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TYRE POWER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TYRE POWER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R L Harrison
Mrs J M Harrison
L Priestley
Mrs S J Priestley
A J P Tomlinson





REGISTERED OFFICE: Fairfax House
6a Mill Field Road
Cottingley
Bradford
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 04611273 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,449 40,663

CURRENT ASSETS
Stocks 7,500 12,750
Debtors 5 61,679 78,609
Cash at bank and in hand 88,226 104,725
157,405 196,084
CREDITORS
Amounts falling due within one year 6 138,861 179,269
NET CURRENT ASSETS 18,544 16,815
TOTAL ASSETS LESS CURRENT LIABILITIES 53,993 57,478

CREDITORS
Amounts falling due after more than one
year

7

(11,942

)

(19,956

)

PROVISIONS FOR LIABILITIES 9 (6,735 ) (7,726 )
NET ASSETS 35,316 29,796

CAPITAL AND RESERVES
Called up share capital 10 110 110
Retained earnings 35,206 29,686
SHAREHOLDERS' FUNDS 35,316 29,796

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.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





R L Harrison - Director


TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Tyre Power 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.

In accordance with Section 444 of the Companies Act 2006, the Directors Report has not been delivered.

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.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

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 Statement of Income and Retained Earnings, 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.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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

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 NIL (2022 - 1 ).

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 6,347 81,203 10,996
Additions - 4,295 -
At 31 December 2023 6,347 85,498 10,996
DEPRECIATION
At 1 January 2023 6,346 73,827 9,338
Charge for year - 1,318 249
At 31 December 2023 6,346 75,145 9,587
NET BOOK VALUE
At 31 December 2023 1 10,353 1,409
At 31 December 2022 1 7,376 1,658

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 49,526 215 148,287
Additions - - 4,295
At 31 December 2023 49,526 215 152,582
DEPRECIATION
At 1 January 2023 18,042 71 107,624
Charge for year 7,871 71 9,509
At 31 December 2023 25,913 142 117,133
NET BOOK VALUE
At 31 December 2023 23,613 73 35,449
At 31 December 2022 31,484 144 40,663

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 48,825 67,140
Prepayments 12,854 11,469
61,679 78,609

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 8,019 7,912
Trade creditors 74,703 121,268
Tax 28,909 10,576
Social security and other taxes 301 71
VAT 10,794 9,020
Other creditors 108 73
Directors' current accounts 7,364 20,583
Accrued expenses 8,663 9,766
138,861 179,269

Loans from directors are interest free and repayable on demand.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 8,019 8,112
Bank loans - 2-5 years 3,923 11,844
11,942 19,956

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 6,735 7,726

Deferred
tax
£   
Balance at 1 January 2023 7,726
Accelerated capital allowances (991 )
Balance at 31 December 2023 6,735

The deferred tax balance relates wholly to accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary shares £1.00 80 80
10 Ordinary A Shares £1.00 30 30
110 110

11. ULTIMATE CONTROLLING PARTY

The directors control the company due to holding 100% of issued shares.