Parts USA Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09398969 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Parts USA Ltd

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

N McDonald

REGISTERED OFFICE:

13 The Gate Centre

Bredbury Parkway

Bredbury

Stockport

Cheshire

SK6 2SN

REGISTERED NUMBER:

09398969 (England and Wales)

ACCOUNTANTS:

IN Accountancy Limited

6 Station View

Bramhall Moor Lane

Hazel Grove

Stockport

Cheshire

SK7 5ER

FIXED ASSETS

Tangible assets

4

2,230

343

CURRENT ASSETS

Stocks

21,800

19,600

Debtors

5

5,013

2,834

Cash at bank

70,522

37,670

97,335

60,104

CREDITORS

Amounts falling due within one year

6

50,656

41,572

NET CURRENT ASSETS

46,679

18,532

TOTAL ASSETS LESS CURRENT LIABILITIES

48,909

18,875

CREDITORS

Amounts falling due after more than one year

7

(47,500

)

-

PROVISIONS FOR LIABILITIES

(424

)

-

NET ASSETS

985

18,875

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

983

18,873

SHAREHOLDERS' FUNDS

985

18,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 14 May 2021 and were signed by:

N McDonald - Director

1.	STATUTORY INFORMATION

Parts USA 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.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 etc

-

33% on cost and 25% 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.

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 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

8,343

Additions

2,479

At 31 January 2021

10,822

DEPRECIATION

At 1 February 2020

8,000

Charge for year

592

At 31 January 2021

8,592

NET BOOK VALUE

At 31 January 2021

2,230

At 31 January 2020

343

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

4,010

1,256

Other debtors

1,003

1,578

5,013

2,834

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts

2,500

-

Payments on account

4,884

-

Trade creditors

13,085

23,087

Taxation and social security

14,958

17,399

Other creditors

15,229

1,086

50,656

41,572

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans

47,500

-

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2021 and 31 January 2020:

31.1.21

31.1.20

£

£

N McDonald

Balance outstanding at start of year

(1,086

)

(2,528

)

Amounts advanced

34,104

39,250

Amounts repaid

(46,747

)

(37,808

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(13,729

)

(1,086

)

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N McDonald.