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REGISTERED NUMBER: 02047466 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Fast Fit Tyres & Exhausts
(Kidderminster) Limited

Fast Fit Tyres & Exhausts
(Kidderminster) Limited (Registered number: 02047466)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

Fast Fit Tyres & Exhausts
(Kidderminster) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Garbett
D E Garbett





SECRETARY: D E Garbett





REGISTERED OFFICE: 1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL





REGISTERED NUMBER: 02047466 (England and Wales)





ACCOUNTANTS: Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL

Fast Fit Tyres & Exhausts
(Kidderminster) Limited (Registered number: 02047466)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,142 54,457

CURRENT ASSETS
Stocks 17,243 20,349
Debtors 19,527 20,793
Cash at bank 207,655 169,109
244,425 210,251
CREDITORS
Amounts falling due within one year 111,060 103,152
NET CURRENT ASSETS 133,365 107,099
TOTAL ASSETS LESS CURRENT
LIABILITIES

196,507

161,556

PROVISIONS FOR LIABILITIES 13,966 10,347
NET ASSETS 182,541 151,209

CAPITAL AND RESERVES
Called up share capital 33 33
Retained earnings 182,508 151,176
SHAREHOLDERS' FUNDS 182,541 151,209

Fast Fit Tyres & Exhausts
(Kidderminster) Limited (Registered number: 02047466)

Abridged Balance Sheet - continued
31 December 2023


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

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 February 2024 and were signed on its behalf by:





M Garbett - Director


Fast Fit Tyres & Exhausts
(Kidderminster) Limited (Registered number: 02047466)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fast Fit Tyres & Exhausts (Kidderminster) 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.

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.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. A "first in first out" basis is used. Borrowing costs are not capitalised

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.

Pension costs and other post-retirement benefits
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.

Fast Fit Tyres & Exhausts
(Kidderminster) Limited (Registered number: 02047466)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Operating leases
The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term, unless they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the net obligation under the lease The unwinding of the discount is disclosed within interest payable and similar charges.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 151,877
Additions 33,400
Disposals (20,120 )
At 31 December 2023 165,157
DEPRECIATION
At 1 January 2023 97,420
Charge for year 19,941
Eliminated on disposal (15,346 )
At 31 December 2023 102,015
NET BOOK VALUE
At 31 December 2023 63,142
At 31 December 2022 54,457

5. CONTINGENT LIABILITIES

There were no material contingent liabilities at the year end.


6. POST BALANCE SHEET EVENTS

There were no material post balance sheet events.


Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Fast Fit Tyres & Exhausts
(Kidderminster) 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 Abridged Income Statement 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 Fast Fit Tyres & Exhausts (Kidderminster) Limited for the year ended 31 December 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet 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 Fast Fit Tyres & Exhausts (Kidderminster) 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 Fast Fit Tyres & Exhausts (Kidderminster) Limited and state those matters that we have agreed to state to the Board of Directors of Fast Fit Tyres & Exhausts (Kidderminster) 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 Fast Fit Tyres & Exhausts (Kidderminster) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fast Fit Tyres & Exhausts (Kidderminster) 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 Fast Fit Tyres & Exhausts (Kidderminster) Limited. You consider that Fast Fit Tyres & Exhausts (Kidderminster) 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 Fast Fit Tyres & Exhausts (Kidderminster) 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.






Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL


13 February 2024