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Registration number: 05151151

Manningtree Tyre & Service Centre Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Manningtree Tyre & Service Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Manningtree Tyre & Service Centre Ltd

Company Information

Director

Mr D Green

Company secretary

Ms M E Lynch

Registered office

Unit 5 Causeway End
Station Road
Lawford
Manningtree
Essex
CO11 2LH

Accountants

Aims Accountants
4 Southgate House
Plough Road Centre
Great Bentley
Essex
CO7 8LG

 

Manningtree Tyre & Service Centre Ltd

(Registration number: 05151151)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

(1)

(1)

Tangible assets

5

193,001

152,213

 

193,000

152,212

Current assets

 

Stocks

6

7,650

10,400

Debtors

7

202,260

200,629

Cash at bank and in hand

 

462,644

423,490

 

672,554

634,519

Creditors: Amounts falling due within one year

8

(65,637)

(79,097)

Net current assets

 

606,917

555,422

Total assets less current liabilities

 

799,917

707,634

Creditors: Amounts falling due after more than one year

8

(57,923)

(60,521)

Net assets

 

741,994

647,113

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

741,993

647,112

Shareholders' funds

 

741,994

647,113

For the financial year ending 30 June 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 November 2023
 

 

Manningtree Tyre & Service Centre Ltd

(Registration number: 05151151)
Balance Sheet as at 30 June 2023

.........................................
Mr D Green
Director

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit 5 Causeway End
Station Road
Lawford
Manningtree
Essex
CO11 2LH

These financial statements were authorised for issue by the director on 8 November 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Fixtures & Fittings

25% Reducing Balance Basis

Motor Vehicles

25% Reducing Balance Basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line Basis

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.

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

51,904

51,904

At 30 June 2023

51,904

51,904

Amortisation

At 1 July 2022

51,905

51,905

At 30 June 2023

51,905

51,905

Carrying amount

At 30 June 2023

(1)

(1)

At 30 June 2022

(1)

(1)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

135,695

45,870

32,096

213,661

Additions

-

20,800

50,133

70,933

Disposals

-

-

(32,096)

(32,096)

At 30 June 2023

135,695

66,670

50,133

252,498

Depreciation

At 1 July 2022

-

40,396

21,052

61,448

Charge for the year

-

6,568

12,533

19,101

Eliminated on disposal

-

-

(21,052)

(21,052)

At 30 June 2023

-

46,964

12,533

59,497

Carrying amount

At 30 June 2023

135,695

19,706

37,600

193,001

At 30 June 2022

135,695

5,474

11,044

152,213

Included within the net book value of land and buildings above is £135,695 (2022 - £135,695) in respect of freehold land and buildings.
 

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Other inventories

7,650

10,400

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

31,870

30,162

Amounts owed by related parties

160,510

160,510

Other debtors

 

9,880

9,957

   

202,260

200,629

 

Manningtree Tyre & Service Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

7,297

6,900

Trade creditors

 

14,469

22,704

Taxation and social security

 

43,871

49,493

 

65,637

79,097

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

57,923

60,521

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

57,923

60,521

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,940

5,941

Bank overdrafts

1,357

959

7,297

6,900