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Registration number: 07515476

Horndean Tyres Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Horndean Tyres Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Horndean Tyres Limited

Company Information

Directors

P Michie

P A Michie

R A Michie

Registered office

Units 8 & 9 Westfields Industrial Estate
22 Portsmouth Road
Horndean
Waterlooville
Hampshire
PO8 9JX

Accountants

Howard Smith & Co Limited
Chartered Accountants
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

Horndean Tyres Limited

(Registration number: 07515476)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

385,679

345,831

Current assets

 

Stocks

5

300,844

271,907

Debtors

6

800,042

672,586

Cash at bank and in hand

 

382,379

304,108

 

1,483,265

1,248,601

Creditors: Amounts falling due within one year

7

(930,724)

(831,131)

Net current assets

 

552,541

417,470

Total assets less current liabilities

 

938,220

763,301

Creditors: Amounts falling due after more than one year

7

(51,861)

(97,938)

Provisions for liabilities

(94,911)

(63,361)

Net assets

 

791,448

602,002

Capital and reserves

 

Called up share capital

300

300

Retained earnings

791,148

601,702

Shareholders' funds

 

791,448

602,002

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Horndean Tyres Limited

(Registration number: 07515476)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
P Michie
Director

.........................................
P A Michie
Director

.........................................
R A Michie
Director

 

Horndean Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 8 & 9 Westfields Industrial Estate
22 Portsmouth Road
Horndean
Waterlooville
Hampshire
PO8 9JX

These financial statements were authorised for issue by the Board on 2 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Horndean Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

10% on cost

Fixtures and fittings

10% on reducing balance

Motor vehicles

20% on reducing balance

Computer equipment

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Horndean Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 31).

4

Tangible assets

Short leasehold land and buildings
£

Plant & machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

18,691

179,111

66,233

434,363

698,398

Additions

-

43,249

1,798

103,048

148,095

Disposals

-

-

-

(79,034)

(79,034)

At 31 March 2023

18,691

222,360

68,031

458,377

767,459

Depreciation

At 1 April 2022

12,760

79,112

52,853

207,842

352,567

Charge for the year

1,234

13,554

3,795

59,977

78,560

Eliminated on disposal

-

-

-

(49,347)

(49,347)

At 31 March 2023

13,994

92,666

56,648

218,472

381,780

Carrying amount

At 31 March 2023

4,697

129,694

11,383

239,905

385,679

At 31 March 2022

5,931

99,999

13,380

226,521

345,831

Included within the net book value of land and buildings above is £4,697 (2022 - £5,931) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

300,844

271,907

 

Horndean Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

755,628

657,272

Prepayments

12,613

15,105

Other debtors

31,801

209

 

800,042

672,586

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

188,302

190,003

Trade creditors

 

556,440

507,125

Taxation and social security

 

176,569

118,396

Accruals and deferred income

 

3,300

8,878

Other creditors

 

6,113

6,729

 

930,724

831,131

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

51,861

97,938

 

Horndean Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,723

53,795

Contributions paid to money purchase schemes

9,000

9,000

32,723

62,795

Dividends paid to directors

   

2023
£

 

2022
£

       

 

118,220

 

112,335