Registered number
08097861
AVA TYRES LIMITED
Filleted Accounts
30 June 2023
AVA TYRES LIMITED
Registered number: 08097861
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 46,251 49,006
Current assets
Stocks 580,676 511,676
Debtors 4 10,000 10,000
Cash at bank and in hand 1,035 1,031
591,711 522,707
Creditors: amounts falling due within one year 5 (452,086) (396,155)
Net current assets 139,625 126,552
Total assets less current liabilities 185,876 175,558
Creditors: amounts falling due after more than one year 6 (184,963) (218,799)
Net assets/(liabilities) 913 (43,241)
Capital and reserves
Called up share capital 100 100
Profit and loss account 813 (43,341)
Shareholder's funds 913 (43,241)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tariq AHMED
Director
Approved by the board on 28 July 2023
AVA TYRES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10%RBM
Motor Vehicle 10%RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 47,857 47,098 94,955
Additions 2,313 - 2,313
At 30 June 2023 50,170 47,098 97,268
Depreciation
At 1 July 2022 25,303 20,646 45,949
Charge for the year 2,423 2,645 5,068
At 30 June 2023 27,726 23,291 51,017
Net book value
At 30 June 2023 22,444 23,807 46,251
At 30 June 2022 22,554 26,452 49,006
4 Debtors 2023 2022
£ £
Other debtors 10,000 10,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 139,228 83,866
Trade creditors 107,957 132,372
Directors' Loan Account 164,537 143,166
Taxation and social security costs 32,961 26,442
Other creditors 7,403 10,309
452,086 396,155
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 184,963
Obligations under finance lease and hire purchase contracts - 218,799
184,963 218,799
7 Other information
AVA TYRES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
73 Whalebone Lane South
Dagenham, Essex,
RM8 1AJ
AVA TYRES LIMITED 08097861 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts October 2023 Tariq AHMED No description of principal activity 08097861 2021-07-01 2022-06-30 08097861 core:WithinOneYear 2022-06-30 08097861 core:AfterOneYear 2022-06-30 08097861 core:ShareCapital 2022-06-30 08097861 core:RetainedEarningsAccumulatedLosses 2022-06-30 08097861 2022-07-01 2023-06-30 08097861 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08097861 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 08097861 bus:Director40 2022-07-01 2023-06-30 08097861 1 2022-07-01 2023-06-30 08097861 2 2022-07-01 2023-06-30 08097861 core:PlantMachinery 2022-07-01 2023-06-30 08097861 core:Vehicles 2022-07-01 2023-06-30 08097861 countries:England 2022-07-01 2023-06-30 08097861 bus:FRS102 2022-07-01 2023-06-30 08097861 bus:FullAccounts 2022-07-01 2023-06-30 08097861 2023-06-30 08097861 core:WithinOneYear 2023-06-30 08097861 core:AfterOneYear 2023-06-30 08097861 core:ShareCapital 2023-06-30 08097861 core:RetainedEarningsAccumulatedLosses 2023-06-30 08097861 core:PlantMachinery 2023-06-30 08097861 core:Vehicles 2023-06-30 08097861 2022-06-30 08097861 core:PlantMachinery 2022-06-30 08097861 core:Vehicles 2022-06-30 iso4217:GBP xbrli:pure