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Company Registration No. 8623802 (England and Wales)
Gorseinon Tyre & Service Centre Ltd Unaudited accounts for the year ended 31 July 2023
Gorseinon Tyre & Service Centre Ltd Unaudited accounts Contents
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Gorseinon Tyre & Service Centre Ltd Company Information for the year ended 31 July 2023
Directors
A P Thomas L A Thomas
Company Number
8623802 (England and Wales)
Registered Office
42 Glanymor Park Drive Loughor Swansea SA4 6UQ
Accountants
J L Taxation Services Ltd 42 Glanymor Park Drive Loughor Swansea SA4 6UQ
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Gorseinon Tyre & Service Centre Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
10,345 
11,035 
Tangible assets
191,251 
143,333 
201,596 
154,368 
Current assets
Inventories
17,000 
14,800 
Debtors
52,369 
23,100 
Cash at bank and in hand
864,004 
669,788 
933,373 
707,688 
Creditors: amounts falling due within one year
(221,478)
(173,703)
Net current assets
711,895 
533,985 
Total assets less current liabilities
913,491 
688,353 
Creditors: amounts falling due after more than one year
(69,515)
(17,000)
Net assets
843,976 
671,353 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
843,975 
671,352 
Shareholders' funds
843,976 
671,353 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2024 and were signed on its behalf by
A P Thomas Director Company Registration No. 8623802
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Gorseinon Tyre & Service Centre Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Gorseinon Tyre & Service Centre Ltd is a private company, limited by shares, registered in England and Wales, registration number 8623802. The registered office is 42 Glanymor Park Drive, Loughor, Swansea, SA4 6UQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on depreciated value
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 August 2022
17,245 
At 31 July 2023
17,245 
Amortisation
At 1 August 2022
6,210 
Charge for the year
690 
At 31 July 2023
6,900 
Net book value
At 31 July 2023
10,345 
At 31 July 2022
11,035 
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Gorseinon Tyre & Service Centre Ltd Notes to the Accounts for the year ended 31 July 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 August 2022
73,000 
172,955 
- 
245,955 
Additions
- 
5,830 
81,503 
87,333 
At 31 July 2023
73,000 
178,785 
81,503 
333,288 
Depreciation
At 1 August 2022
- 
102,622 
- 
102,622 
Charge for the year
- 
19,040 
20,375 
39,415 
At 31 July 2023
- 
121,662 
20,375 
142,037 
Net book value
At 31 July 2023
73,000 
57,123 
61,128 
191,251 
At 31 July 2022
73,000 
70,333 
- 
143,333 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
52,369 
23,100 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
22,182 
10,486 
VAT
20,832 
14,604 
Trade creditors
88,040 
61,725 
Taxes and social security
61,503 
55,646 
Loans from directors
28,921 
31,242 
221,478 
173,703 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
69,515 
17,000 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
10
Average number of employees
During the year the average number of employees was 14 (2022: 14).
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