2022-03-012023-02-282023-02-28false08879100TIER ONE AUTOMOTIVE 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TIER ONE AUTOMOTIVE LTD

Registered Number
08879100
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

TIER ONE AUTOMOTIVE LTD
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

POPE, Alex Edward

Registered Address

32 Willoughby Road
London
N8 0JG

Registered Number

08879100 (England and Wales)
TIER ONE AUTOMOTIVE LTD
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets57,0654,329
7,0654,329
Current assets
Debtors6708,597498,512
Cash at bank and on hand334,876402,052
1,043,473900,564
Creditors amounts falling due within one year7(414,013)(352,616)
Net current assets (liabilities)629,460547,948
Total assets less current liabilities636,525552,277
Creditors amounts falling due after one year8(36,059)(46,708)
Provisions for liabilities9(983)(983)
Net assets599,483504,586
Capital and reserves
Called up share capital11
Profit and loss account599,482504,585
Shareholders' funds599,483504,586
The financial statements were approved and authorised for issue by the Director on 12 October 2023, and are signed on its behalf by:
POPE, Alex Edward
Director
Registered Company No. 08879100
TIER ONE AUTOMOTIVE LTD
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
4.Employee information

20232022
Average number of employees during the year00
5.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 March 223,4445,6339,077
Additions4,166-4,166
At 28 February 237,6105,63313,243
Depreciation and impairment
At 01 March 222,3582,3904,748
Charge for year9454851,430
At 28 February 233,3032,8756,178
Net book value
At 28 February 234,3072,7587,065
At 28 February 221,0863,2434,329
6.Debtors

2023

2022

££
Trade debtors / trade receivables708,597494,346
Prepayments and accrued income-4,166
Total708,597498,512
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables155,58147,470
Taxation and social security85,254131,906
Other creditors171,049167,213
Accrued liabilities and deferred income2,1296,027
Total414,013352,616
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts36,05946,708
Total36,05946,708
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)983983
Total983983