Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false3true2022-09-01falsegarage4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06675704 2022-09-01 2023-08-31 06675704 2021-09-01 2022-08-31 06675704 2023-08-31 06675704 2022-08-31 06675704 c:Director1 2022-09-01 2023-08-31 06675704 c:RegisteredOffice 2022-09-01 2023-08-31 06675704 d:PlantMachinery 2022-09-01 2023-08-31 06675704 d:PlantMachinery 2023-08-31 06675704 d:PlantMachinery 2022-08-31 06675704 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06675704 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 06675704 d:MotorVehicles 2022-09-01 2023-08-31 06675704 d:MotorVehicles 2023-08-31 06675704 d:MotorVehicles 2022-08-31 06675704 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06675704 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 06675704 d:FurnitureFittings 2022-09-01 2023-08-31 06675704 d:FurnitureFittings 2023-08-31 06675704 d:FurnitureFittings 2022-08-31 06675704 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06675704 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 06675704 d:OfficeEquipment 2022-09-01 2023-08-31 06675704 d:OfficeEquipment 2023-08-31 06675704 d:OfficeEquipment 2022-08-31 06675704 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06675704 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 06675704 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06675704 d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 06675704 d:CurrentFinancialInstruments 2023-08-31 06675704 d:CurrentFinancialInstruments 2022-08-31 06675704 d:Non-currentFinancialInstruments 2023-08-31 06675704 d:Non-currentFinancialInstruments 2022-08-31 06675704 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 06675704 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 06675704 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 06675704 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 06675704 d:ShareCapital 2023-08-31 06675704 d:ShareCapital 2022-08-31 06675704 d:RetainedEarningsAccumulatedLosses 2023-08-31 06675704 d:RetainedEarningsAccumulatedLosses 2022-08-31 06675704 c:OrdinaryShareClass1 2022-09-01 2023-08-31 06675704 c:OrdinaryShareClass1 2023-08-31 06675704 c:OrdinaryShareClass1 2022-08-31 06675704 c:FRS102 2022-09-01 2023-08-31 06675704 c:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 06675704 c:FullAccounts 2022-09-01 2023-08-31 06675704 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06675704 2 2022-09-01 2023-08-31 06675704 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 06675704 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-31 06675704 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 06675704 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-31 06675704 d:LeasedAssetsHeldAsLessee 2023-08-31 06675704 d:LeasedAssetsHeldAsLessee 2022-08-31 06675704 e:PoundSterling 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06675704










TYRE TECH 24 LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
TYRE TECH 24 LTD
 
 
COMPANY INFORMATION


Director
Nicholas Breeze 




Registered number
06675704



Registered office
Unit 3
Aylsham Industrial Estate

Banningham Road

Aylsham

Norfolk

NR11 6SS




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
TYRE TECH 24 LTD
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 10


 
TYRE TECH 24 LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TYRE TECH 24 LTD
FOR THE YEAR ENDED 31 AUGUST 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyre Tech 24 Ltd for the year ended 31 August 2023 which comprise  the 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 at https://www.icaew.com /regulation.

This report is made solely to the director of Tyre Tech 24 Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Tech 24 Ltd and state those matters that we have agreed to state to the director of Tyre Tech 24 Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyre Tech 24 Ltd and its director for our work or for this report. 

It is your duty to ensure that Tyre Tech 24 Ltd 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 loss of Tyre Tech 24 Ltd. You consider that Tyre Tech 24 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Tyre Tech 24 Ltd. 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.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
11 April 2024
Page 1

 
TYRE TECH 24 LTD
REGISTERED NUMBER: 06675704

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,494
36,902

  
47,494
36,902

Current assets
  

Stocks
  
12,714
12,030

Debtors: amounts falling due within one year
 5 
68,133
71,031

Cash at bank and in hand
  
33,494
51,533

  
114,341
134,594

Creditors: amounts falling due within one year
 6 
(126,105)
(120,725)

Net current (liabilities)/assets
  
 
 
(11,764)
 
 
13,869

Total assets less current liabilities
  
35,730
50,771

Creditors: amounts falling due after more than one year
 7 
(19,429)
(16,318)

  

Net assets
  
16,301
34,453


Capital and reserves
  

Share capital
  
2
2

Profit and loss account
  
16,299
34,451

  
16,301
34,453


Page 2

 
TYRE TECH 24 LTD
REGISTERED NUMBER: 06675704
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2024.

Nicholas Breeze
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Unit 3 Aylsham Industrial Estate, Aylsham, Norfolk, NR11 6SS.
The company's principal activity is that of a garage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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

Page 7

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
62,277
51,874
760
1,347
116,258


Additions
15,177
11,500
170
-
26,847


Disposals
-
(2,995)
-
-
(2,995)



At 31 August 2023

77,454
60,379
930
1,347
140,110



Depreciation


At 1 September 2022
50,047
28,144
623
542
79,356


Charge for the year on owned assets
4,366
4,417
78
205
9,066


Charge for the year on financed assets
2,497
4,293
-
-
6,790


Disposals
-
(2,596)
-
-
(2,596)



At 31 August 2023

56,910
34,258
701
747
92,616



Net book value



At 31 August 2023
20,544
26,121
229
600
47,494



At 31 August 2022
12,230
23,730
137
805
36,902

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
7,487
1,835

Motor vehicles
12,876
22,949

20,363
24,784

Page 8

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
65,799
68,197

Other debtors
2,334
2,834

68,133
71,031



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
3,203
1,305

Trade creditors
85,556
88,153

Other taxation and social security
8,354
4,875

Obligations under finance lease and hire purchase contracts
6,705
10,913

Other creditors
20,817
14,114

Accruals and deferred income
1,470
1,365

126,105
120,725



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,500
870

Net obligations under finance leases and hire purchase contracts
15,929
15,448

19,429
16,318


Page 9

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,203
1,305


3,203
1,305

Amounts falling due 1-2 years

Bank loans
2,333
870


2,333
870

Amounts falling due 2-5 years

Bank loans
1,167
-


1,167
-


6,703
2,175



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


 
Page 10