XPart Limited - Filleted accounts

XPart Limited
Registered number:		10846701
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	4		-			28,152

Current assets
Stocks		-			757,808
Debtors	5	308,865			318,328
Cash at bank and in hand		7,166			12,918
		316,031			1,089,054

Creditors: amounts falling due within one year	6	(30,885)			(832,061)

Net current assets			285,146			256,993

Total assets less current liabilities			285,146			285,145


Provisions for liabilities			(7,039)			(7,038)


Net assets			278,107			278,107

Capital and reserves
Called up share capital			100			100
Profit and loss account			278,007			278,007

Shareholders' funds			278,107			278,107

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr J S Whateley
Director
Approved by the board on 22 September 2025

XPart Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Tools and equipment	over 10 years
	Fixtures and fittings	over 4 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		-		2


3	Intangible fixed assets				£
	Goodwill:

	Cost
	At 1 January 2024				80,000
	At 31 December 2024				80,000

	Amortisation
	At 1 January 2024				41,333
	Provided during the year				38,667
	At 31 December 2024				80,000

	Net book value
	At 31 December 2024				-
	At 31 December 2023				38,667

	Intellectual property has been written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 January 2024				147,217
	Transfers to a group company				(147,217)
	At 31 December 2024				-

	Depreciation
	At 1 January 2024				119,065
	Transfers to a group company				(119,065)
	At 31 December 2024				-

	Net book value
	At 31 December 2024				-
	At 31 December 2023				28,152


5	Debtors		2024		2023
£				£

	Trade debtors		-		265,474
	Amounts owed by group undertakings and undertakings in which the company has a participating interest		308,865		14,147
	Other debtors		-		38,707
			308,865		318,328


6	Creditors: amounts falling due within one year		2024		2023
£				£

	Bank loans and overdrafts		-		157,187
	Trade creditors		-		216,102
	Taxation and social security costs		30,885		3,875
	Other creditors		-		454,897
			30,885		832,061


7	Loans		2024		2023
£				£
	Creditors include:

	Secured bank loans		-		114,745

	The above loans were secured by two fixed and floating charges dated 29 April 2020 and 24 June 2021 over all the property or undertakings of the company. The loans were repaid at the start of the year.


8	Related party transactions

	Included within debtors is an amount owed by Motaclan Limited, a group company. There are no repayment terms or interest charged on the amount due.


9	Controlling party

	The parent company and ultimate controlling party is Car Parts Group Limited.


10	Other information

	XPart Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 15 Erdington Industrial Park
	Chester Road
	Birmingham
	West Midlands
	B24 0RD