Registered number
04442671
A & K TYRES & SPARES LIMITED
Filleted Accounts
31 March 2023
A & K TYRES & SPARES LIMITED
Registered number: 04442671
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,947 10,752
Current assets
Stocks 5,000 5,000
Debtors 4 3,945 3,374
Cash at bank and in hand 111,376 104,907
120,321 113,281
Creditors: amounts falling due within one year 5 (114,868) (113,672)
Net current assets/(liabilities) 5,453 (391)
Net assets 12,400 10,361
Capital and reserves
Called up share capital 101 101
Profit and loss account 12,299 10,260
Shareholders' funds 12,400 10,361
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K G WATFORD
Director
Approved by the board on 20 December 2023
A & K TYRES & SPARES LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 17,806 17,369 35,175
Additions 84 - 84
At 31 March 2023 17,890 17,369 35,259
Depreciation
At 1 April 2022 17,475 6,948 24,423
Charge for the year 415 3,474 3,889
At 31 March 2023 17,890 10,422 28,312
Net book value
At 31 March 2023 - 6,947 6,947
At 31 March 2022 331 10,421 10,752
4 Debtors 2023 2022
£ £
Trade debtors 3,945 3,374
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 30,508 23,574
Taxation and social security costs 11,513 8,799
Other creditors 72,847 81,299
114,868 113,672
6 Other information
A & K TYRES & SPARES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
40 CRICKET GREEN,
MITCHAM,
SURREY CR4 4LA
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