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Registered number: 13513239
TREADS TYRES & AUTOS EXETER LTD
Unaudited Financial Statements
For The Year Ended 31 July 2023
Trek Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13513239
31 July 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,908 31,595
25,908 31,595
CURRENT ASSETS
Stocks 5 40,000 38,275
Debtors 6 9,227 7,232
Cash at bank and in hand 7,617 330
56,844 45,837
Creditors: Amounts Falling Due Within One Year 7 (141,716 ) (105,461 )
NET CURRENT ASSETS (LIABILITIES) (84,872 ) (59,624 )
TOTAL ASSETS LESS CURRENT LIABILITIES (58,964 ) (28,029 )
Creditors: Amounts Falling Due After More Than One Year 8 (9,112 ) (15,658 )
NET LIABILITIES (68,076 ) (43,687 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (68,077 ) (43,688 )
SHAREHOLDERS' FUNDS (68,076) (43,687)
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Antony Hickey
Director
4th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TREADS TYRES & AUTOS EXETER LTD is a private company, limited by shares, incorporated in England & Wales, registered number 13513239 . The registered office is The Barbican Centre Lustleigh Close, Marsh Barton Trading Estate, Exeter, EX2 8PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% Reducing balance
Motor Vehicles 18% Reducing Balance
Fixtures & Fittings 18% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2022 36,731 1,800 38,531
As at 31 July 2023 36,731 1,800 38,531
Depreciation
As at 1 August 2022 6,612 324 6,936
Provided during the period 5,421 266 5,687
As at 31 July 2023 12,033 590 12,623
Net Book Value
As at 31 July 2023 24,698 1,210 25,908
As at 1 August 2022 30,119 1,476 31,595
5. Stocks
31 July 2023 31 July 2022
£ £
Materials 40,000 38,275
6. Debtors
31 July 2023 31 July 2022
£ £
Due within one year
Other debtors 9,227 7,232
7. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 July 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,547 6,547
Other taxes and social security 27,035 8,531
VAT 28,916 6,239
Other creditors 22,151 21,966
Accruals and deferred income 2,250 -
Directors' loan accounts 54,817 62,178
141,716 105,461
8. Creditors: Amounts Falling Due After More Than One Year
31 July 2023 31 July 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,112 15,658
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9. Obligations Under Finance Leases and Hire Purchase
31 July 2023 31 July 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,547 6,547
Later than one year and not later than five years 9,112 15,658
15,659 22,205
15,659 22,205
10. Share Capital
31 July 2023 31 July 2022
£ £
Allotted, Called up and fully paid 1 1
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