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Registered number: 10014271
Solent Tyre Services Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Genio Accountants
33a Portsmouth Road
Southampton
Hampshire
SO19 9BA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10014271
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 179,715 155,191
179,715 155,191
CURRENT ASSETS
Stocks 5 4,000 4,000
Debtors 6 295,318 242,935
Cash at bank and in hand 169,609 127,262
468,927 374,197
Creditors: Amounts Falling Due Within One Year 7 (251,169 ) (136,381 )
NET CURRENT ASSETS (LIABILITIES) 217,758 237,816
TOTAL ASSETS LESS CURRENT LIABILITIES 397,473 393,007
Creditors: Amounts Falling Due After More Than One Year 8 (44,320 ) (130,184 )
NET ASSETS 353,153 262,823
CAPITAL AND RESERVES
Called up share capital 10 100 49
Profit and Loss Account 353,053 262,774
SHAREHOLDERS' FUNDS 353,153 262,823
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 D Titcombe
Director
18th April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Solent Tyre Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10014271 . The registered office is 33A Portsmouth Road, Woolston, Southampton, Hampshire, SO19 9BA.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
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.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 7 6
7 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 15,993 239,970 2,267 258,230
Additions 3,770 83,014 1,833 88,617
Disposals - (17,675 ) - (17,675 )
As at 29 February 2024 19,763 305,309 4,100 329,172
Depreciation
As at 1 March 2023 6,633 94,789 1,617 103,039
Provided during the period 3,283 56,250 1,367 60,900
Disposals - (14,482 ) - (14,482 )
As at 29 February 2024 9,916 136,557 2,984 149,457
Net Book Value
As at 29 February 2024 9,847 168,752 1,116 179,715
As at 1 March 2023 9,360 145,181 650 155,191
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5. Stocks
2024 2023
£ £
Stock 4,000 -
Materials - 4,000
4,000 4,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 287,812 242,935
Director's loan account 7,506 -
295,318 242,935
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 131,243 49,989
Bank loans and overdrafts 5,694 5,596
Corporation tax 47,524 18,480
Other taxes and social security 5,007 11,261
VAT 61,178 50,326
Other creditors 523 106
Director's loan account - 623
251,169 136,381
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,299 93,874
Bank loans 30,021 36,310
44,320 130,184
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 131,243 49,989
Later than one year and not later than five years 14,299 93,874
145,542 143,863
145,542 143,863
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 49
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Darren Titcombe - 7,506 - - 7,506
The above loan is unsecured, interest free and repayable on demand.
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