Parts Pak Ltd - Accounts to registrar (filleted)

DIRECTORS:

D Clark

G Levy

G Calder

SECRETARY:

G Levy

REGISTERED OFFICE:

Unit 2B

Snetterton Park

Snetterton

Norfolk

NR16 2JU

REGISTERED NUMBER:

09074318 (England and Wales)

AUDITORS:

Blick Rothenberg Audit LLP

Chartered Accountants, Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

FIXED ASSETS

Intangible assets

47,875

31,271

Tangible assets

28,531

6,535

Investments

501,305

515,401

577,711

553,207

CURRENT ASSETS

Stocks

264,160

278,853

Debtors: amounts falling due within one year

1,116,679

1,158,327

Cash at bank and in hand

142,631

221,006

1,523,470

1,658,186

CREDITORS

Amounts falling due within one year

(1,481,051

)

(797,352

)

NET CURRENT ASSETS

42,419

860,834

TOTAL ASSETS LESS CURRENT LIABILITIES

620,130

1,414,041

CREDITORS

Amounts falling due after more than one year

(21,820

)

(1,227,711

)

NET ASSETS

598,310

186,330

CAPITAL AND RESERVES

Called up share capital

100

Profit and Loss Account

598,210

186,230

SHAREHOLDERS' FUNDS

598,310

186,330

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G Calder - Director

1.	STATUTORY INFORMATION

Parts Pak Ltd 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

A summary of the significant accounting policies adopted by the the company is given in the following paragraphs. The policies have been consistently applied to all years present, unless stated otherwise.

Unless indicated otherwise in the accounting policies below, the financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Parts Pak Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Pak Engineering Group Ltd, Unit 2b, Snertterton Park Harling Road, Snetterton, Norwich, England, NR16 2JU.

Significant judgements and estimates

The directors have considered the criteria for the recognition of revenue from the supply of goods and services set out in FRS 102. In particular, whether the company can estimate the amount of revenue, that it is probable that the economic benefits associated with the transaction will flow to the company and the stage of completion can be measured reliably.

Turnover

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

Revenue for the sale of parts is recognised when the purchaser has been transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

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. Amortisation is recognised once the asset comes into use. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

Other intangibles assets are being amortised evenly over their estimated useful life of five years.

On disposal, the difference between net proceeds and the carrying amount of the item sold is recognised in the profit and loss account.

Tangible fixed assets

Tangible fixed assets are stated at their historical cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

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

Plant and machinery etc - 20/33% on cost and 25% reducing balance

On disposal, the difference between net proceeds and the carrying amount of the item sold is recognised in the profit and loss account.

Stocks

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

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes 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.

The Company's policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments

Investments in subsidiary companies are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment. The investments are reviewed for impairment on an annual basis and provision is made where there has been a permanent diminution in their value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses are included within administrative expenses in the profit and loss account. Where such exchange differences result in a net gain, a credit is recognised within administrative expenses; where they result in a net loss, a charge is recognised.

Pension costs and other post-retirement benefits

Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Warranties

Under the terms of contract for sale the company provides to make good, by repair or replacement, defects in the machines that it installs.

No provision has been made as the amount of the obligation cannot be estimated reliably and costs of warranty claims are charged to the profit and loss account as incurred.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Hire purchase and operating lease commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding each period.

Rentals payable under operating leases are charged against income 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 unless there is another systematic basis representative of the time pattern of the lessee's benefit from the leased asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 17 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

COST

At 1 January 2024

51,815

Additions

20,097

Disposals

(21,377

)

At 31 December 2024

50,535

AMORTISATION

At 1 January 2024

20,544

Charge for year

1,842

Eliminated on disposal

(19,726

)

At 31 December 2024

2,660

NET BOOK VALUE

At 31 December 2024

47,875

At 31 December 2023

31,271

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

COST

At 1 January 2024

54,390

Additions

31,255

Disposals

(15,282

)

At 31 December 2024

70,363

DEPRECIATION

At 1 January 2024

47,855

Charge for year

9,259

Eliminated on disposal

(15,282

)

At 31 December 2024

41,832

NET BOOK VALUE

At 31 December 2024

28,531

At 31 December 2023

6,535

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

COST

Additions

25,460

At 31 December 2024

25,460

DEPRECIATION

Charge for year

4,243

At 31 December 2024

4,243

NET BOOK VALUE

At 31 December 2024

21,217

Hire purchase contracts and finance leases are secured on the asset for which finance is provided.

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

COST

At 1 January 2024

515,401

Disposals

(25,376

)

Exchange differences

11,280

At 31 December 2024

501,305

NET BOOK VALUE

At 31 December 2024

501,305

At 31 December 2023

515,401

The directors have assessed the recoverable amounts of the investments at the balance sheet date as being more than their carrying value.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

Trade debtors

588,447

575,855

Amounts owed by group undertakings

399,491

452,456

Other debtors

128,741

130,016

1,116,679

1,158,327

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

Bank loans

10,406

10,149

Hire purchase contracts (see note 11)

4,427

Trade creditors

456,131

430,160

Amounts owed to group undertakings

632,039

85,188

Taxation and social security

19,427

24,803

Other creditors

358,621

247,052

1,481,051

797,352

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

Bank loans

4,059

14,465

Hire purchase contracts (see note 11)

17,761

Amounts owed to group undertakings

1,213,246

21,820

1,227,711

The company received a Coronavirus Bounce Back Loan in 2021 which attracts interest at a fixed rate of 2.5%. Repayments of capital and interest are made monthly for a period of 5 years until May 2026. The loan is unsecured.

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

Net obligations repayable:

Within one year

4,427

Between one and five years

17,761

22,188

Non-cancellable

operating leases

2024

2023

Within one year

105,242

101,802

Between one and five years

221,638

285,284

In more than five years

26,546

326,880

413,632

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The auditor's report on the financial statements for the year ended 31 December 2024 was qualified on the basis set out below:

Basis for qualified opinion

We were not appointed auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories as at the end of that financial year. In addition, we have been unable to satisfy ourselves by alternative procedures concerning the inventory quantities held at 31 December 2023 with a value of £278,853. Consequently, we were unable to determine whether any adjustment to this amount was necessary at 31 December 2023 or whether there would be any consequential effect on the cost of sales and of the profit for year ended 31 December 2024.

The audit report also included an other matter, with reference to the comparative figures being unaudited. The audit report was signed on 30 September 2025 by Simon Mayston (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions totalling £81,096 (2023: £73,684) were paid into the fund during the year. At the year end, contributions totalling £6,922 (2023: £6,465) were still outstanding at the year end and are shown within other creditors.

14.	RELATED PARTY DISCLOSURES

Included in amounts falling due within one year are amounts due from direct subsidiaries of £298,666 (2023: £405,523) and amounts due from other group undertakings amounting to £100,825 (2023: £46,932). Of these amounts £310 (£2023: £13,463) are subject to a loan agreement and are interest bearing. The remainder of the balance is due on demand and no interest is charged.

Included in amounts falling due within one year are amounts due to other group undertakings amounting to £632,039 (2023: £85,188). Of these amounts £583,246 are subject to a loan agreement and are interest bearing.

Included in amounts falling due within more than one year are amounts due to other group undertakings amounting to Nil (2023: £1,213,246). These amounts are subject to a loan agreement and are interest bearing.

All the day to day trading between the companies are being conducted under normal market conditions.

15.	ULTIMATE PARENT COMPANY

The ultimate parent company is Pak Engineering Group Limited, registered office: Unit 2b, Snetterton Park Harling

Road, Snetterton, Norwich, Norfolk, England, NR16 2JU

Parts Pak Ltd is included in the consolidated group accounts drawn up by Pak Engineering Group Ltd. The financial statements of Pak Engineering Group Ltd showing the consolidated group accounts, can be obtained from the parent's registered office: Unit 2b, Snetterton Park Harling Road, Snetterton, Norwich, England, NR16 2JU.