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REGISTERED NUMBER: 05441110 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Mike Knight Tyres Limited

Mike Knight Tyres Limited (Registered number: 05441110)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mike Knight Tyres Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: M J G Knight
L M Kingscott



SECRETARY: Mrs L M Kingscott



REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



REGISTERED NUMBER: 05441110 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: Lloyds TSB
16 The Triangle
Clevedon
Somerset
BS21 6NB

Mike Knight Tyres Limited (Registered number: 05441110)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,846 17,399

CURRENT ASSETS
Stocks 5 51,765 62,419
Debtors 6 43,851 38,292
Cash at bank 137,840 124,831
233,456 225,542
CREDITORS
Amounts falling due within one year 7 151,387 145,388
NET CURRENT ASSETS 82,069 80,154
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,915

97,553

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 101,815 97,453
SHAREHOLDERS' FUNDS 101,915 97,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

Mike Knight Tyres Limited (Registered number: 05441110)

Balance Sheet - continued
31 July 2023


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 16 October 2023 and were signed on its behalf by:





L M Kingscott - Director


Mike Knight Tyres Limited (Registered number: 05441110)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Mike Knight Tyres 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. 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.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

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.


Mike Knight Tyres Limited (Registered number: 05441110)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 48,159 4,495 3,263 55,917
Additions 5,995 - - 5,995
At 31 July 2023 54,154 4,495 3,263 61,912
DEPRECIATION
At 1 August 2022 31,643 4,113 2,762 38,518
Charge for year 3,377 96 75 3,548
At 31 July 2023 35,020 4,209 2,837 42,066
NET BOOK VALUE
At 31 July 2023 19,134 286 426 19,846
At 31 July 2022 16,516 382 501 17,399

Mike Knight Tyres Limited (Registered number: 05441110)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. STOCKS
31.7.23 31.7.22
£    £   
Stocks 51,765 62,419

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 34,547 27,114
Prepayments 9,304 11,178
43,851 38,292

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 119,658 112,316
Tax 4,748 7,687
Social security and other taxes 4,564 5,637
VAT 17,715 16,036
Other creditors 569 783
Directors' current accounts 855 267
Accrued expenses 3,278 2,662
151,387 145,388

8. ULTIMATE CONTROLLING PARTY

The controlling party is L M Kingscott.