Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-302023-12-01falseRepair of electrical equipment11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10459310 2023-12-01 2024-11-30 10459310 2022-12-01 2023-11-30 10459310 2024-11-30 10459310 2023-11-30 10459310 c:Director1 2023-12-01 2024-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2023-12-01 2024-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2024-11-30 10459310 d:Buildings d:LongLeaseholdAssets 2023-11-30 10459310 d:CurrentFinancialInstruments 2024-11-30 10459310 d:CurrentFinancialInstruments 2023-11-30 10459310 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 10459310 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 10459310 d:ShareCapital 2024-11-30 10459310 d:ShareCapital 2023-11-30 10459310 d:RetainedEarningsAccumulatedLosses 2024-11-30 10459310 d:RetainedEarningsAccumulatedLosses 2023-11-30 10459310 d:AcceleratedTaxDepreciationDeferredTax 2024-11-30 10459310 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 10459310 c:OrdinaryShareClass1 2023-12-01 2024-11-30 10459310 c:OrdinaryShareClass1 2024-11-30 10459310 c:FRS102 2023-12-01 2024-11-30 10459310 c:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 10459310 c:FullAccounts 2023-12-01 2024-11-30 10459310 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 10459310 d:WithinOneYear 2024-11-30 10459310 d:WithinOneYear 2023-11-30 10459310 d:BetweenOneFiveYears 2024-11-30 10459310 d:BetweenOneFiveYears 2023-11-30 10459310 d:EntityControlledByKeyManagementPersonnel1 2023-12-01 2024-11-30 10459310 d:EntityControlledByKeyManagementPersonnel1 2024-11-30 10459310 d:EntityControlledByKeyManagementPersonnel2 2023-12-01 2024-11-30 10459310 d:EntityControlledByKeyManagementPersonnel2 2024-11-30 10459310 e:PoundSterling 2023-12-01 2024-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10459310









UNIVERSAL SPARES & PARTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
UNIVERSAL SPARES & PARTS LTD
REGISTERED NUMBER: 10459310

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
22,431
24,923

  
22,431
24,923

Current assets
  

Debtors: amounts falling due within one year
 5 
12,131
33,599

Cash at bank and in hand
 6 
25,338
22,294

  
37,469
55,893

Creditors: amounts falling due within one year
 7 
(392,101)
(344,000)

Total assets less current liabilities
  
 
 
(332,201)
 
 
(263,184)

Provisions for liabilities
  

Deferred tax
 8 
(4,216)
(4,533)

Net liabilities
  
(336,417)
(267,717)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(336,517)
(267,817)

  
(336,417)
(267,717)


Page 1

 
UNIVERSAL SPARES & PARTS LTD
REGISTERED NUMBER: 10459310
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2025.




Y Shenoy
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Universal Spares & Parts Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 128 City Road, London, United Kingdom, EC1V 2NX.
The company specialises in the repair of electrical equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis, despite the Statement of financial position showing net liabilities of £336,417 (2023 – £267,717). The director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the reporting date can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that
the Company becomes aware of the obligation, and are measured at the best estimate at the
reporting date of the expenditure required to settle the obligation, taking into account relevant risks
and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.



3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Long-term leasehold property

£



Cost 


At 1 December 2023
42,506



At 30 November 2024

42,506



Depreciation


At 1 December 2023
17,583


Charge for the year
2,492



At 30 November 2024

20,075



Net book value



At 30 November 2024
22,431



At 30 November 2023
24,923


5.


Debtors

2024
2023
£
£


Trade debtors
2,467
2,886

Other debtors
9,664
30,713

12,131
33,599



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
25,338
22,294

25,338
22,294


Page 7

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
387,117
5,754

Other taxation and social security
962
630

Other creditors
1,472
320,482

Accruals and deferred income
2,550
17,134

392,101
344,000



8.


Deferred taxation




2024


£






At beginning of year
4,533


Credited to the Statement of comprehensive income
(317)



At end of year
4,216

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
4,216
4,533

4,216
4,533


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 8

 
UNIVERSAL SPARES & PARTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £413 (2023 - £504). Contributions totalling £92 (2023 - £92) were payable to the fund at the Statement of financial position date.


11.


Commitments under operating leases

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,000
35,000

Later than 1 year and not later than 5 years
105,000
140,000

140,000
175,000


12.


Related party transactions

Included within other creditors is an amount of £6 (2023 - £6) due to the director.

Included within other debtors is an amount of £Nil (2023 - £3,049) due from a company controlled by a close family member of director.

Included within other creditors is an amount of £382,418 (2023 - £319,008) due to a company controlled by a close family member of director.

Included within other debtors is an amount of £Nil (2023 - £18,000) due from a company controlled by a close family member of director.


13.


Controlling party

The ultimate controlling party is the director by virtue of her majority shareholding in the company.

 
Page 9