Company registration number 12226350 (England and Wales)
BEST TYRES AUTOCENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEST TYRES AUTOCENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BEST TYRES AUTOCENTRE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
49,000
57,000
Tangible assets
4
128,053
139,405
177,053
196,405
Current assets
Stocks
47,500
47,513
Debtors
5
78,414
95,744
Cash at bank and in hand
8,560
6,709
134,474
149,966
Creditors: amounts falling due within one year
6
(373,418)
(331,073)
Net current liabilities
(238,944)
(181,107)
Total assets less current liabilities
(61,891)
15,298
Creditors: amounts falling due after more than one year
7
(111,238)
(145,848)
Net liabilities
(173,129)
(130,550)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(173,229)
(130,650)
Total equity
(173,129)
(130,550)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BEST TYRES AUTOCENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
Mrs A L Howell
Director
Company registration number 12226350 (England and Wales)
BEST TYRES AUTOCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Best Tyres Autocentre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its day to day working capital requirements through loans from its directors . There is no expectation of these loans being repaid until the company is able to generate sufficient cash from its trading activities. On the basis of the continuing financial support of the directors, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of these loans.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% staight line method
Plant and equipment
10% reducing balance method
Computers
20% straight line method
Motor vehicles
25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BEST TYRES AUTOCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
80,000
Amortisation and impairment
At 1 October 2022
23,000
Amortisation charged for the year
8,000
At 30 September 2023
31,000
Carrying amount
At 30 September 2023
49,000
At 30 September 2022
57,000
BEST TYRES AUTOCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
8,444
162,110
4,439
13,450
188,443
Additions
-
0
3,200
1,687
-
0
4,887
At 30 September 2023
8,444
165,310
6,126
13,450
193,330
Depreciation and impairment
At 1 October 2022
2,202
36,503
2,556
7,777
49,038
Depreciation charged in the year
845
12,889
1,086
1,419
16,239
At 30 September 2023
3,047
49,392
3,642
9,196
65,277
Carrying amount
At 30 September 2023
5,397
115,918
2,484
4,254
128,053
At 30 September 2022
6,242
125,607
1,883
5,673
139,405
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,061
48,544
Other debtors
37,353
47,200
78,414
95,744
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,148
31,446
Trade creditors
91,565
102,299
Taxation and social security
35,501
8,256
Other creditors
197,204
189,072
373,418
331,073

Included within other creditors is £5,158 of hire purchase contracts and bank loan of £31,446 (2022: £5,158 and £31,446 respectively) that are secured against the personal guarantees of the directors.

BEST TYRES AUTOCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
110,375
139,828
Other creditors
863
6,020
111,238
145,848

Included within other creditors is £863 of hire purchase contracts and bank loan of £110,375 (2022: £6,020 and £91,797 respectively) that are secured against the personal guarantees of the directors.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
39,000
39,000
Between two and five years
156,000
156,000
In over five years
81,250
120,250
276,250
315,250
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