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REGISTERED NUMBER: 08622092 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Dorset Tyre Services Limited

Dorset Tyre Services Limited (Registered number: 08622092)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Dorset Tyre Services Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr I P Tyers
Mr S P Tyers





REGISTERED OFFICE: 4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF





REGISTERED NUMBER: 08622092 (England and Wales)





ACCOUNTANTS: Ward Goodman
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Dorset Tyre Services Limited (Registered number: 08622092)

Abridged Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,650 11,625
Tangible assets 5 170,925 106,369
175,575 117,994

CURRENT ASSETS
Stocks 65,451 58,451
Debtors 234,067 211,027
Prepayments and accrued income 2,912 15,467
Cash at bank 116,057 95,680
418,487 380,625
CREDITORS
Amounts falling due within one year 253,725 197,682
NET CURRENT ASSETS 164,762 182,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

340,337

300,937

CREDITORS
Amounts falling due after more than one year (86,076 ) (45,389 )

PROVISIONS FOR LIABILITIES (32,326 ) (18,751 )
NET ASSETS 221,935 236,797

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 221,835 236,697
SHAREHOLDERS' FUNDS 221,935 236,797

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.

Dorset Tyre Services Limited (Registered number: 08622092)

Abridged Statement of Financial Position - 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.

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

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 23 November 2023 and were signed on its behalf by:





Mr I P Tyers - Director


Dorset Tyre Services Limited (Registered number: 08622092)

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

1. STATUTORY INFORMATION

Dorset Tyre Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Computer equipment - Straight line over 3 years

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 statement of financial position date.


Dorset Tyre Services Limited (Registered number: 08622092)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives. Hire purchases are those where substantially all of the benefits and risks and rewards of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the lease payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme for the benefit of the directors and employees. Employers contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account.

Dorset Tyre Services Limited (Registered number: 08622092)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 69,750
AMORTISATION
At 1 April 2022 58,125
Amortisation for year 6,975
At 31 March 2023 65,100
NET BOOK VALUE

At 31 March 2023 4,650
At 31 March 2022 11,625

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 197,283
Additions 114,665
Disposals (36,445 )
At 31 March 2023 275,503
DEPRECIATION
At 1 April 2022 90,914
Charge for year 34,836
Eliminated on disposal (21,172 )
At 31 March 2023 104,578
NET BOOK VALUE
At 31 March 2023 170,925
At 31 March 2022 106,369

Dorset Tyre Services Limited (Registered number: 08622092)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Totals
£   
COST
At 1 April 2022 36,644
Additions 91,312
At 31 March 2023 127,956
DEPRECIATION
At 1 April 2022 6,691
Charge for year 18,500
At 31 March 2023 25,191
NET BOOK VALUE
At 31 March 2023 102,765
At 31 March 2022 29,953

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,938 9,698

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,168 9,938

Amounts falling due between two and five years:
Bank loans - 2-5 years 12,228 22,396

7. PENSION COMMITMENTS

The company operates a money purchase pension scheme, Dorset Tyre Services Ltd Pension Scheme, for the directors and senior employees. The assets of the scheme are help separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,006 (2022 - £766) were due to the fund. These are included in creditors.

Dorset Tyre Services Limited (Registered number: 08622092)

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

8. OTHER FINANCIAL COMMITMENTS

The company had net obligations under hire purchase and finance lease contracts totalling £79,435 (2022 - £18,854) and net obligations in respect of a government bounce back loan of £32,335 (2022 - £42,033).

The company also had credit card commitments at the financial year end totalling £4,894 (2022 - £4,097). There were no other financial commitments, contingencies or guarantees made on behalf of directors.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mr I P Tyers
Balance outstanding at start of year 556 652
Amounts advanced 892 906
Amounts repaid (1,448 ) (1,002 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 556

Loans with directors are unsecured, interest free and repayable on demand.