6 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC631711 2022-06-01 2023-05-31 SC631711 2023-05-31 SC631711 2022-05-31 SC631711 2021-06-01 2022-05-31 SC631711 2022-05-31 SC631711 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC631711 core:PlantMachinery 2022-06-01 2023-05-31 SC631711 core:MotorVehicles 2022-06-01 2023-05-31 SC631711 bus:Director1 2022-06-01 2023-05-31 SC631711 bus:Director2 2022-06-01 2023-05-31 SC631711 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 SC631711 core:PlantMachinery 2022-05-31 SC631711 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 SC631711 core:PlantMachinery 2023-05-31 SC631711 core:MotorVehicles 2023-05-31 SC631711 core:WithinOneYear 2023-05-31 SC631711 core:WithinOneYear 2022-05-31 SC631711 core:AfterOneYear 2023-05-31 SC631711 core:AfterOneYear 2022-05-31 SC631711 core:ShareCapital 2023-05-31 SC631711 core:ShareCapital 2022-05-31 SC631711 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC631711 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC631711 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 SC631711 core:PlantMachinery 2022-05-31 SC631711 bus:SmallEntities 2022-06-01 2023-05-31 SC631711 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC631711 bus:FullAccounts 2022-06-01 2023-05-31 SC631711 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC631711 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC631711 core:ComputerEquipment 2022-06-01 2023-05-31 SC631711 core:ComputerEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: SC631711
G.T. Tyres (Forres) Ltd
Filleted Unaudited Financial Statements
31 May 2023
G.T. Tyres (Forres) Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
291,908
296,689
Current assets
Stocks
153,663
120,667
Debtors
6
56,949
49,157
Cash at bank and in hand
205,846
78,852
---------
---------
416,458
248,676
Creditors: amounts falling due within one year
7
( 309,988)
( 221,398)
---------
---------
Net current assets
106,470
27,278
---------
---------
Total assets less current liabilities
398,378
323,967
Creditors: amounts falling due after more than one year
8
( 248,648)
( 289,064)
Provisions
( 10,120)
---------
---------
Net assets
139,610
34,903
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
139,510
34,803
---------
--------
Shareholders funds
139,610
34,903
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G.T. Tyres (Forres) Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
Mr D Philip
Mrs J M Philip
Director
Director
Company registration number: SC631711
G.T. Tyres (Forres) Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, AB56 1UT, Scotland. The trading address is 15 West Road, Greshop Industrial Estate, IV36 2GW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received are recognised at the amount of cash received, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
259,792
52,616
312,408
Additions
2,030
136
8,750
208
11,124
---------
--------
-------
----
---------
At 31 May 2023
261,822
52,752
8,750
208
323,532
---------
--------
-------
----
---------
Depreciation
At 1 June 2022
5,196
10,523
15,719
Charge for the year
5,196
8,452
2,188
69
15,905
---------
--------
-------
----
---------
At 31 May 2023
10,392
18,975
2,188
69
31,624
---------
--------
-------
----
---------
Carrying amount
At 31 May 2023
251,430
33,777
6,562
139
291,908
---------
--------
-------
----
---------
At 31 May 2022
254,596
42,093
296,689
---------
--------
-------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
56,849
49,057
Other debtors
100
100
--------
--------
56,949
49,157
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,735
26,239
Trade creditors
107,965
40,938
Corporation tax
30,497
Social security and other taxes
11,003
17,124
Other creditors
133,788
137,097
---------
---------
309,988
221,398
---------
---------
The loan of £26,735 is secured by a standard security over the property.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
248,648
289,064
---------
---------
The loan of £248,648 is secured by a standard security over the property.
Included within creditors: amounts falling due after more than one year is an amount of £171,388 (2022: £177,906) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is being repaid at an interest rate of 5.9% for a further eight years and then at base rate + 4.87% for the subsequent ten years.
9. Related party transactions
Family members of the directors provided a guarantee for £161,500 over the bank loan and a standard security over a property. The same family members also provided a loan of £130,000 (2022 - £130,000). There are no set repayment terms and no interest is being charged.