IRIS Accounts Production v23.3.1.45 00956227 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh009562272022-11-30009562272023-11-30009562272022-12-012023-11-30009562272021-11-30009562272021-12-012022-11-30009562272022-11-3000956227ns10:Originalns15:EnglandWales2022-12-012023-11-3000956227ns14:PoundSterlingns10:Original2022-12-012023-11-3000956227ns10:Originalns10:Director12022-12-012023-11-3000956227ns10:Original2022-12-012023-11-3000956227ns10:Original2023-11-3000956227ns10:Originalns10:PrivateLimitedCompanyLtd2022-12-012023-11-3000956227ns10:Originalns10:SmallEntities2022-12-012023-11-3000956227ns10:Originalns10:AuditExemptWithAccountantsReport2022-12-012023-11-3000956227ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3000956227ns10:SmallCompaniesRegimeForAccountsns10:Original2022-12-012023-11-3000956227ns10:Originalns10:FullAccounts2022-12-012023-11-3000956227ns10:Originalns10:OrdinaryShareClass12022-12-012023-11-3000956227ns10:Originalns10:Director22022-12-012023-11-3000956227ns10:Originalns10:Director32022-12-012023-11-3000956227ns10:CompanySecretary1ns10:Original2022-12-012023-11-3000956227ns10:Originalns10:RegisteredOffice2022-12-012023-11-3000956227ns10:Original2022-11-3000956227ns10:Originalns5:CurrentFinancialInstruments2023-11-3000956227ns10:Originalns5:CurrentFinancialInstruments2022-11-3000956227ns10:Originalns5:Non-currentFinancialInstruments2023-11-3000956227ns10:Originalns5:Non-currentFinancialInstruments2022-11-3000956227ns5:ShareCapitalns10:Original2023-11-3000956227ns5:ShareCapitalns10:Original2022-11-3000956227ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-11-3000956227ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-11-3000956227ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-3000956227ns10:Originalns5:PlantMachinery2022-12-012023-11-3000956227ns10:Originalns5:FurnitureFittings2022-12-012023-11-3000956227ns10:Originalns5:MotorVehicles2022-12-012023-11-3000956227ns10:Originalns5:ComputerEquipment2022-12-012023-11-3000956227ns10:Original2021-12-012022-11-3000956227ns10:Originalns5:LandBuildings2022-11-3000956227ns10:Originalns5:PlantMachinery2022-11-3000956227ns10:Originalns5:FurnitureFittings2022-11-3000956227ns10:Originalns5:LandBuildings2022-12-012023-11-3000956227ns10:Originalns5:LandBuildings2023-11-3000956227ns10:Originalns5:PlantMachinery2023-11-3000956227ns10:Originalns5:FurnitureFittings2023-11-3000956227ns10:Originalns5:LandBuildings2022-11-3000956227ns10:Originalns5:PlantMachinery2022-11-3000956227ns10:Originalns5:FurnitureFittings2022-11-3000956227ns10:Originalns5:MotorVehicles2022-11-3000956227ns10:Originalns5:ComputerEquipment2022-11-3000956227ns10:Original2022-11-3000956227ns10:Originalns5:MotorVehicles2023-11-3000956227ns10:Originalns5:ComputerEquipment2023-11-3000956227ns10:Originalns5:MotorVehicles2022-11-3000956227ns10:Originalns5:ComputerEquipment2022-11-3000956227ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3000956227ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-012023-11-3000956227ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-3000956227ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3000956227ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3000956227ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3000956227ns5:Non-currentFinancialInstruments2023-11-3000956227ns5:Non-currentFinancialInstruments2022-11-3000956227ns5:Securedns10:Original2023-11-3000956227ns5:Securedns10:Original2022-11-3000956227ns10:Originalns5:DeferredTaxation2022-11-3000956227ns10:Originalns5:DeferredTaxation2022-12-012023-11-3000956227ns10:Originalns5:DeferredTaxation2023-11-3000956227ns10:Originalns10:OrdinaryShareClass12023-11-3000956227ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-11-3000956227ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30
REGISTERED NUMBER: 00956227 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

AUTOTYRES (SHREWSBURY) LIMITED

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

AUTOTYRES (SHREWSBURY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr D J Bennett
Mrs S M Bennett
Mrs J E Hart





SECRETARY: Mrs S M Bennett





REGISTERED OFFICE: Nettles Lane
Frankwell
Shrewsbury
SY3 8RJ





REGISTERED NUMBER: 00956227 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. Limited
Chartered Accountants
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 271,834 287,500

CURRENT ASSETS
Stocks 6 29,115 28,389
Debtors 7 21,570 22,600
Cash at bank and in hand 87,270 97,626
137,955 148,615
CREDITORS
Amounts falling due within one year 8 197,498 154,789
NET CURRENT LIABILITIES (59,543 ) (6,174 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

212,291

281,326

CREDITORS
Amounts falling due after more than one
year

9

(94,259

)

(123,884

)

PROVISIONS FOR LIABILITIES 11 (3,464 ) (4,650 )
NET ASSETS 114,568 152,792

CAPITAL AND RESERVES
Called up share capital 12 24,700 24,700
Retained earnings 13 89,868 128,092
SHAREHOLDERS' FUNDS 114,568 152,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





Mrs S M Bennett - Director


AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Autotyres (Shrewsbury) 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 principal place of business is Nettles Lane, Frankwell, Shrewsbury, SY3 8RJ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are for the individual entity only.

The financial statements are presented in sterling (£), rounded to the nearest £1.

At the balance sheet date, the company had net current liabilities of £59,543 (2022: £6,174). Included within creditors due within one year is £62,781 (2022: £50,093) due to the directors. The directors have confirmed that they will continue to provide financial assistance to the company and therefore the accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on reducing balance and Over period of lease
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 33% on cost and 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company makes contributions to personal pension schemes for certain directors and employees. Contributions payable to personal pension schemes are charged to the profit and loss account in the period to which they relate.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022
and 30 November 2023 336,626 83,625 33,891
DEPRECIATION
At 1 December 2022 79,719 71,310 27,580
Charge for year 6,600 1,320 771
At 30 November 2023 86,319 72,630 28,351
NET BOOK VALUE
At 30 November 2023 250,307 10,995 5,540
At 30 November 2022 256,907 12,315 6,311

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 42,533 16,930 513,605
DEPRECIATION
At 1 December 2022 32,231 15,265 226,105
Charge for year 6,342 633 15,666
At 30 November 2023 38,573 15,898 241,771
NET BOOK VALUE
At 30 November 2023 3,960 1,032 271,834
At 30 November 2022 10,302 1,665 287,500

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022
and 30 November 2023 33,183
DEPRECIATION
At 1 December 2022 24,583
Charge for year 6,002
At 30 November 2023 30,585
NET BOOK VALUE
At 30 November 2023 2,598
At 30 November 2022 8,600

6. STOCKS
30.11.23 30.11.22
£    £   
Stocks 29,115 28,389

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 19,717 18,031
Other debtors - 3,130
Prepayments and accrued income 1,853 1,439
21,570 22,600

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 5,625 6,114
Trade creditors 85,207 63,453
Tax 10,288 14,795
Social security and other taxes 18,586 6,086
Other creditors 415 152
Directors' current accounts 62,781 50,093
Accrued expenses 14,596 14,096
197,498 154,789

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 4,416 10,041
Directors' loan accounts 89,843 113,843
94,259 123,884

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Directors loan accounts 104,279 137,843
Hire purchase & finance leases 10,041 16,155
114,320 153,998

The loan account of Mrs S M Bennett is secured by a legal charge over the company's property at Nettles Lane, Frankwell, Shrewsbury.

The hire purchase and finance lease liabilities are secured upon the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax
Accelerated capital allowances 3,464 4,650

Deferred
tax
£   
Balance at 1 December 2022 4,650
Credit to Income Statement during year (1,186 )
Balance at 30 November 2023 3,464

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
24,700 Ordinary £1 24,700 24,700

AUTOTYRES (SHREWSBURY) LIMITED (REGISTERED NUMBER: 00956227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

13. RESERVES
Retained
earnings
£   

At 1 December 2022 128,092
Profit for the year 30,276
Dividends (68,500 )
At 30 November 2023 89,868

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During a prior year a loan of £287,884 was made to the company by Mrs S M Bennett. There are no fixed repayment terms and no interest is charged. The loan is secured by a legal charge over the company's premises and a balance of £113,368 (2022: £137,843) is outstanding at 30 November 2023.

15. CONTROLLING PARTY

The ultimate controlling party is Mrs S M Bennett (director) by virtue of her shareholding.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
AUTOTYRES (SHREWSBURY) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Autotyres (Shrewsbury) Limited for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Autotyres (Shrewsbury) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Autotyres (Shrewsbury) Limited and state those matters that we have agreed to state to the Board of Directors of Autotyres (Shrewsbury) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Autotyres (Shrewsbury) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Autotyres (Shrewsbury) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Autotyres (Shrewsbury) Limited. You consider that Autotyres (Shrewsbury) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Autotyres (Shrewsbury) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D.R.E. & Co. Limited
Chartered Accountants
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL


20 February 2024