Wearparts (NI) Ltd 31/03/2025 iXBRL

Company registration number: NI713073

Wearparts (NI) Ltd

Unaudited filleted financial statements

31 March 2025

Wearparts (NI) Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Wearparts (NI) Ltd

Directors and other information


Directors	Mr John Kennedy	Resigned 24 March 2025(Appointed 2 April 2024)
	Mrs Christina Kennedy	Resigned 24 March 2025 (Appointed 2 April 2024)
	Mr John McGilligan	(Appointed 24 February 2025)
	Mr James McGilligan	(Appointed 24 March 2025)
	Mr Jack McGilligan	(Appointed 24 March 2025)
	Mr Finbar McGilligan	(Appointed 24 March 2025)


Company number	NI713073


Registered office	100 Glen Road
	Maghera
	Co Derry
	BT46 5JG


Accountants	PFS Accountants and Auditors Ltd
	Chartered Certified Accountants
	122 Main Street
	Dungiven
	Co Derry
	BT47 4LG

Wearparts (NI) Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Wearparts (NI) Ltd

Period ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wearparts (NI) Ltd for the period ended 31 March 2025 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Wearparts (NI) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wearparts (NI) Ltd and state those matters that we have agreed to state to the board of directors of Wearparts (NI) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wearparts (NI) Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Wearparts (NI) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wearparts (NI) Ltd. You consider that Wearparts (NI) Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Wearparts (NI) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PFS Accountants and Auditors Ltd

Chartered Certified Accountants

122 Main Street

Dungiven

Co Derry

BT47 4LG

1 December 2025

Wearparts (NI) Ltd

Statement of financial position

31 March 2025

		31/03/25
	Note	£	£

Fixed assets
Intangible assets	4	208,185
		_______
			208,185

Current assets
Stocks		80,000
Debtors	5	16,002
		_______
		96,002
Creditors: amounts falling due
within one year	6	( 328,448)
		_______
Net current liabilities			( 232,446)
			_______
Total assets less current liabilities			( 24,261)

			_______
Net liabilities			( 24,261)
			_______

Capital and reserves
Called up share capital			2
Profit and loss account			( 24,263)
			_______
Shareholders deficit			( 24,261)
			_______

For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 01 December 2025 , and are signed on behalf of the board by:

Mr Finbar McGilligan

Director

Company registration number: NI713073

Wearparts (NI) Ltd

Statement of changes in equity

Period ended 31 March 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 2 April 2024	-	-	-

Loss for the period		( 24,263)	( 24,263)
	_______	_______	_______
Total comprehensive income for the period	-	( 24,263)	( 24,263)

Issue of shares	2		2
	_______	_______	_______
Total investments by and distributions to owners	2	-	2

	_______	_______	_______
At 31 March 2025	2	( 24,263)	( 24,261)
	_______	_______	_______

Wearparts (NI) Ltd

Notes to the financial statements

Period ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 100 Glen Road, Maghera, Co Derry, BT46 5JG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At 31st March 2025, the company had net liabilities of £24k however the directors have confirmed continued support and consider the company to have sufficient resources to continue trading for the foreseeable future. Based on this assessment the accounts have been prepared on a going concern basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Goodwill	Total
	£	£
Cost
At 2 April 2024	-	-
Additions	231,948	231,948
	_______	_______
At 31 March 2025	231,948	231,948
	_______	_______
Amortisation
At 2 April 2024	-	-
Charge for the period	23,763	23,763
	_______	_______
At 31 March 2025	23,763	23,763
	_______	_______
Carrying amount
At 31 March 2025	208,185	208,185
	_______	_______

5. Debtors

			31/03/25
			£
	Other debtors		16,002
			_______

6. Creditors: amounts falling due within one year

			31/03/25
			£
	Trade creditors		96,000
	Other creditors		232,448
			_______
			328,448
			_______