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REGISTERED NUMBER: 06584815 (England and Wales)








Unaudited Financial Statements for the Year Ended 31 May 2023

for

Preston Tyre Specialists Limited

Preston Tyre Specialists Limited (Registered number: 06584815)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Preston Tyre Specialists Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: D P Higham
Mrs C M Higham
K H Ferson
J Singh





SECRETARY: Mrs A J Ferson





REGISTERED OFFICE: 127 Fylde Road
Preston
Lancashire
PR1 2XP





REGISTERED NUMBER: 06584815 (England and Wales)





ACCOUNTANTS: Ashworth Treasure (BOC) Limited
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Preston Tyre Specialists Limited (Registered number: 06584815)

Abridged Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,844 73,848

CURRENT ASSETS
Stocks 72,173 81,281
Debtors 335,785 368,055
Cash at bank and in hand 133,865 144,580
541,823 593,916
CREDITORS
Amounts falling due within one year 422,306 499,895
NET CURRENT ASSETS 119,517 94,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,361

167,869

PROVISIONS FOR LIABILITIES 12,310 10,580
NET ASSETS 171,051 157,289

CAPITAL AND RESERVES
Called up share capital 80 80
Capital redemption reserve 20 20
Retained earnings 170,951 157,189
171,051 157,289

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Preston Tyre Specialists Limited (Registered number: 06584815)

Abridged Balance Sheet - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:




D P Higham - Director



Mrs C M Higham - Director


Preston Tyre Specialists Limited (Registered number: 06584815)

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

1. STATUTORY INFORMATION

Preston Tyre Specialists 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.

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.
Plant and machinery etc - 25% on cost, 25% on reducing balance and Over the period of the lease

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

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Preston Tyre Specialists Limited (Registered number: 06584815)

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

2. ACCOUNTING POLICIES - continued
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.

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 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 210,489
Additions 13,569
Disposals (10,500 )
At 31 May 2023 213,558
DEPRECIATION
At 1 June 2022 136,641
Charge for year 22,171
Eliminated on disposal (9,098 )
At 31 May 2023 149,714
NET BOOK VALUE
At 31 May 2023 63,844
At 31 May 2022 73,848

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the directors had credit loan balances of £71,865.

The loans were interest-free and repayable on demand.