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Company No: 11677786 (England and Wales)

CVRT PARTS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

CVRT PARTS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

CVRT PARTS LTD

BALANCE SHEET

As at 30 November 2024
CVRT PARTS LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 708 958
Tangible assets 4 21,496 22,012
22,204 22,970
Current assets
Debtors 5 110,690 70,824
Cash at bank and in hand 1,957 102,199
112,647 173,023
Creditors: amounts falling due within one year 6 ( 46,062) ( 101,793)
Net current assets 66,585 71,230
Total assets less current liabilities 88,789 94,200
Creditors: amounts falling due after more than one year 7 ( 25,709) ( 31,405)
Provision for liabilities ( 4,219) ( 4,364)
Net assets 58,861 58,431
Capital and reserves
Called-up share capital 1 1
Profit and loss account 58,860 58,430
Total shareholder's funds 58,861 58,431

For the financial year ending 30 November 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 CVRT Parts Ltd (registered number: 11677786) were approved and authorised for issue by the Director on 28 August 2025. They were signed on its behalf by:

Mr G Pengelly
Director
CVRT PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
CVRT PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

CVRT Parts Ltd (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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
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 basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 Company 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).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Website costs Total
£ £
Cost
At 01 December 2023 1,250 1,250
At 30 November 2024 1,250 1,250
Accumulated amortisation
At 01 December 2023 292 292
Charge for the financial year 250 250
At 30 November 2024 542 542
Net book value
At 30 November 2024 708 708
At 30 November 2023 958 958

4. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 December 2023 37,795 37,795
Additions 3,016 3,016
At 30 November 2024 40,811 40,811
Accumulated depreciation
At 01 December 2023 15,783 15,783
Charge for the financial year 3,532 3,532
At 30 November 2024 19,315 19,315
Net book value
At 30 November 2024 21,496 21,496
At 30 November 2023 22,012 22,012

5. Debtors

2024 2023
£ £
Trade debtors 33,552 90
Amounts owed by director 73,900 68,067
Prepayments 3,238 2,667
110,690 70,824

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,847 4,706
Accruals and deferred income 6,320 63,772
Taxation and social security 32,828 29,913
Other creditors 2,067 3,402
46,062 101,793

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 25,709 31,405

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 9,478 3,416
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 9,478 3,416

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Key management 73,899 68,067

Interest has been charged in line with HMRC's official rate of interest.