REGISTERED NUMBER: 08460368 (England and Wales)

WORLD PARTS SUPPLY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

5,577

7,279

CURRENT ASSETS

Debtors

169,374

311,529

Cash at bank and in hand

4,702

19,520

174,076

331,049

CREDITORS

Amounts falling due within one year

110,514

205,398

NET CURRENT ASSETS

63,562

125,651

TOTAL ASSETS LESS CURRENT LIABILITIES

69,139

132,930

PROVISIONS FOR LIABILITIES

(1,060

)

(1,383

)

ACCRUALS AND DEFERRED INCOME

(6,155

)

(6,150

)

NET ASSETS

61,924

125,397

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

61,824

125,297

SHAREHOLDERS' FUNDS

61,924

125,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 March 2019 and were signed by:

J M T Charlesworth - Director

1.	STATUTORY INFORMATION

World Parts Supply Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

08460368

Registered office:

3 Weekley Wood Close

Kettering

Northamptonshire

NN14 1UQ

The main place of business is Shakeshafts Cottage, Aldgate, Ketton, Stamford, Lincolnshire, PE9 3TD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts (excluding value added tax) derived from the provision of goods and services to

customers during the year.

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 reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

14,177

Additions

740

At 31 March 2018

14,917

DEPRECIATION

At 1 April 2017

6,898

Charge for year

2,442

At 31 March 2018

9,340

NET BOOK VALUE

At 31 March 2018

5,577

At 31 March 2017

7,279

5.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Ashley Commercial Finance Ltd

36,668

130,389

The above liability is secured against all the assets of the company.