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REGISTERED NUMBER: 12193422 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Electronic Tyres Online Ltd

Electronic Tyres Online Ltd (Registered number: 12193422)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Electronic Tyres Online Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: T M Coleman
M E R Wise
R T Croft





REGISTERED OFFICE: Colewood House
1 Kingfisher Way
Kingfisher Court
STOCKTON-ON-TEES
TS18 3EX





REGISTERED NUMBER: 12193422 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Electronic Tyres Online Ltd (Registered number: 12193422)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 222,649 172,066

CURRENT ASSETS
Debtors 5 424,736 374,986
Cash at bank 214,736 177,966
639,472 552,952
CREDITORS
Amounts falling due within one year 6 834,267 647,849
NET CURRENT LIABILITIES (194,795 ) (94,897 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,854

77,169

CREDITORS
Amounts falling due after more than one
year

7

(22,553

)

(32,636

)

PROVISIONS FOR LIABILITIES 8 - (36,905 )
NET ASSETS 5,301 7,628

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 5,201 7,528
SHAREHOLDERS' FUNDS 5,301 7,628

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.

Electronic Tyres Online Ltd (Registered number: 12193422)

Balance Sheet - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





T M Coleman - Director


Electronic Tyres Online Ltd (Registered number: 12193422)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Electronic Tyres Online 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with companies under common control.

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

Income Recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

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.

Website development are being amortised evenly over their estimated useful life of five years.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 balance sheet date.


Electronic Tyres Online Ltd (Registered number: 12193422)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Website
development
£   
COST
At 1 September 2022 244,185
Additions 110,467
At 31 August 2023 354,652
AMORTISATION
At 1 September 2022 72,119
Amortisation for year 59,884
At 31 August 2023 132,003
NET BOOK VALUE
At 31 August 2023 222,649
At 31 August 2022 172,066

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 75,173 82,727
Other debtors - 2,880
Amounts owed by related undertakings 185,135 185,747
Directors' current accounts 46,426 38,426
Prepayments and accrued income 118,002 65,206
424,736 374,986

Electronic Tyres Online Ltd (Registered number: 12193422)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 373,525 482,543
Amounts owed to related undertakings 266,857 94,376
Taxation and social security 104,470 -
Other creditors 74 74
Accruals and deferred income 79,341 60,856
834,267 647,849

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 12,553 22,636
22,553 32,636

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 36,905

Deferred
tax
£   
Balance at 1 September 2022 36,905
Accelerated capital allowances (36,905 )
Balance at 31 August 2023 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
90 Ordinary A £1 90 90
5 Ordinary B £1 5 5
5 Ordinary C £1 5 5
100 100

Electronic Tyres Online Ltd (Registered number: 12193422)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
M E R Wise
Balance outstanding at start of year 18,202 -
Amounts advanced 73,000 72,560
Amounts repaid (69,000 ) (54,358 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,202 18,202

R T Croft
Balance outstanding at start of year 20,224 -
Amounts advanced 73,000 72,560
Amounts repaid (69,000 ) (52,336 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,224 20,224

Interest has not been charged on directors advances, no set repayment terms are in place.