ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: 10459310

UNIVERSAL SPARES & PARTS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2025

UNIVERSAL SPARES & PARTS LTD

REGISTERED NUMBER: 10459310

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2025

		2025		2024
Note	£	£	£	£

Fixed assets
Tangible assets	4		20,188		22,431
			20,188		22,431
Current assets
Debtors: amounts falling due within one year	5	16,670		12,131
Cash at bank and in hand	6	14,732		25,338
		31,402		37,469
Creditors: amounts falling due within one year	7	(102,328)		(392,101)
Total assets less current liabilities			(50,738)		(332,201)
Provisions for liabilities
Deferred tax	8		(3,906)		(4,216)
Net liabilities			(54,644)		(336,417)

Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(54,744)	(336,517)
		(54,644)	(336,417)

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UNIVERSAL SPARES & PARTS LTD

REGISTERED NUMBER: 10459310

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 NOVEMBER 2025

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2026.

Y Shenoy

Director

The notes on pages 3 to 9 form part of these financial statements.

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Universal Spares & Parts Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 128 City Road, London, United Kingdom, EC1V 2NX.
The company specialises in the repair of electrical equipment.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements are prepared on a going concern basis, despite the Statement of financial position showing net liabilities of £54,644 (2024 – £336,417). The director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the reporting date can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of comprehensive income.

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that
the Company becomes aware of the obligation, and are measured at the best estimate at the
reporting date of the expenditure required to settle the obligation, taking into account relevant risks
and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.

Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

4.	Tangible fixed assets

		Long-term leasehold property
		£
	Cost
	At 1 December 2024	42,506
	At 30 November 2025	42,506
	Depreciation
	At 1 December 2024	20,075
	Charge for the year	2,243
	At 30 November 2025	22,318
	Net book value
	At 30 November 2025	20,188
	At 30 November 2024	22,431

Debtors

					2025	2024
					£	£


Trade debtors	5,771	2,467
Other debtors	10,899	9,664
	16,670	12,131

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	14,732	25,338
	14,732	25,338

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	100,124	387,117
Corporation tax	698	-
Other taxation and social security	-	962
Other creditors	6	1,472
Accruals and deferred income	1,500	2,550
	102,328	392,101

8.	Deferred taxation

		2025
		£

	At beginning of year	4,216
	Credited to the Statement of comprehensive income	(310)
	At end of year	3,906

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	3,906	4,216
		3,906	4,216

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

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UNIVERSAL SPARES & PARTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

10.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £550 (2024 - £413). Contributions totalling £Nil (2024 - £92) were payable to the fund at the Statement of financial position date.

Not later than 1 year	35,000	35,000
Later than 1 year and not later than 5 years	70,000	105,000
	105,000	140,000

12.

Related party transactions

Included within other creditors is an amount of £6 (2024 - £6) due to the director.

Included within trade creditors is an amount of £97,748 (2024 - £382,418) due to a company controlled by a close family member of the director.
Included within trade debtors are amounts of £2,917 (2024 - £Nil) due from companies controlled by close family members of the director.
Included within other debtors is an amount of £608 (2024 - £Nil) due from a company controlled by a close family member of the director.

13.	Controlling party

The ultimate controlling party is the director by virtue of her majority shareholding in the company.

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