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REGISTERED NUMBER: 03743164 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

KIRKHAMS TYRES LIMITED

KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,643 60,552

CURRENT ASSETS
Stocks 102,936 100,965
Debtors 5 33,588 34,303
Cash at bank and in hand 71,353 69,893
207,877 205,161
CREDITORS
Amounts falling due within one year 6 211,222 226,707
NET CURRENT LIABILITIES (3,345 ) (21,546 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,298

39,006

PROVISIONS FOR LIABILITIES 7 10,708 10,250
NET ASSETS 47,590 28,756

CAPITAL AND RESERVES
Called up share capital 8 350 350
Retained earnings 9 47,240 28,406
SHAREHOLDERS' FUNDS 47,590 28,756

KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

BALANCE SHEET - continued
31 AUGUST 2023


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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:




Mrs R S Kirkham - Director Mrs J E Norman - Director




Miss M A Kirkham - Director


KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

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


1. STATUTORY INFORMATION

Kirkhams Tyres Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03743164

Registered office: Pilton Quay
BARNSTAPLE
Devon
EX31 1PB

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 - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33.3% on cost and 15% reducing

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 Profit and loss account, 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.


KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

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


2. ACCOUNTING POLICIES - continued
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.

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 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 30,241 81,869 69,119 3,894 185,123
Additions - 14,982 - - 14,982
At 31 August 2023 30,241 96,851 69,119 3,894 200,105
DEPRECIATION
At 1 September 2022 15,120 51,227 55,883 2,341 124,571
Charge for year 3,024 6,842 3,309 716 13,891
At 31 August 2023 18,144 58,069 59,192 3,057 138,462
NET BOOK VALUE
At 31 August 2023 12,097 38,782 9,927 837 61,643
At 31 August 2022 15,121 30,642 13,236 1,553 60,552

KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,649 20,408
Other debtors 12,939 13,895
33,588 34,303

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,333 38,333
Trade creditors 123,314 141,265
Taxation and social security 43,659 37,325
Other creditors 15,916 9,784
211,222 226,707

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 10,708 10,250

Deferred
tax
£   
Balance at 1 September 2022 10,250
Provided during year 458
Balance at 31 August 2023 10,708

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400 Ordinary 25p 25p 100 100
400 Ordinary B 25p 25p 100 100
400 Ordinary C 25p 25p 100 100
200 Ordinary D 25p 25p 50 50
350 350

KIRKHAMS TYRES LIMITED (REGISTERED NUMBER: 03743164)

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


9. RESERVES
Retained
earnings
£   

At 1 September 2022 28,406
Profit for the year 44,834
Dividends (26,000 )
At 31 August 2023 47,240