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REGISTERED NUMBER: 01388246 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

BORO TYRES AND EXHAUSTS LIMITED

BORO TYRES AND EXHAUSTS LIMITED (REGISTERED NUMBER: 01388246)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


BORO TYRES AND EXHAUSTS LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: M J Beston
Mrs S Beston
A M Beston





SECRETARY: Mrs S Beston





REGISTERED OFFICE: Seamer Road
Scarborough
North Yorkshire
YO12 4BT





REGISTERED NUMBER: 01388246 (England and Wales)

BORO TYRES AND EXHAUSTS LIMITED (REGISTERED NUMBER: 01388246)

STATEMENT OF FINANCIAL POSITION
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 58,196 56,768

CURRENT ASSETS
Inventories 107,188 86,347
Debtors 5 175,021 156,280
Cash at bank and in hand 181,908 325,826
464,117 568,453
CREDITORS
Amounts falling due within one year 6 349,135 364,060
NET CURRENT ASSETS 114,982 204,393
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,178

261,161

PROVISIONS FOR LIABILITIES 11,627 11,583
NET ASSETS 161,551 249,578

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 161,351 249,378
SHAREHOLDERS' FUNDS 161,551 249,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:




M J Beston - Director



A M Beston - Director


BORO TYRES AND EXHAUSTS LIMITED (REGISTERED NUMBER: 01388246)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023


1. STATUTORY INFORMATION

Boro Tyres and Exhausts Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Going concern
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions
The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Plant and machinery- 25% on cost
Fixtures and fittings- 15% and 33% on cost
Motor vehicles- 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to sell.

BORO TYRES AND EXHAUSTS LIMITED (REGISTERED NUMBER: 01388246)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leasing commitments
Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 25 ) .

BORO TYRES AND EXHAUSTS LIMITED (REGISTERED NUMBER: 01388246)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 240,217 24,747 56,321 321,285
Additions 24,420 - 9,500 33,920
Disposals - - (9,500 ) (9,500 )
At 31 May 2023 264,637 24,747 56,321 345,705
DEPRECIATION
At 1 June 2022 208,782 23,733 32,002 264,517
Charge for year 17,214 348 7,070 24,632
Eliminated on disposal - - (1,640 ) (1,640 )
At 31 May 2023 225,996 24,081 37,432 287,509
NET BOOK VALUE
At 31 May 2023 38,641 666 18,889 58,196
At 31 May 2022 31,435 1,014 24,319 56,768

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 111,209 82,680
Amounts owed by group undertakings 45,029 46,510
Other debtors 18,783 27,090
175,021 156,280

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 220,871 216,633
Taxation and social security 112,299 130,217
Other creditors 15,965 17,210
349,135 364,060

7. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 5,630

8. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £26,845 (2022 - £121,089).