Company registration number 04208956 (England and Wales)
Pellon Tyres and Auto Centre Limited
Unaudited
financial statements
for the year ended 30 June 2023
PAGES FOR FILING WITH REGISTRAR
Pellon Tyres and Auto Centre Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Pellon Tyres and Auto Centre Limited
Statement Of Financial Position
as at 30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
360,994
372,385
Current assets
Stocks
92,814
122,747
Debtors
4
65,239
30,786
Cash at bank and in hand
27,603
77,596
185,656
231,129
Creditors: amounts falling due within one year
5
(352,437)
(397,504)
Net current liabilities
(166,781)
(166,375)
Total assets less current liabilities
194,213
206,010
Creditors: amounts falling due after more than one year
6
(19,269)
(29,269)
Provisions for liabilities
7
(34,197)
(36,427)
Net assets
140,747
140,314
Capital and reserves
Called up share capital
8
1,010
1,010
Revaluation reserve
9
140,989
140,989
Profit and loss reserves
(1,252)
(1,685)
Total equity
140,747
140,314
Pellon Tyres and Auto Centre Limited
Statement Of Financial Position (continued)
as at 30 June 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2023 and are signed on its behalf by:
E Roberts
Director
Company Registration No. 04208956
Pellon Tyres and Auto Centre Limited
Notes to the financial statements
for the year ended 30 June 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land & buildings. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised on the provision of service obligation where a right to consideration is due.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Plant and equipment
25% straightline basis
Fixtures and fittings
25% straightline basis
Computers
33.3% straightline basis
Motor vehicles
20% straightline basis
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Pellon Tyres and Auto Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 July 2022 and 30 June 2023
355,000
20,290
12,126
5,098
44,620
437,134
Depreciation and impairment
At 1 July 2022
15,399
12,126
5,098
32,126
64,749
Depreciation charged in the year
4,373
7,018
11,391
At 30 June 2023
19,772
12,126
5,098
39,144
76,140
Carrying amount
At 30 June 2023
355,000
518
5,476
360,994
At 30 June 2022
355,000
4,891
12,494
372,385
Pellon Tyres and Auto Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,044
11,259
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
57,195
19,527
Total debtors
65,239
30,786
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
309,876
348,294
Corporation tax
3,554
3,945
Other taxation and social security
27,507
33,765
Other creditors
1,500
1,500
352,437
397,504
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
19,269
29,269
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
34,197
36,427
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,000
505
1,000
505
B Ordinary shares of £1 each
2
505
2
505
C Ordinary shares of £1 each
8
-
8
-
1,010
1,010
1,010
1,010
Pellon Tyres and Auto Centre Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
8
Called up share capital
(continued)
- 6 -
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
140,989
140,989
10
Company information
Pellon Tyres and Auto Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pellon Tyres and Auto Centre, Pellon Lane, Halifax, West Yorkshire, HX1 4PZ.