Parts Gateway Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03819062 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2022

for

Parts Gateway Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

M Pendlebury

J N Dickinson

REGISTERED OFFICE:

Unit C2 Otley Mills

Ilkley Road

Otley

Leeds

West Yorkshire

LS21 1QS

REGISTERED NUMBER:

03819062 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

FIXED ASSETS

Tangible assets

5

-

3

CURRENT ASSETS

Stocks

6,125

28,745

Debtors

6

145,774

119,824

Cash at bank

98,016

114,545

249,915

263,114

CREDITORS

Amounts falling due within one year

7

(156,271

)

(137,177

)

NET CURRENT ASSETS

93,644

125,937

TOTAL ASSETS LESS CURRENT LIABILITIES

93,644

125,940

CREDITORS

Amounts falling due after more than one year

8

(91,969

)

(124,188

)

NET ASSETS

1,675

1,752

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

675

752

SHAREHOLDERS' FUNDS

1,675

1,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

M Pendlebury - Director

1.	STATUTORY INFORMATION

Parts Gateway 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

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

-

25% on cost

Computer equipment

-

33% 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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 September 2021

and 31 August 2022

19,584

1,149

20,733

DEPRECIATION

At 1 September 2021

19,584

1,146

20,730

Charge for year

-

3

3

At 31 August 2022

19,584

1,149

20,733

NET BOOK VALUE

At 31 August 2022

-

-

-

At 31 August 2021

-

3

3

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Other debtors

45,399

38,876

Directors' current accounts

100,375

80,948

145,774

119,824

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

32,219

23,312

Tax

65,282

66,115

Social security and other taxes

15,770

21,601

Other creditors

40,500

24,150

Accrued expenses

2,500

1,999

156,271

137,177

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans - 1-2 years

33,037

32,219

Bank loans - 2-5 years

58,932

91,969

91,969

124,188

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Loan

86,688

100,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2022 and 31 August 2021:

31.8.22

31.8.21

£

£

M Pendlebury

Balance outstanding at start of year

27,999

20,976

Amounts advanced

74,073

64,610

Amounts repaid

(57,483

)

(57,587

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

44,589

27,999

J N Dickinson

Balance outstanding at start of year

52,950

36,732

Amounts advanced

58,108

70,205

Amounts repaid

(55,272

)

(53,987

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

55,786

52,950

11.	ULTIMATE CONTROLLING PARTY

The directors being shareholders control the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parts Gateway Limited for the year ended 31 August 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Parts Gateway Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parts Gateway Limited and state those matters that we have agreed to state to the Board of Directors of Parts Gateway Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parts Gateway Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Parts Gateway Limited 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 profit of Parts Gateway Limited. You consider that Parts Gateway Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Parts Gateway Limited. 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.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

29 June 2023