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REGISTERED NUMBER: 04630676 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

TIM AYRES LTD

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Balance sheet 1

Notes to the financial statements 3


TIM AYRES LTD (REGISTERED NUMBER: 04630676)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 321,166 330,609
Investment property 6 262,797 262,797
583,963 593,406

Current assets
Stocks 99,500 80,750
Cash at bank 100,714 55,300
200,214 136,050
Creditors
Amounts falling due within one year 7 278,094 242,469
Net current liabilities (77,880 ) (106,419 )
Total assets less current liabilities 506,083 486,987

Creditors
Amounts falling due after more than one year 8 (221,658 ) (256,181 )

Provisions for liabilities 10 (7,679 ) (6,555 )
Net assets 276,746 224,251

Capital and reserves
Called up share capital 11 2 2
Retained earnings 276,744 224,249
Shareholders' funds 276,746 224,251

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.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:





Mr T Ayres - Director


TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. Statutory information

Tim Ayres Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04630676. The registered office and business address is Knoll Bank, Fiddleford, Sturminster Newton, Dorset, DT10 2BX.

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 represents amounts received for car sales and repairs during the year, net of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2004, has been amortised evenly over it's useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% 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.

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 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.

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.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 June 2022
and 31 May 2023 38,000
Amortisation
At 1 June 2022
and 31 May 2023 38,000
Net book value
At 31 May 2023 -
At 31 May 2022 -

5. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Cost
At 1 June 2022
and 31 May 2023 318,412 55,597 15,549 389,558
Depreciation
At 1 June 2022 8,525 37,040 13,384 58,949
Charge for year 4,263 4,639 541 9,443
At 31 May 2023 12,788 41,679 13,925 68,392
Net book value
At 31 May 2023 305,624 13,918 1,624 321,166
At 31 May 2022 309,887 18,557 2,165 330,609

The freehold property has been depreciated at 2% on cost. This excludes the land, which has not been depreciated.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. Investment property
Total
£   
Cost
At 1 June 2022
and 31 May 2023 262,797
Net book value
At 31 May 2023 262,797
At 31 May 2022 262,797

The directors are of the opinion that the Fair Value of the property remains in line with the cost, with no material change by the Balance Sheet date.

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 32,458 32,244
Trade creditors 68,696 19,700
Tax 14,624 11,243
Social security and other taxes 609 573
Pension creditor 244 214
VAT 7,693 6,310
Other creditors 2,936 1,987
Directors' current accounts 147,066 166,613
Accruals and deferred income 3,768 3,585
278,094 242,469

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 32,458 32,244
Bank loans - 2-5 years 57,373 76,732
Bank loans more 5 yr by instal 131,827 147,205
221,658 256,181

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 131,827 147,205

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank Loan 194,116 208,425

All monies owed to National Westminster Bank PLC as detailed above, are secured by a fixed charge over The Causeway Garage, Sherborne Causeway, Shaftesbury, Dorset, SP7 9PY, dated 5 August 2019. This excludes the bounce back loan.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. Provisions for liabilities
2023 2022
£    £   
Deferred tax 7,679 6,555

Deferred
tax
£   
Balance at 1 June 2022 6,555
Provided during year 1,124
Balance at 31 May 2023 7,679

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

12. Ultimate controlling party

The company is controlled by the directors Mr and Mrs Ayres, who between them own 100% of the issued share capital.