2022-06-012023-05-312023-05-31false13385190TYRE KING WHOLESALE 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TYRE KING WHOLESALE LTD

Registered Number
13385190
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

TYRE KING WHOLESALE LTD
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

BERK, Luuk
LYSON, Bartlomiej Adrian

Registered Address

18 Goodlass Road
Liverpool
L24 9HL

Registered Number

13385190 (England and Wales)
TYRE KING WHOLESALE LTD
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37,9856,559
7,9856,559
Current assets
Stocks146,86784,117
Debtors28,29419,291
Cash at bank and on hand1,3382,137
176,499105,545
Creditors amounts falling due within one year4(139,643)(100,896)
Net current assets (liabilities)36,8564,649
Total assets less current liabilities44,84111,208
Creditors amounts falling due after one year(20,000)-
Net assets24,84111,208
Capital and reserves
Called up share capital100100
Profit and loss account24,74111,108
Shareholders' funds24,84111,208
The financial statements were approved and authorised for issue by the Board of Directors on 20 February 2024, and are signed on its behalf by:
LYSON, Bartlomiej Adrian
Director
Registered Company No. 13385190
TYRE KING WHOLESALE LTD
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings25-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year53
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 227,675
Additions4,128
At 31 May 2311,804
Depreciation and impairment
At 01 June 221,115
Charge for year2,703
At 31 May 233,819
Net book value
At 31 May 237,985
At 31 May 226,559
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables76,84338,956
Taxation and social security23,39128,922
Other creditors39,40932,667
Accrued liabilities and deferred income-351
Total139,643100,896
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.