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Company No: 03435383 (England and Wales)

MAXPARTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

MAXPARTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

MAXPARTS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MAXPARTS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTOR DN. Chitty
SECRETARY DN. Chitty
REGISTERED OFFICE Unit 2
108 Hawley Lane
Farnborough
Hampshire
GU14 8JE
Farnborough
United Kingdom
COMPANY NUMBER 03435383 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
MAXPARTS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
MAXPARTS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,160 4,780
5,160 4,780
Current assets
Stocks 4 171,839 624,373
Debtors 5 167,069 218,791
Cash at bank and in hand 6 29,965 34,743
368,873 877,907
Creditors: amounts falling due within one year 7 ( 354,709) ( 664,938)
Net current assets 14,164 212,969
Total assets less current liabilities 19,324 217,749
Provision for liabilities 8 ( 1,289) ( 1,195)
Net assets 18,035 216,554
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 18,033 216,552
Total shareholder's funds 18,035 216,554

For the financial year ending 30 September 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 financial statements of MAXparts Limited (registered number: 03435383) were approved and authorised for issue by the Director on 06 June 2025. They were signed on its behalf by:

DN. Chitty
Director
MAXPARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MAXPARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MAXparts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2, 108 Hawley Lane, Farnborough, Hampshire, GU14 8JE, Farnborough, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 122,514 122,514
Additions 2,206 2,206
At 30 September 2024 124,720 124,720
Accumulated depreciation
At 01 October 2023 117,734 117,734
Charge for the financial year 1,826 1,826
At 30 September 2024 119,560 119,560
Net book value
At 30 September 2024 5,160 5,160
At 30 September 2023 4,780 4,780

4. Stocks

2024 2023
£ £
Stocks 171,839 624,373

5. Debtors

2024 2023
£ £
Trade debtors 151,358 207,581
Prepayments 13,599 11,147
Corporation tax 2,028 0
Other debtors 84 63
167,069 218,791

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 29,282 33,633
Short-term deposits 683 1,110
29,965 34,743

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 88,096 63,806
Amounts owed to director 220,733 390,000
Accruals 3,051 4,773
Taxation and social security 42,812 206,116
Other creditors 17 243
354,709 664,938

8. Provision for liabilities

2024 2023
£ £
Deferred tax 1,289 1,195

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 A ordinary shares of £ 1.00 each 2 2

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 27,500 27,500
between one and five years 82,500 110,000
110,000 137,500

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Balance outstanding at start of year (390,000) (524,855)
Amounts advanced 269,267 204,855
Amounts repaid (100,000) (70,000)
Amounts written off 0 0
Amounts waived 0 0
Balance outstanding at end of year (220,733) (390,000)

The above advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: