THE PARTS STORE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R T L Watkins

S G Ruddle

REGISTERED OFFICE:

82 High Street

Nailsea

Bristol

BS48 1AS

REGISTERED NUMBER:

03436859 (England and Wales)

ACCOUNTANTS:

Bowen Accountants Ltd

Chartered Accountants

Unit 1 Gate Farm

High Street

Sutton Benger

Chippenham

Wiltshire

SN15 4RE

FIXED ASSETS

Tangible assets

4

12,468

16,816

CURRENT ASSETS

Stocks

5

83,006

80,784

Debtors

6

289,388

181,165

Prepayments and accrued income

9,934

10,305

Cash at bank and in hand

169,684

194,633

552,012

466,887

CREDITORS

Amounts falling due within one year

7

181,466

137,607

NET CURRENT ASSETS

370,546

329,280

TOTAL ASSETS LESS CURRENT LIABILITIES

383,014

346,096

PROVISIONS FOR LIABILITIES

8

(3,117

)

(4,041

)

ACCRUALS AND DEFERRED INCOME

(2,224

)

(1,490

)

NET ASSETS

377,673

340,565

CAPITAL AND RESERVES

Called up share capital

85

85

Capital redemption reserve

15

15

Retained earnings

377,573

340,465

SHAREHOLDERS' FUNDS

377,673

340,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

S G Ruddle - Director

1.	STATUTORY INFORMATION

The Parts Store 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

-

15% on cost

Motor vehicles

-

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 Statement of Income and Retained Earnings, 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 8 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2024

18,789

2,040

34,648

22,825

78,302

Additions

-

200

-

665

865

At 28 February 2025

18,789

2,240

34,648

23,490

79,167

DEPRECIATION

At 1 March 2024

18,789

557

20,512

21,628

61,486

Charge for year

-

234

4,367

612

5,213

At 28 February 2025

18,789

791

24,879

22,240

66,699

NET BOOK VALUE

At 28 February 2025

-

1,449

9,769

1,250

12,468

At 29 February 2024

-

1,483

14,136

1,197

16,816

5.

STOCKS

2025

2024

£

£

Stocks

83,006

80,784

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

43,460

49,777

Other debtors

30,366

30,366

Directors' current accounts

160,800

100,530

Tax

54,762

492

289,388

181,165

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

82,370

89,322

Tax

85,709

35,488

Social security and other taxes

2,209

598

VAT

11,178

10,603

Directors' current accounts

-

1,596

181,466

137,607

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

3,117

4,041

Deferred

tax

£

Balance at 1 March 2024

4,041

Credit to Statement of Income and Retained Earnings during year

(924

)

Balance at 28 February 2025

3,117

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

2025

2024

£

£

R T L Watkins

Balance outstanding at start of year

100,531

-

Amounts advanced

55,441

100,531

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

155,972

100,531

S G Ruddle

Balance outstanding at start of year

-

-

Amounts advanced

4,828

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,828

-

Interest has been charge on loans at the official rate where the balance exceeds £10,000.

10.	RELATED PARTY DISCLOSURES

Included within other debtors is a loan of £30,366 (2024: £30,366) due from Richard Watkins & Associates Limited. A company under common control with The Parts Store Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Richard Watkins.