IRIS Accounts Production v24.1.0.578 SC308479 Board of Directors Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3084792022-10-31SC3084792023-10-31SC3084792022-11-012023-10-31SC3084792021-10-31SC3084792021-11-012022-10-31SC3084792022-10-31SC308479ns15:Scotland2022-11-012023-10-31SC308479ns14:PoundSterling2022-11-012023-10-31SC308479ns10:Director12022-11-012023-10-31SC308479ns10:Director22022-11-012023-10-31SC308479ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC308479ns10:SmallEntities2022-11-012023-10-31SC308479ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC308479ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31SC308479ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC308479ns10:FullAccounts2022-11-012023-10-31SC308479ns10:OrdinaryShareClass12022-11-012023-10-31SC308479ns10:RegisteredOffice2022-11-012023-10-31SC308479ns5:CurrentFinancialInstruments2023-10-31SC308479ns5:CurrentFinancialInstruments2022-10-31SC308479ns5:Non-currentFinancialInstruments2023-10-31SC308479ns5:Non-currentFinancialInstruments2022-10-31SC308479ns5:ShareCapital2023-10-31SC308479ns5:ShareCapital2022-10-31SC308479ns5:RetainedEarningsAccumulatedLosses2023-10-31SC308479ns5:RetainedEarningsAccumulatedLosses2022-10-31SC308479ns5:PlantMachinery2022-11-012023-10-31SC308479ns5:LandBuildings2022-10-31SC308479ns5:PlantMachinery2022-10-31SC308479ns5:LandBuildings2022-11-012023-10-31SC308479ns5:LandBuildings2023-10-31SC308479ns5:PlantMachinery2023-10-31SC308479ns5:LandBuildings2022-10-31SC308479ns5:PlantMachinery2022-10-31SC308479ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-31SC308479ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-012023-10-31SC308479ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-31SC308479ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-31SC308479ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC308479ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC308479ns5:DeferredTaxation2022-10-31SC308479ns5:DeferredTaxation2022-11-012023-10-31SC308479ns5:DeferredTaxation2023-10-31SC308479ns10:OrdinaryShareClass12023-10-31SC308479ns5:RetainedEarningsAccumulatedLosses2022-10-31SC308479ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31
REGISTERED NUMBER: SC308479 (Scotland)















Thurso Tyre Centre Ltd

Financial Statements For The Year Ended 31 October 2023






Thurso Tyre Centre Ltd (Registered number: SC308479)






Contents of the Financial Statements
For The Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thurso Tyre Centre Ltd

Company Information
For The Year Ended 31 October 2023







DIRECTORS: S Coghill
C D Sutherland





REGISTERED OFFICE: Wilson Street
Thurso
Caithness
KW14 8AQ





REGISTERED NUMBER: SC308479 (Scotland)





ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Sir John's Square
Thurso
Caithness
KW14 7AN

Thurso Tyre Centre Ltd (Registered number: SC308479)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 195,004 160,245

CURRENT ASSETS
Stocks 21,180 24,046
Debtors 5 15,273 11,106
Cash at bank and in hand 35,852 40,367
72,305 75,519
CREDITORS
Amounts falling due within one year 6 112,360 146,428
NET CURRENT LIABILITIES (40,055 ) (70,909 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

154,949

89,336

CREDITORS
Amounts falling due after more than one
year

7

(48,954

)

(38,655

)

PROVISIONS FOR LIABILITIES 8 (13,763 ) (6,523 )
NET ASSETS 92,232 44,158

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 92,132 44,058
SHAREHOLDERS' FUNDS 92,232 44,158

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

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

Thurso Tyre Centre Ltd (Registered number: SC308479)

Balance Sheet - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:




S Coghill - Director



C D Sutherland - Director


Thurso Tyre Centre Ltd (Registered number: SC308479)

Notes to the Financial Statements
For The Year Ended 31 October 2023

1. STATUTORY INFORMATION

Thurso Tyre Centre Ltd is a private company, limited by shares , registered in Scotland. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 33% on reducing balance and 25% on reducing balance

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

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
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Thurso Tyre Centre Ltd (Registered number: SC308479)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings Equipment Totals
£    £    £   
COST
At 1 November 2022 125,915 76,369 202,284
Additions - 46,132 46,132
At 31 October 2023 125,915 122,501 248,416
DEPRECIATION
At 1 November 2022 - 42,039 42,039
Charge for year - 11,373 11,373
At 31 October 2023 - 53,412 53,412
NET BOOK VALUE
At 31 October 2023 125,915 69,089 195,004
At 31 October 2022 125,915 34,330 160,245

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment
£   
COST
At 1 November 2022 32,995
Additions 36,106
At 31 October 2023 69,101
DEPRECIATION
At 1 November 2022 8,774
Charge for year 7,564
At 31 October 2023 16,338
NET BOOK VALUE
At 31 October 2023 52,763
At 31 October 2022 24,221

Thurso Tyre Centre Ltd (Registered number: SC308479)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 9,940 9,941
Other debtors 5,333 1,165
15,273 11,106

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 11,682 11,682
Hire purchase contracts 13,809 6,950
Trade creditors 48,034 49,725
Taxation and social security 14,934 19,562
Other creditors 23,901 58,509
112,360 146,428

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 15,138 24,755
Hire purchase contracts 33,816 13,900
48,954 38,655

8. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 13,763 6,523

Deferred
tax
£   
Balance at 1 November 2022 6,523
Charge to Income Statement during year 7,240
Balance at 31 October 2023 13,763

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary 1 100 100

Thurso Tyre Centre Ltd (Registered number: SC308479)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

10. RESERVES
Retained
earnings
£   

At 1 November 2022 44,058
Profit for the year 78,074
Dividends (30,000 )
At 31 October 2023 92,132