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REGISTERED NUMBER: 02362984 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Geoffrey Harris Tyres Limited

Geoffrey Harris Tyres Limited (Registered number: 02362984)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Geoffrey Harris Tyres Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M B Harris
Mrs J M Harris





REGISTERED OFFICE: Station Road
Liskeard
Cornwall
PL14 4DA





REGISTERED NUMBER: 02362984 (England and Wales)





ACCOUNTANTS: Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR

Geoffrey Harris Tyres Limited (Registered number: 02362984)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 339,048 354,010
Investments 5 60 60
Investment property 6 410,000 410,000
749,108 764,070

CURRENT ASSETS
Stocks 583,259 540,331
Debtors 7 259,492 261,119
Cash at bank and in hand 48,765 97,326
891,516 898,776
CREDITORS
Amounts falling due within one year 8 455,652 517,259
NET CURRENT ASSETS 435,864 381,517
TOTAL ASSETS LESS CURRENT LIABILITIES 1,184,972 1,145,587

PROVISIONS FOR LIABILITIES 86,336 86,613
NET ASSETS 1,098,636 1,058,974

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 297,117 297,117
Retained earnings 801,419 761,757
1,098,636 1,058,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Geoffrey Harris Tyres Limited (Registered number: 02362984)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:




M B Harris - Director



Mrs J M Harris - Director


Geoffrey Harris Tyres Limited (Registered number: 02362984)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Geoffrey Harris Tyres Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The movement in the profit and loss reserve is then moved to the non distributable fair value reserve, to the extent that the balance is positive. Deferred taxation is provided on gains at the rate expected to apply whenthe property is sold. When costs exceed market value, a corresponding deferred tax asset is offset againdeferred tax due on other timing differences.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Geoffrey Harris Tyres Limited (Registered number: 02362984)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 216,764 161,508 11,818 157,687 547,777
Additions - 8,035 378 28,990 37,403
Disposals (6,992 ) (3,006 ) - (29,080 ) (39,078 )
At 31 March 2023 209,772 166,537 12,196 157,597 546,102
DEPRECIATION
At 1 April 2022 48,283 63,107 9,192 73,185 193,767
Charge for year 3,866 10,576 291 20,794 35,527
Eliminated on disposal (1,387 ) (1,302 ) - (19,551 ) (22,240 )
At 31 March 2023 50,762 72,381 9,483 74,428 207,054
NET BOOK VALUE
At 31 March 2023 159,010 94,156 2,713 83,169 339,048
At 31 March 2022 168,481 98,401 2,626 84,502 354,010

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 60
NET BOOK VALUE
At 31 March 2023 60
At 31 March 2022 60

Geoffrey Harris Tyres Limited (Registered number: 02362984)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 410,000
NET BOOK VALUE
At 31 March 2023 410,000
At 31 March 2022 410,000

The investment property was valued by Thomas Blake, MRICS on 27th April 2022, on behalf of Jefferys, using RICS valuation - Global Standards, incorporating the International Valuation Standards. The investment property was valued at a total of £410,000.

The directors do not believe there has been sufficient change in the market to undertake another valuation, and so investment property is valued as per last year.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 304,026
Cost 105,974
410,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 252,073 261,119
Other debtors 7,419 -
259,492 261,119

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 381,604 460,942
Taxation and social security 67,289 41,824
Other creditors 6,759 14,493
455,652 517,259

9. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 297,117

Geoffrey Harris Tyres Limited (Registered number: 02362984)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
M B Harris and Mrs J M Harris
Balance outstanding at start of year (1,945 ) (26,306 )
Amounts advanced 88,194 110,313
Amounts repaid (88,713 ) (85,952 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,464 ) (1,945 )

The balance of the directors' loan is repayable on demand to the directors. Interest is paid at 6% pa on the balance to the directors.

11. RELATED PARTY DISCLOSURES

Rent of £2,400 was paid to G & Mrs K Harris, 50% joint shareholders (£2,400 in 2022)

Ground rent of £50 was paid to M & Mrs J Harris, 50% joint shareholders and directors (£50 in 2022)

12. ULTIMATE CONTROLLING PARTY

The controlling party is M and Mrs J Harris.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Geoffrey Harris Tyres Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Geoffrey Harris Tyres Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Geoffrey Harris Tyres Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Geoffrey Harris Tyres Limited and state those matters that we have agreed to state to the Board of Directors of Geoffrey Harris Tyres Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geoffrey Harris Tyres Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Geoffrey Harris Tyres Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Geoffrey Harris Tyres Limited. You consider that Geoffrey Harris Tyres Limited 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 financial statements of Geoffrey Harris Tyres Limited. 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 financial statements.






Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR


20 November 2023