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Registration number: 06069671

GB Tyres (Taunton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

GB Tyres (Taunton) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

GB Tyres (Taunton) Limited

(Registration number: 06069671)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

20,000

25,000

Tangible assets

5

23,883

10,156

 

43,883

35,156

Current assets

 

Stocks

6

13,647

12,703

Debtors

7

53,095

29,513

Cash at bank and in hand

 

171,220

156,835

 

237,962

199,051

Creditors: Amounts falling due within one year

8

(250,702)

(192,536)

Net current (liabilities)/assets

 

(12,740)

6,515

Total assets less current liabilities

 

31,143

41,671

Provisions for liabilities

(5,942)

-

Net assets

 

25,201

41,671

Capital and reserves

 

Called up share capital

2

2

Capital redemption reserve

2

2

Retained earnings

25,197

41,667

Shareholders' funds

 

25,201

41,671

 

GB Tyres (Taunton) Limited

(Registration number: 06069671)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2023 and signed on its behalf by:
 

C T Power
Director

   
     
 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hedley House
Cook Way
Taunton
Somerset
TA2 6BJ

These financial statements were authorised for issue by the Board on 26 February 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit
and loss account over the expected useful life of the assets. Grants towards revenue expenditure are
released to the profit and loss account as the related expenditure is incurred.

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 7).

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

100,000

100,000

At 30 April 2023

100,000

100,000

Amortisation

At 1 May 2022

75,000

75,000

Amortisation charge

5,000

5,000

At 30 April 2023

80,000

80,000

Carrying amount

At 30 April 2023

20,000

20,000

At 30 April 2022

25,000

25,000

5

Tangible assets

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

16,919

12,600

29,519

Additions

18,322

-

18,322

At 30 April 2023

35,241

12,600

47,841

Depreciation

At 1 May 2022

10,004

9,359

19,363

Charge for the year

3,785

810

4,595

At 30 April 2023

13,789

10,169

23,958

Carrying amount

At 30 April 2023

21,452

2,431

23,883

At 30 April 2022

6,915

3,241

10,156

6

Stocks

2023
£

2022
£

Goods for resale

13,647

12,703

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Debtors

2023
£

2022
£

Trade debtors

43,068

28,213

Prepayments

10,027

1,300

53,095

29,513

8

Creditors

Due within one year

2023
£

2022
£

Trade creditors

123,681

55,816

Amounts due to related parties

94,896

95,255

Social security and other taxes

28,999

38,272

Other creditors

266

243

Accruals

2,860

2,950

250,702

192,536

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £94,350 (2022 - £Nil).

 

GB Tyres (Taunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

95,255

95,255

Advanced

76,639

76,639

Repaid

(76,998)

(76,998)

At end of period

94,896

94,896

2022

Key management
£

Total
£

At start of period

93,961

93,961

Advanced

76,797

76,797

Repaid

(75,503)

(75,503)

At end of period

95,255

95,255

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.