Registered number
07098999
CTYRES.CO.UK (ONLINE) LIMITED
Filleted Accounts
30 June 2023
CTYRES.CO.UK (ONLINE) LIMITED
Registered number: 07098999
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,023 24,513
Tangible assets 4 66,446 64,998
90,469 89,511
Current assets
Stocks 130,275 220,170
Debtors 5 1,721 1,571
Cash at bank and in hand 215,552 98,874
347,548 320,615
Creditors: amounts falling due within one year 6 (191,005) (133,886)
Net current assets 156,543 186,729
Total assets less current liabilities 247,012 276,240
Creditors: amounts falling due after more than one year 7 (73,558) (84,820)
Net assets 173,454 191,420
Capital and reserves
Called up share capital 2 2
Profit and loss account 173,452 191,418
Shareholders' funds 173,454 191,420
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.
Mr Shoaib Khurshid Ahmed
Director
Approved by the board on 6 March 2024
CTYRES.CO.UK (ONLINE) LIMITED
Notes to the Accounts
for the year ended 30 June 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Goodwill 2% reducing balance basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Motor vehicles 15% reducing balance basis
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 30,000
At 30 June 2023 30,000
Amortisation
At 1 July 2022 5,487
Provided during the year 490
At 30 June 2023 5,977
Net book value
At 30 June 2023 24,023
At 30 June 2022 24,513
4 Tangible fixed assets
Fixture & equipments Motor vehicles Total
£ £ £
Cost
At 1 July 2022 96,433 26,550 122,983
Additions 5,654 8,898 14,552
At 30 June 2023 102,087 35,448 137,535
Depreciation
At 1 July 2022 45,956 12,029 57,985
Charge for the year 8,420 4,684 13,104
At 30 June 2023 54,376 16,713 71,089
Net book value
At 30 June 2023 47,711 18,735 66,446
At 30 June 2022 50,477 14,521 64,998
5 Debtors 2023 2022
£ £
Trade debtors 1,721 1,571
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 186,064 125,440
Taxation and social security costs 4,941 8,446
191,005 133,886
7 Creditors: amounts falling due after one year 2023 2022
£ £
Director's loan account 73,558 84,820
8 Other information
CTYRES.CO.UK (ONLINE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
97-99 Carlisle Road
Bradford
West Yorkshire
BD8 8BY
CTYRES.CO.UK (ONLINE) LIMITED 07098999 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Mr Shoaib Khurshid Ahmed No description of principal activity 07098999 2021-07-01 2022-06-30 07098999 core:WithinOneYear 2022-06-30 07098999 core:AfterOneYear 2022-06-30 07098999 core:ShareCapital 2022-06-30 07098999 core:RetainedEarningsAccumulatedLosses 2022-06-30 07098999 2022-07-01 2023-06-30 07098999 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07098999 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07098999 bus:Director40 2022-07-01 2023-06-30 07098999 1 2022-07-01 2023-06-30 07098999 2 2022-07-01 2023-06-30 07098999 core:Goodwill 2022-07-01 2023-06-30 07098999 core:PlantMachinery 2022-07-01 2023-06-30 07098999 core:Vehicles 2022-07-01 2023-06-30 07098999 countries:England 2022-07-01 2023-06-30 07098999 bus:FRS102 2022-07-01 2023-06-30 07098999 bus:FullAccounts 2022-07-01 2023-06-30 07098999 2023-06-30 07098999 core:WithinOneYear 2023-06-30 07098999 core:AfterOneYear 2023-06-30 07098999 core:ShareCapital 2023-06-30 07098999 core:RetainedEarningsAccumulatedLosses 2023-06-30 07098999 core:Goodwill 2023-06-30 07098999 core:PlantMachinery 2023-06-30 07098999 core:Vehicles 2023-06-30 07098999 2022-06-30 07098999 core:Goodwill 2022-06-30 07098999 core:PlantMachinery 2022-06-30 07098999 core:Vehicles 2022-06-30 iso4217:GBP xbrli:pure