Registered number
08131208
Harry Park Tyres Limited
Unaudited Filleted Accounts
For the Year Ended
31 July 2023
Harry Park Tyres Limited
Registered number: 08131208
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 68,280 30,392
Current assets
Stocks 27,931 20,771
Debtors 4 63,316 53,884
Cash at bank and in hand 78,376 68,984
169,623 143,639
Creditors: amounts falling due within one year 5 (162,948) (109,430)
Net current assets 6,675 34,209
Total assets less current liabilities 74,955 64,601
Provisions for liabilities (12,973) (5,774)
Net assets 61,982 58,827
Capital and reserves
Called up share capital 2 2
Profit and loss account 61,980 58,825
Shareholders' funds 61,982 58,827
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
I Park
Director
Approved by the board on 12 October 2023
Harry Park Tyres Limited
Notes to the Accounts
for the year ended 31 July 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:
Motor vehicles 25% reducing balance
Plant and machinery 10% reducing balance
Computer equipment over 3 years
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.
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 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 51,882 17,400 69,282
Additions 16,474 36,950 53,424
Disposals - (7,500) (7,500)
At 31 July 2023 68,356 46,850 115,206
Depreciation
At 1 August 2022 26,418 12,472 38,890
Charge for the year 4,503 10,470 14,973
On disposals - (6,937) (6,937)
At 31 July 2023 30,921 16,005 46,926
Net book value
At 31 July 2023 37,435 30,845 68,280
At 31 July 2022 25,464 4,928 30,392
4 Debtors 2023 2022
£ £
Trade debtors 58,403 50,097
Other debtors 4,913 3,787
63,316 53,884
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,885 -
Trade creditors 117,038 93,738
Taxation and social security costs 8,852 13,440
Other creditors 3,173 2,252
162,948 109,430
6 Other information
Harry Park Tyres Limited is a private company limited by shares and incorporated in England. Its registered office is:
75 Appleby Road
Kendal
Cumbria
LA9 6HE
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