PARTSOURCE LTD.


Directors	JONES, Bethany Leigh
	JONES, Martin Howard
	JONES, Matthew David


Registered Address	Unit 2f Spa Fields Industrial Estate
	Slaithwaite
	Huddersfield
	HD7 5BB


Registered Number	03955789 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		12,140		19,297
Tangible assets	4		1,348		730
			13,488		20,027
Current assets
Stocks		73,063		82,741
Debtors	5	179,052		114,958
Cash at bank and on hand		3,920		27,915
		256,035		225,614
Creditors amounts falling due within one year	6	(202,507)		(166,706)
Net current assets (liabilities)			53,528		58,908
Total assets less current liabilities			67,016		78,935
Creditors amounts falling due after one year			(63,858)		(78,269)
Provisions for liabilities			(2,172)		(139)
Net assets			986		527
Capital and reserves
Called up share capital			200		200
Profit and loss account			786		327
Shareholders' funds			986		527

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 13 November 2025, and are signed on its behalf by:

JONES, Matthew David
Director
Registered Company No. 03955789

PARTSOURCE LTD.

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	The directors have reviewed the financial position of the company and they are of the consideration that the company will continue trading as a going concern.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Goodwill arising on the acquisition of an entity represents the excess of the cost of the acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised a the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful like, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of the acquisition over the company's interest in the net fair value of the  identifiable assets, liabilities and contingent liabilities of the entity recognised a the  date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful like, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	2		2

3.	Intangible assets

		Total
		£
	Cost or valuation
	At 01 April 24	37,499
	Additions	1,040
	At 31 March 25	38,539
	Amortisation and impairment
	At 01 April 24	18,202
	Charge for year	8,197
	At 31 March 25	26,399
	Net book value
	At 31 March 25	12,140
	At 31 March 24	19,297

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 April 24	3,639
	Additions	1,405
	At 31 March 25	5,044
	Depreciation and impairment
	At 01 April 24	2,910
	Charge for year	786
	At 31 March 25	3,695
	Net book value
	At 31 March 25	1,348
	At 31 March 24	730

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	79,153	78,245
Other debtors	84,732	36,138
Prepayments and accrued income	15,167	575
Total	179,052	114,958


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	112,269	102,489
Bank borrowings and overdrafts	40,079	16,062
Taxation and social security	36,301	37,742
Other creditors	13,759	10,413
Accrued liabilities and deferred income	99	-
Total	202,507	166,706


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
JONES, Matthew David	327	69,963	71,636	(1,346)
	327	69,963	71,636	(1,346)