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
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
Gorseinon Tyre & Service Centre Ltd
Statement of financial position
as at 31 July 2023
Intangible assets
10,345
11,035
Tangible assets
191,251
143,333
Cash at bank and in hand
864,004
669,788
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
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
Gorseinon Tyre & Service Centre Ltd
Notes to the Accounts
for the year ended 31 July 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (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
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
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
At 31 July 2023
73,000
57,123
61,128
191,251
At 31 July 2022
73,000
70,333
-
143,333
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
Trade creditors
88,040
61,725
Taxes and social security
61,503
55,646
Loans from directors
28,921
31,242
8
Creditors: amounts falling due after more than one year
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).