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BEST GRIP TYRES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BEST GRIP TYRES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: B D Sutton
Mrs H E Sutton





REGISTERED OFFICE: 182 Derby Road
Denby
Derby
Derbyshire
DE5 8RD





REGISTERED NUMBER: 12163755 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,755 18,985

CURRENT ASSETS
Stocks 28,000 25,000
Debtors 5 38,618 44,527
Cash at bank and in hand 26,878 66,980
93,496 136,507
CREDITORS
Amounts falling due within one year 6 56,292 90,421
NET CURRENT ASSETS 37,204 46,086
TOTAL ASSETS LESS CURRENT LIABILITIES 48,959 65,071

CREDITORS
Amounts falling due after more than one
year

7

(18,197

)

(28,271

)

PROVISIONS FOR LIABILITIES 8 (1,000 ) (2,000 )
NET ASSETS 29,762 34,800

CAPITAL AND RESERVES
Called up share capital 9 300 300
Retained earnings 29,462 34,500
SHAREHOLDERS' FUNDS 29,762 34,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

BALANCE SHEET - continued
31 AUGUST 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:




Mrs H E Sutton - Director



B D Sutton - Director


BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

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


1. STATUTORY INFORMATION

Best Grip Tyres Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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.

BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

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


2. ACCOUNTING POLICIES - continued

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 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 16,969 7,414 7,285 3,498 35,166
Additions - 560 750 - 1,310
Disposals - (1,100 ) (7,285 ) (1,041 ) (9,426 )
At 31 August 2023 16,969 6,874 750 2,457 27,050
DEPRECIATION
At 1 September 2022 8,390 3,202 3,444 1,145 16,181
Charge for year 2,145 952 494 454 4,045
Eliminated on disposal - (580 ) (3,844 ) (507 ) (4,931 )
At 31 August 2023 10,535 3,574 94 1,092 15,295
NET BOOK VALUE
At 31 August 2023 6,434 3,300 656 1,365 11,755
At 31 August 2022 8,579 4,212 3,841 2,353 18,985

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,665 7,146
Other debtors 31,953 37,381
38,618 44,527

BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,057 9,808
Trade creditors 25,947 47,291
Taxation and social security 16,110 20,254
Other creditors 4,178 13,068
56,292 90,421

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 18,197 28,271

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,000 2,000

Deferred
tax
£   
Balance at 1 September 2022 2,000
Utilised during year (1,000 )
Balance at 31 August 2023 1,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary A Shares £1.00 150 150
150 Ordinary B Shares £1.00 150 150
300 300

BEST GRIP TYRES LTD (REGISTERED NUMBER: 12163755)

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


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

20232022
£ £
Balance outstanding at start of year6,207277
Amounts advanced16,50013,930
Amounts repaid(23,580)(8,000)
Amounts written off--
Amounts waived--
Balance outstanding at end of year(873)6,207