehiclesPlantMachinery 2024-08-31 12587843 uk-core:VehiclesPlantMachinery 2023-06-01 2024-08-31 12587843 uk-bus:FRS102 2023-06-01 2024-08-31 12587843 uk-bus:FullAccounts 2023-06-01 2024-08-31 12587843 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-08-31 12587843 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-08-31 iso4217:GBP xbrli:pure
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  PARTS SOURCE LTD
   
   
   
  UNAUDITED FINANCIAL STATEMENTS
   
   
  FOR THE PERIOD ENDED 31 AUGUST 2024
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  PARTS SOURCE LTD
  FINANCIAL STATEMENTS
  FOR THE PERIOD ENDED 31 AUGUST 2024
       
       
  DIRECTORS
       
  P McLoughlin
  E Sweeney
       
       
  SECRETARY
       
  P McLoughlin
       
  REGISTERED OFFICE
       
  Unit 8, Titan Court, Laporte Way, Luton, Bedfordshire, LU4 8EF
       
       
  COMPANY REGISTERED NUMBER
       
  12587843
       
       
  BANKERS
       
  Lloyds Bank plc
       
       
  ACCOUNTANTS
       
  Haartwells Accountants
  Chartered Certified Accountants
  25 Park Street West
Luton
LU1 3BE
       
       
  CONTENTS
       
  Pages
       
       
  2 Statement of Financial Position  
       
       
  3-5 Notes to the Financial Statements  
       
     
  page 1
  PARTS SOURCE LTD
  Company registered number: 12587843
  STATEMENT OF FINANCIAL POSITION AT 31 August 2024
           
    Note 2024 2023
      £ £ £
  FIXED ASSETS
  Property, plant and equipment 3 1,084 1,275
  CURRENT ASSETS    
  Inventories   34,198 17,423
  Debtors 4 3,418 23,386
  Cash at bank and in hand   1,058 1,904
      38,674 42,713
  CREDITORS: Amounts falling due within one year 5 36,651 39,313
  NET CURRENT ASSETS   2,023 3,400
  NET ASSETS   £3,107 £4,675
       
  CAPITAL AND RESERVES
  Called up share capital   150 150
  Retained earnings   2,957 4,525
  SHAREHOLDERS' FUNDS   £3,107 £4,675
       
       
       
  In approving these financial statements as directors of the company we hereby confirm the following:
       
  For the period in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
       
  The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with section 476 of the Companies Act 2006.
       
  The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.
 
 
  These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
       
  The financial statements were approved and authorised for issue by the board of directors on 14 May 2025
 
  Signed on behalf of the board of directors
 
 
       
  P McLoughlin, Director
       
       
  The notes on pages 3-5 form part of these financial statements
   
  page 2
  PARTS SOURCE LTD
  NOTES TO THE ACCOUNTS
  FOR THE PERIOD ENDED 31 AUGUST 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Parts Source Ltd is a private limited company incorporated in England and Wales.
         
  Registered office:
  Unit 8, Titan Court, Laporte Way, Luton, Bedfordshire, LU4 8EF
  These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 June 2023.
         
  The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes and below. These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
         
 
         
  Basis of accounting
         
 
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
1c. Revenue recognition
         
  Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
         
1d. Taxation
         
         
  Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
       
1e. Property, plant and equipment
       
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
       
  Plant and machinery Reducing balance 25%  
  Vehicles Reducing balance 25%  
  Fixtures and fittings Reducing balance 15%  
  Equipment Reducing balance 15%  
         
1f. Inventories
         
  Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.
         
  The notes on pages 3-5 form part of these financial statements
   
  page 3
  PARTS SOURCE LTD
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE PERIOD ENDED 31 AUGUST 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1g. Short term debtors and creditors
         
  Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
         
         
1h. Cash and cash equivalents
         
  Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.
         
 
         
1i. Interest bearing borrowings
         
  All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.
         
         
1j. Leased assets
         
  Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
         
 
         
       
       
2. DIRECTORS AND EMPLOYEES
       
  Employee costs during the period amounted to: 2024 2023
    £ £
  Wages and salaries 31,148 17,806
  Pension costs 794 184
    £31,942 £17,990
  The average weekly number of employees during the period were as follows:
    2024 2023
    No. No.
  Management and administration 1 0
  Production and sales 1 0
    2 0
   
  The notes on pages 3-5 form part of these financial statements
   
  page 4
  PARTS SOURCE LTD
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE PERIOD ENDED 31 AUGUST 2024
       
3. PROPERTY, PLANT AND EQUIPMENT
    Plant &  
    Machinery Total
    £ £
  Cost
       
  At 1 June 2023 1,500 1,500
       
  At 31 August 2024 1,500 1,500
   
  Depreciation
       
  At 1 June 2023 225 225
  For the period 191 191
  At 31 August 2024 416 416
   
  Net Book Amounts
       
  At 31 August 2024 1,084 1,084
  At 31 May 2023 1,275 1,275
   
       
       
4. DEBTORS 2024 2023
    £ £
  Trade debtors 3,418 23,386
    £3,418 £23,386
   
       
       
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2024 2023
    £ £
  Trade creditors 12,692 8,052
  Amounts owed to group undertakings 15,000 15,000
  Other taxes and social security 6,572 5,097
  Other creditors - 214
  Accruals and deferred income 2,387 10,950
    £36,651 £39,313
   
  The notes on pages 3-5 form part of these financial statements
   
  page 5