Company registration number 11537975 (England and Wales)
Special Parts Limited
Unaudited financial statements
For the year ended 31 August 2024
Pages for filing with registrar
Special Parts Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Special Parts Limited
Balance sheet
As at 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
27,300
-
Debtors
4
7,511
954
Cash at bank and in hand
171,376
46,407
206,187
47,361
Creditors: amounts falling due within one year
5
(147,874)
(6,696)
Net current assets
58,313
40,665
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
6
38,313
20,665
Total equity
58,313
40,665
For the financial year ended 31 August 2024 the company was entitled to exemption from audit 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 in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
L Pacini
Director
Company registration number 11537975 (England and Wales)
Special Parts Limited
Notes to the financial statements
For the year ended 31 August 2024
- 2 -
1
Accounting policies
Company information
Special Parts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 John Wilson Business Park, Chestfield, Whitstable, Kent, CT5 3QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes.
1.3
Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,284
325
Special Parts Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 3 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
205
Other debtors
7,511
749
7,511
954
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135,929
Corporation tax
4,284
325
Other creditors
7,661
6,371
147,874
6,696
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
20,665
19,847
Profit for the year
17,648
818
At the end of the year
38,313
20,665
7
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
The director's loan accounts were not overdrawn during the period.