IRIS Accounts Production v23.4.0.336 02170870 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021708702022-11-30021708702023-11-30021708702022-12-012023-11-30021708702021-11-30021708702021-12-012022-11-30021708702022-11-3002170870ns15:EnglandWales2022-12-012023-11-3002170870ns14:PoundSterling2022-12-012023-11-3002170870ns10:Director12022-12-012023-11-3002170870ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3002170870ns10:SmallEntities2022-12-012023-11-3002170870ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3002170870ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3002170870ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3002170870ns10:FullAccounts2022-12-012023-11-300217087012022-12-012023-11-3002170870ns10:Director22022-12-012023-11-3002170870ns10:CompanySecretary12022-12-012023-11-3002170870ns10:RegisteredOffice2022-12-012023-11-3002170870ns5:CurrentFinancialInstruments2023-11-3002170870ns5:CurrentFinancialInstruments2022-11-3002170870ns5:Non-currentFinancialInstruments2023-11-3002170870ns5:Non-currentFinancialInstruments2022-11-3002170870ns5:ShareCapital2023-11-3002170870ns5:ShareCapital2022-11-3002170870ns5:RetainedEarningsAccumulatedLosses2023-11-3002170870ns5:RetainedEarningsAccumulatedLosses2022-11-3002170870ns5:NetGoodwill2022-12-012023-11-3002170870ns5:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3002170870ns5:PlantMachinery2022-12-012023-11-3002170870ns5:FurnitureFittings2022-12-012023-11-3002170870ns5:MotorVehicles2022-12-012023-11-3002170870ns5:NetGoodwill2022-11-3002170870ns5:NetGoodwill2023-11-3002170870ns5:NetGoodwill2022-11-3002170870ns5:LandBuildings2022-11-3002170870ns5:LeaseholdImprovements2022-11-3002170870ns5:PlantMachinery2022-11-3002170870ns5:LandBuildings2022-12-012023-11-3002170870ns5:LeaseholdImprovements2022-12-012023-11-3002170870ns5:LandBuildings2023-11-3002170870ns5:LeaseholdImprovements2023-11-3002170870ns5:PlantMachinery2023-11-3002170870ns5:LandBuildings2022-11-3002170870ns5:LeaseholdImprovements2022-11-3002170870ns5:PlantMachinery2022-11-3002170870ns5:FurnitureFittings2022-11-3002170870ns5:MotorVehicles2022-11-3002170870ns5:FurnitureFittings2023-11-3002170870ns5:MotorVehicles2023-11-3002170870ns5:FurnitureFittings2022-11-3002170870ns5:MotorVehicles2022-11-3002170870ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3002170870ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-012023-11-3002170870ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-3002170870ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3002170870ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3002170870ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3002170870ns5:Secured2023-11-3002170870ns5:Secured2022-11-30
REGISTERED NUMBER: 02170870 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

NICKS TYRE SERVICES LIMITED

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NICKS TYRE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: N P Hart
J N Hart





SECRETARY: K B Hart





REGISTERED OFFICE: Riverside House
1/5 Como Street
Romford
Essex
RM7 7DN





REGISTERED NUMBER: 02170870 (England and Wales)





ACCOUNTANTS: Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,077,494 1,006,072
1,077,494 1,006,072

CURRENT ASSETS
Stocks 164,847 170,409
Debtors 6 336,807 265,872
Cash at bank and in hand 38,287 28,869
539,941 465,150
CREDITORS
Amounts falling due within one year 7 1,074,629 952,177
NET CURRENT LIABILITIES (534,688 ) (487,027 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

542,806

519,045

CREDITORS
Amounts falling due after more than
one year

8

(240,251

)

(246,767

)

PROVISIONS FOR LIABILITIES (56,486 ) (30,436 )
NET ASSETS 246,069 241,842

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 246,066 241,839
SHAREHOLDERS' FUNDS 246,069 241,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

BALANCE SHEET - continued
30 NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:





N P Hart - Director


NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Nicks Tyre Services Limited 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1991, is being amortised evenly over its estimated useful life of eighteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 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 Income Statement, 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.

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 24 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 117,772
AMORTISATION
At 1 December 2022
and 30 November 2023 117,772
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 December 2022 52,662 826,441 147,594
Additions - - 5,110
Disposals - - -
At 30 November 2023 52,662 826,441 152,704
DEPRECIATION
At 1 December 2022 - 41,090 108,021
Charge for year - 10,529 11,173
Eliminated on disposal - - -
At 30 November 2023 - 51,619 119,194
NET BOOK VALUE
At 30 November 2023 52,662 774,822 33,510
At 30 November 2022 52,662 785,351 39,573

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2022 36,135 317,010 1,379,842
Additions - 177,071 182,181
Disposals - (126,293 ) (126,293 )
At 30 November 2023 36,135 367,788 1,435,730
DEPRECIATION
At 1 December 2022 23,634 201,025 373,770
Charge for year 3,124 69,040 93,866
Eliminated on disposal - (109,400 ) (109,400 )
At 30 November 2023 26,758 160,665 358,236
NET BOOK VALUE
At 30 November 2023 9,377 207,123 1,077,494
At 30 November 2022 12,501 115,985 1,006,072

Included in cost of land and buildings is freehold land of £ 52,662 (2022 - £ 52,662 ) which is not depreciated.

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 128,345
Additions 51,771
At 30 November 2023 180,116
DEPRECIATION
At 1 December 2022 37,617
Charge for year 35,625
At 30 November 2023 73,242
NET BOOK VALUE
At 30 November 2023 106,874
At 30 November 2022 90,728

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 313,601 246,134
Other debtors 23,206 19,738
336,807 265,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 57,915 69,045
Hire purchase contracts 35,773 31,842
Trade creditors 389,209 349,249
Taxation and social security 113,386 57,204
Other creditors 478,346 444,837
1,074,629 952,177

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 149,264 167,061
Hire purchase contracts 90,987 79,706
240,251 246,767

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 38,808 24,436

NICKS TYRE SERVICES LIMITED (REGISTERED NUMBER: 02170870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 30,301 33,389
Bank loans 176,878 202,717
207,179 236,106