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REGISTERED NUMBER: 01208860 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

IMPERIAL TYRES LIMITED

IMPERIAL TYRES LIMITED (REGISTERED NUMBER: 01208860)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IMPERIAL TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: C J Welch
A C Welch





REGISTERED OFFICE: Dunbeath Road
Elgin Industrial Estate
SWINDON
Wiltshire
SN2 6EA





REGISTERED NUMBER: 01208860 (England and Wales)





ACCOUNTANTS: Ekins & Co (Swindon)
Accountants and Tax Advisors
1 Cricklade Court
Cricklade Street
Old Town
SWINDON
Wiltshire
SN1 3EY

IMPERIAL TYRES LIMITED (REGISTERED NUMBER: 01208860)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 316,625 170,228

CURRENT ASSETS
Stocks 206,332 148,468
Debtors 5 220,122 233,181
Cash at bank and in hand 531,930 650,980
958,384 1,032,629
CREDITORS
Amounts falling due within one year 6 210,334 163,452
NET CURRENT ASSETS 748,050 869,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,064,675

1,039,405

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Other reserves (186,010 ) (186,010 )
Retained earnings 1,245,685 1,220,415
SHAREHOLDERS' FUNDS 1,064,675 1,039,405

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.

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 6 July 2023 and were signed on its behalf by:





C J Welch - Director


IMPERIAL TYRES LIMITED (REGISTERED NUMBER: 01208860)

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

1. STATUTORY INFORMATION

Imperial 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.

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 - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

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.

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 16 (2022 - 13 ) .

IMPERIAL TYRES LIMITED (REGISTERED NUMBER: 01208860)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 123,795 458,421 46,664 38,678 667,558
Additions - 29,750 8,758 135,193 173,701
At 31 May 2023 123,795 488,171 55,422 173,871 841,259
DEPRECIATION
At 1 June 2022 5,593 411,473 41,588 38,676 497,330
Charge for year - 9,277 4,507 13,520 27,304
At 31 May 2023 5,593 420,750 46,095 52,196 524,634
NET BOOK VALUE
At 31 May 2023 118,202 67,421 9,327 121,675 316,625
At 31 May 2022 118,202 46,948 5,076 2 170,228

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 208,332 221,997
Other debtors 11,790 11,184
220,122 233,181

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 179,760 116,239
Taxation and social security 8,149 24,908
Other creditors 22,425 22,305
210,334 163,452