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REGISTERED NUMBER: SC061135 (Scotland)















Goodtread Tyre Company (Evanton) Limited

Financial Statements For The Year Ended 29 August 2021






Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)






Contents of the Financial Statements
For The Year Ended 29 August 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Goodtread Tyre Company (Evanton) Limited

Company Information
For The Year Ended 29 August 2021







DIRECTORS: A D J Mackenzie
M A K Kelman



SECRETARY: A D J Mackenzie



REGISTERED OFFICE: 38/40 High Street
Alness
Ross-Shire
IV17 0PS



REGISTERED NUMBER: SC061135 (Scotland)



ACCOUNTANTS: The Long Partnership
1st Floor
Robertson House
Shore Street
Inverness
Highland
IV1 1NF



BANKERS: The Royal Bank Of Scotland plc
Alness Branch
53 High Street
Alness
Ross-Shire
IV17 0SH

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Balance Sheet
29 August 2021

29.8.21 29.8.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 653,582 638,920
Investments 5 1,000 1,000
654,582 639,920

CURRENT ASSETS
Stocks 1,175,781 1,152,491
Debtors 6 381,518 444,671
Cash at bank and in hand 278,820 229,817
1,836,119 1,826,979
CREDITORS
Amounts falling due within one year 7 650,622 619,910
NET CURRENT ASSETS 1,185,497 1,207,069
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,840,079

1,846,989

CREDITORS
Amounts falling due after more than one
year

8

(65,295

)

(66,974

)

PROVISIONS FOR LIABILITIES 9 (87,805 ) (82,453 )
NET ASSETS 1,686,979 1,697,562

CAPITAL AND RESERVES
Called up share capital 10 24,000 24,000
Revaluation reserve 11 323,146 323,146
Retained earnings 11 1,339,833 1,350,416
SHAREHOLDERS' FUNDS 1,686,979 1,697,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 August 2021 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.

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Balance Sheet - continued
29 August 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2022 and were signed on its behalf by:





A D J Mackenzie - Director


Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements
For The Year Ended 29 August 2021

1. STATUTORY INFORMATION

Goodtread Tyre Company (Evanton) Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Equipment - 15% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 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 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.

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 23 (2020 - 25 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to
property property Equipment
£    £    £   
COST OR VALUATION
At 30 August 2020 590,000 7,177 171,901
Additions - - 824
Disposals - - -
At 29 August 2021 590,000 7,177 172,725
DEPRECIATION
At 30 August 2020 - 5,212 144,641
Charge for year - 718 5,224
Eliminated on disposal - - -
At 29 August 2021 - 5,930 149,865
NET BOOK VALUE
At 29 August 2021 590,000 1,247 22,860
At 29 August 2020 590,000 1,965 27,260

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2021

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 30 August 2020 122,867 230,556 1,122,501
Additions 823 34,833 36,480
Disposals - (7,330 ) (7,330 )
At 29 August 2021 123,690 258,059 1,151,651
DEPRECIATION
At 30 August 2020 119,866 213,862 483,581
Charge for year 2,088 13,788 21,818
Eliminated on disposal - (7,330 ) (7,330 )
At 29 August 2021 121,954 220,320 498,069
NET BOOK VALUE
At 29 August 2021 1,736 37,739 653,582
At 29 August 2020 3,001 16,694 638,920

Cost or valuation at 29 August 2021 is represented by:

Improvements
Freehold to
property property Equipment
£    £    £   
Valuation in 2012 272,877 - -
Valuation in 2016 125,000 - -
Valuation in 2017 25,000 - -
Cost 167,123 7,177 172,725
590,000 7,177 172,725

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2012 - - 272,877
Valuation in 2016 - - 125,000
Valuation in 2017 - - 25,000
Cost 123,690 258,059 728,774
123,690 258,059 1,151,651

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2021

4. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued they would have been included at the following historical cost:

29.8.21 29.8.20
£    £   
Cost 167,123 167,123

Freehold land and buildings were valued on an open market basis on 19 May 2017 by Allied Scotland, Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 30 August 2020 29,216 115,069 144,285
Additions - 30,133 30,133
At 29 August 2021 29,216 145,202 174,418
DEPRECIATION
At 30 August 2020 11,989 98,375 110,364
Charge for year 4,382 13,298 17,680
At 29 August 2021 16,371 111,673 128,044
NET BOOK VALUE
At 29 August 2021 12,845 33,529 46,374
At 29 August 2020 17,227 16,694 33,921

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 30 August 2020
and 29 August 2021 1,000
NET BOOK VALUE
At 29 August 2021 1,000
At 29 August 2020 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.8.21 29.8.20
£    £   
Trade debtors 376,965 440,656
Other debtors 4,553 4,015
381,518 444,671

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.8.21 29.8.20
£    £   
Other loans 10,000 -
Hire purchase contracts 19,567 17,235
Trade creditors 469,655 463,000
Tax 448 609
Social security and other taxes 74,045 48,058
VAT 57,169 65,764
Sundry creditors 7,472 10,185
Accrued expenses 12,266 15,059
650,622 619,910

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.8.21 29.8.20
£    £   
Other loans - 1-2 years 20,000 50,000
Other loans - 2-5 years 17,430 -
Hire purchase contracts 27,865 16,974
65,295 66,974

9. PROVISIONS FOR LIABILITIES
29.8.21 29.8.20
£    £   
Deferred tax 87,805 82,453

Deferred
tax
£   
Balance at 30 August 2020 82,453
Provided during year 5,352
Balance at 29 August 2021 87,805

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.8.21 29.8.20
value: £    £   
24,000 Ordinary £1 24,000 24,000

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2021

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 30 August 2020 1,350,416 323,146 1,673,562
Deficit for the year (10,583 ) (10,583 )
At 29 August 2021 1,339,833 323,146 1,662,979

12. ULTIMATE CONTROLLING PARTY

The controlling party is A D J Mackenzie.