Thistle Mobile Tyres Ltd SC722462 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is vehicle tyre repair. Digita Accounts Production Advanced 6.30.9574.0 true true SC722462 2022-03-01 2023-02-28 SC722462 2023-02-28 SC722462 bus:OrdinaryShareClass1 2023-02-28 SC722462 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC722462 core:MotorVehicles 2023-02-28 SC722462 core:PlantMachinery 2023-02-28 SC722462 bus:SmallEntities 2022-03-01 2023-02-28 SC722462 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC722462 bus:AbridgedAccounts 2022-03-01 2023-02-28 SC722462 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC722462 bus:RegisteredOffice 2022-03-01 2023-02-28 SC722462 bus:Director1 2022-03-01 2023-02-28 SC722462 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC722462 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC722462 bus:Agent1 2022-03-01 2023-02-28 SC722462 core:CommercialMotorVehicles 2022-03-01 2023-02-28 SC722462 core:MotorVehicles 2022-03-01 2023-02-28 SC722462 core:PlantMachinery 2022-03-01 2023-02-28 SC722462 countries:Scotland 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC722462

Thistle Mobile Tyres Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2023

 

Thistle Mobile Tyres Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 10

 

Thistle Mobile Tyres Ltd

Company Information

Director

Mr Ian Barrie

Registered office

3 Larch Street
Grangemouth
Falkirk
FK3 8PG

Accountants

Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Thistle Mobile Tyres Ltd

Director's Report for the Year Ended 28 February 2023

The director presents his report and the abridged financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Mr Ian Barrie

Principal activity

The principal activity of the company is vehicle tyre repair.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 25 October 2023
 

.........................................
Mr Ian Barrie
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Thistle Mobile Tyres Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Thistle Mobile Tyres Ltd for the year ended 28 February 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Thistle Mobile Tyres Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thistle Mobile Tyres Ltd and state those matters that we have agreed to state to the Board of Directors of Thistle Mobile Tyres Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thistle Mobile Tyres Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Thistle Mobile Tyres Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Thistle Mobile Tyres Ltd. You consider that Thistle Mobile Tyres Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Thistle Mobile Tyres Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Thistle Mobile Tyres Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 28 February 2023

Note

2023
£

Turnover

 

40,592

Cost of sales

 

(32,711)

Gross profit

 

7,881

Administrative expenses

 

(3,138)

Operating profit

 

4,743

Profit before tax

4

4,743

Profit for the financial year

 

4,743

Retained earnings brought forward

 

-

Dividends paid

 

(2,000)

Retained earnings carried forward

 

2,743

 

Thistle Mobile Tyres Ltd

(Registration number: SC722462)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

11,274

Current assets

 

Stocks

6

4,983

Cash at bank and in hand

 

3,687

 

8,670

Prepayments and accrued income

 

912

Creditors: Amounts falling due within one year

(16,879)

Net current liabilities

 

(7,297)

Total assets less current liabilities

 

3,977

Accruals and deferred income

 

(1,134)

Net assets

 

2,843

Capital and reserves

 

Called up share capital

7

100

Retained earnings

2,743

Shareholders' funds

 

2,843

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 25 October 2023
 

 

Thistle Mobile Tyres Ltd

(Registration number: SC722462)
Abridged Balance Sheet as at 28 February 2023 (continued)

.........................................
Mr Ian Barrie
Director

 

Thistle Mobile Tyres Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Larch Street
Grangemouth
Falkirk
FK3 8PG
Scotland

The principal place of business is:
55 Northfield Crescent
Longridge
Bathgate
EH47 8AL
Scotland

These financial statements were authorised for issue by the director on 25 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Thistle Mobile Tyres Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

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

Commercial vehicles

10% reducing balance

Plant & machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Thistle Mobile Tyres Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

1,378

 

Thistle Mobile Tyres Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023 (continued)

5

Tangible assets

Plant and machinery
£

Commercial vehicles
 £

Total
£

Cost or valuation

Additions

2,252

10,400

12,652

At 28 February 2023

2,252

10,400

12,652

Depreciation

Charge for the year

338

1,040

1,378

At 28 February 2023

338

1,040

1,378

Carrying amount

At 28 February 2023

1,914

9,360

11,274

6

Stocks

2023
£

Other inventories

4,983

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

8

Dividends

   

2023

   

£

Interim dividend of £2,000 per ordinary share

 

2,000