REGISTERED NUMBER: 09945353 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

SPARES2REPAIR LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr T E Broad

Mrs C Broad

Registered office:

Unit B, Lake Works

Cranleigh Road

Fareham

Hampshire

PO16 9DR

Registered number:

09945353 (England and Wales)

Accountants:

M Squared Accounting Ltd

Botley Mills

Mill Hill

Botley

Southampton

Hampshire

SO30 2GB

Fixed assets

Tangible assets

4

5,982

9,428

Current assets

Stocks

5

84,975

74,866

Debtors

6

49,415

40,286

Cash at bank

116,120

34,886

250,510

150,038

Creditors

Amounts falling due within one year

7

210,858

158,910

Net current assets/(liabilities)

39,652

(8,872

)

Total assets less current liabilities

45,634

556

Capital and reserves

Called up share capital

2

1

Retained earnings

45,632

555

45,634

556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by:

Mr T E Broad - Director

1.	STATUTORY INFORMATION

Spares2repair 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.	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.

Turnover

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

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

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

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.

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 10 (2024 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 February 2024

9,168

22,144

31,312

Additions

500

-

500

At 31 January 2025

9,668

22,144

31,812

DEPRECIATION

At 1 February 2024

2,866

19,018

21,884

Charge for year

1,701

2,245

3,946

At 31 January 2025

4,567

21,263

25,830

NET BOOK VALUE

At 31 January 2025

5,101

881

5,982

At 31 January 2024

6,302

3,126

9,428

5.

STOCKS

2025

2024

£

£

Stocks

84,975

74,866

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

12,857

13,380

Other debtors

36,558

26,906

49,415

40,286

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

89,004

102,680

Taxation and social security

108,196

43,439

Other creditors

13,658

12,791

210,858

158,910

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

2025

2024

£

£

Mr T E Broad

Balance outstanding at start of year

26,906

(677

)

Amounts advanced

61,408

78,353

Amounts repaid

(51,756

)

(50,770

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

36,558

26,906

Interest has been charged on this loan at 2.25% per annum, calculated using the averaging method.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr T E Broad.