IRIS Accounts Production v23.4.0.336 11243309 director 1.1.22 31.12.22 31.12.22 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112433092021-12-31112433092022-12-31112433092022-01-012022-12-31112433092021-03-31112433092021-04-012021-12-31112433092021-12-3111243309ns15:EnglandWales2022-01-012022-12-3111243309ns14:PoundSterling2022-01-012022-12-3111243309ns10:Director12022-01-012022-12-3111243309ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3111243309ns10:SmallEntities2022-01-012022-12-3111243309ns10:AuditExemptWithAccountantsReport2022-01-012022-12-3111243309ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3111243309ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111243309ns10:AbridgedAccounts2022-01-012022-12-3111243309ns10:OrdinaryShareClass12022-01-012022-12-3111243309ns10:RegisteredOffice2022-01-012022-12-3111243309ns5:CurrentFinancialInstruments2022-12-3111243309ns5:CurrentFinancialInstruments2021-12-3111243309ns5:Non-currentFinancialInstruments2022-12-3111243309ns5:Non-currentFinancialInstruments2021-12-3111243309ns5:ShareCapital2022-12-3111243309ns5:ShareCapital2021-12-3111243309ns5:RetainedEarningsAccumulatedLosses2022-12-3111243309ns5:RetainedEarningsAccumulatedLosses2021-12-3111243309ns5:PlantMachinery2022-01-012022-12-3111243309ns5:FurnitureFittings2022-01-012022-12-3111243309ns5:MotorVehicles2022-01-012022-12-3111243309ns5:PlantMachinery2021-12-3111243309ns5:FurnitureFittings2021-12-3111243309ns5:MotorVehicles2021-12-3111243309ns5:PlantMachinery2022-12-3111243309ns5:FurnitureFittings2022-12-3111243309ns5:MotorVehicles2022-12-3111243309ns5:PlantMachinery2021-12-3111243309ns5:FurnitureFittings2021-12-3111243309ns5:MotorVehicles2021-12-3111243309ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111243309ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-3111243309ns5:DeferredTaxation2021-12-3111243309ns5:DeferredTaxation2022-01-012022-12-3111243309ns5:DeferredTaxation2022-12-3111243309ns10:OrdinaryShareClass12022-12-3111243309ns5:RetainedEarningsAccumulatedLosses2021-12-3111243309ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-31
REGISTERED NUMBER: 11243309 (England and Wales)


Tyres Life UK Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 December 2022






Tyres Life UK Ltd (Registered number: 11243309)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Tyres Life UK Ltd

Company Information
for the year ended 31 December 2022







DIRECTOR: Mrs Z M Korel





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 11243309 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Tyres Life UK Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyres Life UK Ltd for the year ended 31 December 2022 which comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Tyres Life UK Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyres Life UK Ltd and state those matters that we have agreed to state to the director of Tyres Life UK Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyres Life UK Ltd and its director for our work or for this report.

It is your duty to ensure that Tyres Life UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tyres Life UK Ltd. You consider that Tyres Life UK Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tyres Life UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


8 March 2024

Tyres Life UK Ltd (Registered number: 11243309)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 72,749 45,622

CURRENT ASSETS
Inventories 3,541,513 4,186,083
Debtors 5 1,134,890 890,428
Cash at bank and in hand 222,021 226,434
4,898,424 5,302,945
CREDITORS
Amounts falling due within one year 6 7,285,103 5,477,709
NET CURRENT LIABILITIES (2,386,679 ) (174,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,313,930

)

(129,142

)

CREDITORS
Amounts falling due after more than one
year

7

(168,550

)

(50,664

)

PROVISIONS FOR LIABILITIES 8 - (914 )
NET LIABILITIES (2,482,480 ) (180,720 )

Tyres Life UK Ltd (Registered number: 11243309)

Statement of Financial Position - continued
31 December 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 101,000 100,000
Retained earnings 10 (2,583,480 ) (280,720 )
SHAREHOLDERS' FUNDS (2,482,480 ) (180,720 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 director and authorised for issue on 8 March 2024 and were signed by:





Mrs Z M Korel - Director


Tyres Life UK Ltd (Registered number: 11243309)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Tyres Life UK 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the ordinary trading activities of the business and is recognised when the customers take delivery of their goods.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

It is valued on first in first out basis.

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 statement of financial position date.


Tyres Life UK Ltd (Registered number: 11243309)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 8 ) .

Tyres Life UK Ltd (Registered number: 11243309)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2022 7,007 803 51,865 59,675
Additions 4,805 15,982 26,150 46,937
At 31 December 2022 11,812 16,785 78,015 106,612
DEPRECIATION
At 1 January 2022 2,176 457 11,420 14,053
Charge for year 2,409 4,082 13,319 19,810
At 31 December 2022 4,585 4,539 24,739 33,863
NET BOOK VALUE
At 31 December 2022 7,227 12,246 53,276 72,749
At 31 December 2021 4,831 346 40,445 45,622

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,068,406 824,626
Other debtors 66,484 65,802
1,134,890 890,428

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 816,827 34,402
Trade creditors 1,269,211 2,080,604
Taxation and social security 171,280 244,339
Other creditors 5,027,785 3,118,364
7,285,103 5,477,709

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 168,550 50,664

Tyres Life UK Ltd (Registered number: 11243309)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 33,683

8. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax - 914

Deferred
tax
£   
Balance at 1 January 2022 914
Credit to Statement of Income and Retained Earnings during year (914 )
Balance at 31 December 2022 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100,000 Ordinary £1 101,000 100,000

10. RESERVES
Retained
earnings
£   

At 1 January 2022 (280,720 )
Deficit for the year (2,302,760 )
At 31 December 2022 (2,583,480 )

Tyres Life UK Ltd (Registered number: 11243309)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

11. RELATED PARTY DISCLOSURES

Included in other creditors are amounts due to key management personnel at balance sheet date of £55,392 (2021: £59,144). No interest is charged on this balance and it is repayable on demand.


Included in other creditors are amounts due to a shareholder at balance sheet date of £957,262 (2021: £1,295,107). No interest is charged on this balance and it is repayable on demand.


Transactions/balances with companies under common control:


2022 2021
£    £   
Sales 104,004 359,733
Purchases 964,746 798,483
Trade debtors 242 -
Trade creditors 175,662 676,245
Loan balance owed to related party 3,920,400 1,723,295