REGISTERED NUMBER: 03603277 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Impex Parts Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S W Burrows

SECRETARY:

D M Ramsbottom

REGISTERED OFFICE:

Unit 8

United Business Park

Lowfields Road

Leeds

West Yorkshire

LS12 6UB

REGISTERED NUMBER:

03603277 (England and Wales)

ACCOUNTANTS:

KJA Bairstow & Atkinson

Network House

Stubs Beck Lane

Cleckheaton

West Yorkshire

BD19 4TT

FIXED ASSETS

Intangible assets

4

7,903

8,544

Tangible assets

5

111,017

130,801

Investments

6

100

100

Investment property

7

1,641,300

-

1,760,320

139,445

CURRENT ASSETS

Stocks

1,044,402

1,012,047

Debtors

8

2,369,132

3,196,357

Cash at bank

19,973,039

19,512,981

23,386,573

23,721,385

CREDITORS

Amounts falling due within one year

9

5,405,016

5,798,107

NET CURRENT ASSETS

17,981,557

17,923,278

TOTAL ASSETS LESS CURRENT LIABILITIES

19,741,877

18,062,723

PROVISIONS FOR LIABILITIES

12

13,642

20,778

NET ASSETS

19,728,235

18,041,945

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Retained earnings

19,727,235

18,040,945

SHAREHOLDERS' FUNDS

19,728,235

18,041,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2025 and were signed by:

S W Burrows - Director

1.	STATUTORY INFORMATION

Impex Parts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

A sale is recorded when stock leaves the warehouse for delivery to a customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% reducing balance and 10% straight line

Fixed assets are initially recognised when costs are incurred and depreciated from when they are brought into use. Fixed assets are written down in value if there is any indication of impairment.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued using the weighted average cost method.

Taxation

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.

The company is charged by its subsidiary for the losses received under group relief. The amount charged is the amount of tax relief which the company receives as a result of this group relief. This recharge is included in the tax charge in the profit and loss account and is netted off the intercompany account in the balance sheet.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

12,818

AMORTISATION

At 1 January 2024

4,274

Charge for year

641

At 31 December 2024

4,915

NET BOOK VALUE

At 31 December 2024

7,903

At 31 December 2023

8,544

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

690,785

Additions

19,073

Disposals

(9,000

)

At 31 December 2024

700,858

DEPRECIATION

At 1 January 2024

559,984

Charge for year

37,397

Eliminated on disposal

(7,540

)

At 31 December 2024

589,841

NET BOOK VALUE

At 31 December 2024

111,017

At 31 December 2023

130,801

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

1,641,300

At 31 December 2024

1,641,300

NET BOOK VALUE

At 31 December 2024

1,641,300

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

462,630

849,666

Other debtors

1,906,502

2,346,691

2,369,132

3,196,357

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

1,980

2,235

Trade creditors

717,473

349,949

Taxation and social security

188,845

117,876

Other creditors

4,496,718

5,328,047

5,405,016

5,798,107

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

9,841

11,299

Between one and five years

4,374

14,579

14,215

25,878

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

1,980

2,235

The company credit card balance is secured by an unlimited debenture dated 14th July 2000, incorporating a fixed and floating charge.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

17,129

24,265

Tax losses carried forward

(13,487

)

(13,487

)

Other provisions

10,000

10,000

13,642

20,778

Deferred

Warranty

tax

provision

£

£

Balance at 1 January 2024

10,778

10,000

Utilised during year

(7,136

)

-

Balance at 31 December 2024

3,642

10,000

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

14.	RELATED PARTY DISCLOSURES

2024

2023

Entities with control over company - due from (to) related party

(65,127

)

(65,127

)

Entities with control over company - consultancy

-

48,109

Key management personnel - rent

71,000

71,000

Key management personnel - interest payable

67,489

35,677

Other related parties - due to related parties

2,182,625

1,767,839

Other related parties - sales

1,614,558

3,359,087

Other related parties - purchases

1,862,071

4,668,824

Other related parties - management income

422,806

330,000

Other related parties - interest income

-

29,993

All related party balances are repayable on demand.

Interest is charged on two of the intercompany loans. One is charged at 0% per annum (2022: 5% per annum) and the other at 7.5% per annum in both years. All other intercompany loans are interest free.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is S W Burrows.