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Registered number: 00514164
North Hants Tyre And Remoulding Company Limited
Financial Statements
For The Year Ended 31 December 2023
TaxAssist Accountants
Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Directors Mrs Barbara Pettifor
Miss Janet Pettifor
Mr John Pettifor
Ms Lucy Pettifor
Mr John Pettifor (Jnr)
Mr James Pettifor
Secretary Mr John Pettifor
Company Number 00514164
Registered Office Henry John House
2 Ivy Road
Aldershot
Hants
GU12 4TX
Accountants TaxAssist Accountants
36 Yorktown Road
Sandhurst
Berkshire
GU47 9DT
Page 1
Page 2
Balance Sheet
Registered number: 00514164
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,263,025 589,467
Investment Properties 5 1,090,004 1,175,000
2,353,029 1,764,467
CURRENT ASSETS
Stocks 6 1,093,775 1,173,361
Debtors 7 153,244 124,617
Cash at bank and in hand 611,909 507,945
1,858,928 1,805,923
Creditors: Amounts Falling Due Within One Year 8 (101,289 ) (116,955 )
NET CURRENT ASSETS (LIABILITIES) 1,757,639 1,688,968
TOTAL ASSETS LESS CURRENT LIABILITIES 4,110,668 3,453,435
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (248,431 ) (94,829 )
NET ASSETS 3,862,237 3,358,606
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Profit and Loss Account 3,861,237 3,357,606
SHAREHOLDERS' FUNDS 3,862,237 3,358,606
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Pettifor
Director
27/03/2024
The notes on pages 4 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
North Hants Tyre And Remoulding Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00514164 . The registered office is Henry John House, 2 Ivy Road, Aldershot, Hants, GU12 4TX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 57 years straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
Land with no buildings at the cost of £40,000 is not amortised.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 January 2023 731,832 332,340 - 1,064,172
Additions 225,000 78,384 5,089 308,473
Revaluation 181,368 - - 181,368
As at 31 December 2023 1,138,200 410,724 5,089 1,554,013
...CONTINUED
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Depreciation
As at 1 January 2023 204,000 270,705 - 474,705
Provided during the period (204,000 ) 19,901 382 (183,717 )
As at 31 December 2023 - 290,606 382 290,988
Net Book Value
As at 31 December 2023 1,138,200 120,118 4,707 1,263,025
As at 1 January 2023 527,832 61,635 - 589,467
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
At cost 956,832 410,724 5,089 1,372,645
At valuation 181,368 - - 181,368
1,138,200 410,724 5,089 1,554,013
Freehold land and properties were revalued based on an open market basis on 31 December 2023 by J Pettifor, a director.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 956,832
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 1,175,000
Additions (315,249 )
Revaluations 230,253
As at 31 December 2023 1,090,004
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 322,251 -
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6. Stocks
2023 2022
£ £
Finished goods 1,093,775 1,173,361
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 93,360 91,279
Prepayments and accrued income 10,231 -
Other debtors 6,222 6,222
Corporation tax recoverable assets 455 455
VAT 41,580 25,262
Directors' loan accounts 1,396 1,399
153,244 124,617
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,215 41,150
Bank loans and overdrafts 95 -
Corporation tax 37,511 18,323
Other taxes and social security 5,792 4,042
Net wages 13,294 13,294
Pension payable 1,091 857
Other creditors (1) 7 7
Accruals and deferred income 3,500 3,500
Directors' loan accounts 9,466 9,466
Amounts owed to related parties 26,318 26,316
101,289 116,955
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 248,431 94,829
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 94,829 94,829
Deferred taxation 153,602 153,602
Balance at 31 December 2023 248,431 248,431
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees'. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £857 (PY £850) were due to the fund. They are included in Other Creditors.
13. Directors Advances, Credits and Guarantees
Included within Debtors and Creditors are the following loans to and from directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Barbara Pettifor 1,399 - 3 - 1,396
Mr John Pettifor (Jnr) (9,446 ) - - - (9,446 )
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Miss Janet Pettifor 30,423 44,027
14. Reserves
There is undistributable reserves relating to property revaluation and deferred tax of £248,431 (LY £551,754).
15. Related Party Transactions
Deborah PettiforShareholderOther creditors includes £26,318 owed by the company to Deborah Pettifor.

Deborah Pettifor

Shareholder

Other creditors includes £26,318 owed by the company to Deborah Pettifor.

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