Ford Parts (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03824713 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2021

for

Ford Parts (UK) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

T Gamble

SECRETARY:

K J Gamble

REGISTERED OFFICE:

Unit 14A

Brama Teams Industrial Estate

Dunston

Gateshead

Tyne and Wear

NE8 2RG

REGISTERED NUMBER:

03824713 (England and Wales)

ACCOUNTANTS:

TTR Barnes

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

The Royal Bank of Scotland plc

31 Grey Street

Newcastle upon Tyne

NE1 6ES

FIXED ASSETS

Intangible assets

4

41,583

47,333

Tangible assets

5

769,772

776,881

Investment property

6

202,295

202,295

1,013,650

1,026,509

CURRENT ASSETS

Stocks

23,000

23,000

Debtors

7

20,968

11,947

Cash at bank and in hand

5,120

11,787

49,088

46,734

CREDITORS

Amounts falling due within one year

8

170,228

130,294

NET CURRENT LIABILITIES

(121,140

)

(83,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

892,510

942,949

CREDITORS

Amounts falling due after more than one year

9

(114,326

)

(148,683

)

PROVISIONS FOR LIABILITIES

(19,012

)

(17,541

)

NET ASSETS

759,172

776,725

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

759,170

776,723

SHAREHOLDERS' FUNDS

759,172

776,725

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 16 February 2022 and were signed by:

T Gamble - Director

1.	STATUTORY INFORMATION

Ford Parts (UK) Limited 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 have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover

Turnover represents net invoiced rental income and services, and in addition the sale of second hand motor spares, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the businesses, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% Straight line

Computer equipment

-

33% on reducing balance

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply to the conditions attached to them and that the grants will be received or will not need to be repaid.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 7 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

115,000

AMORTISATION

At 1 September 2020

67,667

Charge for year

5,750

At 31 August 2021

73,417

NET BOOK VALUE

At 31 August 2021

41,583

At 31 August 2020

47,333

5.	TANGIBLE FIXED ASSETS

Improvements

Land and

to

Plant and

Buildings

property

machinery

£

£

£

COST

At 1 September 2020

634,476

108,116

155,977

Additions

-

-

22,500

At 31 August 2021

634,476

108,116

178,477

DEPRECIATION

At 1 September 2020

50,758

7,273

64,049

Charge for year

12,690

2,163

14,627

At 31 August 2021

63,448

9,436

78,676

NET BOOK VALUE

At 31 August 2021

571,028

98,680

99,801

At 31 August 2020

583,718

100,843

91,928

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2020

2,400

3,257

904,226

Additions

-

-

22,500

At 31 August 2021

2,400

3,257

926,726

DEPRECIATION

At 1 September 2020

2,400

2,865

127,345

Charge for year

-

129

29,609

At 31 August 2021

2,400

2,994

156,954

NET BOOK VALUE

At 31 August 2021

-

263

769,772

At 31 August 2020

-

392

776,881

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2020

and 31 August 2021

367,888

DEPRECIATION

At 1 September 2020

and 31 August 2021

165,593

NET BOOK VALUE

At 31 August 2021

202,295

At 31 August 2020

202,295

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

11,843

2,082

Other debtors

9,125

9,865

20,968

11,947

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

12,970

7,137

Trade creditors

3,109

11,467

Taxation and social security

17,615

25,433

Other creditors

136,534

86,257

170,228

130,294

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

114,326

148,683

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

41,611

120,135

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

127,296

155,820

Loans are secured by way of a fixed charge over the properties, plant and equipment of the company.