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REGISTERED NUMBER: 05576335 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)






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




Page

Company information 1

Statement of financial position 2

Notes to the financial statements 4


CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 December 2023







DIRECTORS: Mr J A Tanner
Mrs N Temprell
Mr D J Tanner





REGISTERED OFFICE: 62 Elliot Road
Love Lane Industrial Estate
Cirencester
Gloucestershire
GL7 1YS





REGISTERED NUMBER: 05576335 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,011 8,847
10,011 8,847

CURRENT ASSETS
Stocks 6 3,966 4,215
Debtors 7 27,987 59,430
Cash at bank 115,759 44,553
147,712 108,198
CREDITORS
Amounts falling due within one year 8 118,681 102,167
NET CURRENT ASSETS 29,031 6,031
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,042

14,878

CREDITORS
Amounts falling due after more than one year 9 (7,392 ) (12,421 )

PROVISIONS FOR LIABILITIES (2,502 ) (2,211 )
NET ASSETS 29,148 246

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 29,142 240
SHAREHOLDERS' FUNDS 29,148 246

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.

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)

STATEMENT OF FINANCIAL POSITION - 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:




Mrs N Temprell - Director



Mr D J Tanner - Director


CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)

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

1. STATUTORY INFORMATION

Cirencester Tyre & Exhaust Centre 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.

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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 - 4 ) .

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 68,000
AMORTISATION
At 1 January 2023
and 31 December 2023 68,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 60,556 6,149 400 4,964 72,069
Additions - - 1,200 2,617 3,817
Disposals - - (250 ) - (250 )
At 31 December 2023 60,556 6,149 1,350 7,581 75,636
DEPRECIATION
At 1 January 2023 52,455 5,890 231 4,646 63,222
Charge for year 1,620 52 317 559 2,548
Eliminated on disposal - - (145 ) - (145 )
At 31 December 2023 54,075 5,942 403 5,205 65,625
NET BOOK VALUE
At 31 December 2023 6,481 207 947 2,376 10,011
At 31 December 2022 8,101 259 169 318 8,847

6. STOCKS
2023 2022
£    £   
Stocks 3,966 4,215

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,561 16,328
Other debtors 1,947 1,805
Directors' loan accounts 948 28,200
Tax 1,841 1,841
Prepayments 8,690 11,256
27,987 59,430

CIRENCESTER TYRE & EXHAUST CENTRE
LIMITED (REGISTERED NUMBER: 05576335)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 5,084 5,000
Trade creditors 89,772 71,558
Tax 13,237 7,860
Social security and other taxes 2,657 2,880
VAT 2,727 10,242
Other creditors 2,011 1,792
Directors' loan accounts 17 -
Accrued expenses 3,176 2,835
118,681 102,167

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 7,392 12,421

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,084 5,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,392 12,421

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,000 12,000

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors is the following amounts owed from directors

Mrs N Temprell £701 (2022: £Nil)
Mr D Tanner £247 (2022: £Nil)


Included in creditors is the following amounts owed to directors

Mr J Tanner £17 (2022: Dr £28,200)

13. RELATED PARTY DISCLOSURES

Mr J A Tanner owns the property 62 Elliot Road, the trading address of the company. Mr J A Tanner received £12,000 rental income from this property in 2023 (2022- £12,000).

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.