0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 120,761 39,000 159,761 65,170 18,918 84,088 75,673 55,591 xbrli:pure xbrli:shares iso4217:GBP NI625413 2022-04-01 2023-03-31 NI625413 2023-03-31 NI625413 2022-03-31 NI625413 2022-03-31 NI625413 bus:Director1 2022-04-01 2023-03-31 NI625413 core:PlantMachinery 2022-03-31 NI625413 core:PlantMachinery 2023-03-31 NI625413 core:PlantMachinery 2022-04-01 2023-03-31 NI625413 core:WithinOneYear 2023-03-31 NI625413 core:WithinOneYear 2022-03-31 NI625413 core:ShareCapital 2023-03-31 NI625413 core:ShareCapital 2022-03-31 NI625413 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI625413 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI625413 core:PlantMachinery 2022-03-31 NI625413 bus:SmallEntities 2022-04-01 2023-03-31 NI625413 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 NI625413 bus:FullAccounts 2022-04-01 2023-03-31 NI625413 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI625413 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: NI625413
Down Tyres Ltd
Filleted Unaudited Financial Statements
31 March 2023
Down Tyres Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
75,673
55,591
Current assets
Stocks
80,000
80,000
Debtors
6
135,341
118,824
Cash at bank and in hand
93,736
132,514
---------
---------
309,077
331,338
Creditors: amounts falling due within one year
7
198,009
219,891
---------
---------
Net current assets
111,068
111,447
---------
---------
Total assets less current liabilities
186,741
167,038
---------
---------
Net assets
186,741
167,038
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
186,739
167,036
---------
---------
Shareholders funds
186,741
167,038
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Down Tyres Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mr M McAlerney
Director
Company registration number: NI625413
Down Tyres Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Ballydugan Industrial Estate, 18c Ballydugan Road, Downpatrick, BT30 6TE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022
120,761
120,761
Additions
39,000
39,000
---------
---------
At 31 March 2023
159,761
159,761
---------
---------
Depreciation
At 1 April 2022
65,170
65,170
Charge for the year
18,918
18,918
---------
---------
At 31 March 2023
84,088
84,088
---------
---------
Carrying amount
At 31 March 2023
75,673
75,673
---------
---------
At 31 March 2022
55,591
55,591
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
135,341
118,824
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
41,265
50,000
Trade creditors
101,108
109,268
Corporation tax
719
4,351
Social security and other taxes
46,651
40,531
Other creditors
8,266
15,741
---------
---------
198,009
219,891
---------
---------
8. Related party transactions
The company was under the control of Mr McAlerney throughout the current and previous year. Mr McAlerney is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.