IRIS Accounts Production v24.1.9.2 SC298338 director 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2983382022-12-31SC2983382023-12-31SC2983382023-01-012023-12-31SC2983382021-12-31SC2983382022-01-012022-12-31SC2983382022-12-31SC298338ns15:Scotland2023-01-012023-12-31SC298338ns14:PoundSterling2023-01-012023-12-31SC298338ns10:Director12023-01-012023-12-31SC298338ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC298338ns10:SmallEntities2023-01-012023-12-31SC298338ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC298338ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC298338ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC298338ns10:FullAccounts2023-01-012023-12-31SC298338ns10:OrdinaryShareClass12023-01-012023-12-31SC298338ns10:CompanySecretary12023-01-012023-12-31SC298338ns10:RegisteredOffice2023-01-012023-12-31SC298338ns5:CurrentFinancialInstruments2023-12-31SC298338ns5:CurrentFinancialInstruments2022-12-31SC298338ns5:Non-currentFinancialInstruments2023-12-31SC298338ns5:Non-currentFinancialInstruments2022-12-31SC298338ns5:ShareCapital2023-12-31SC298338ns5:ShareCapital2022-12-31SC298338ns5:RetainedEarningsAccumulatedLosses2023-12-31SC298338ns5:RetainedEarningsAccumulatedLosses2022-12-31SC298338ns5:LeaseholdImprovements2023-01-012023-12-31SC298338ns5:PlantMachinery2023-01-012023-12-31SC298338ns5:FurnitureFittings2023-01-012023-12-31SC298338ns5:MotorVehicles2023-01-012023-12-31SC298338ns5:ComputerEquipment2023-01-012023-12-31SC298338ns5:LeaseholdImprovements2022-12-31SC298338ns5:PlantMachinery2022-12-31SC298338ns5:FurnitureFittings2022-12-31SC298338ns5:LeaseholdImprovements2023-12-31SC298338ns5:PlantMachinery2023-12-31SC298338ns5:FurnitureFittings2023-12-31SC298338ns5:LeaseholdImprovements2022-12-31SC298338ns5:PlantMachinery2022-12-31SC298338ns5:FurnitureFittings2022-12-31SC298338ns5:MotorVehicles2022-12-31SC298338ns5:ComputerEquipment2022-12-31SC298338ns5:MotorVehicles2023-12-31SC298338ns5:ComputerEquipment2023-12-31SC298338ns5:MotorVehicles2022-12-31SC298338ns5:ComputerEquipment2022-12-31SC298338ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC298338ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC298338ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-31SC298338ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-31SC298338ns10:OrdinaryShareClass12023-12-31SC2983381ns10:Director12022-12-31SC2983381ns10:Director12021-12-31SC2983381ns10:Director12023-01-012023-12-31SC2983381ns10:Director12022-01-012022-12-31SC2983381ns10:Director12023-12-31SC2983381ns10:Director12022-12-31
REGISTERED NUMBER: SC298338 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Laws Tyres Limited

Laws Tyres Limited (Registered number: SC298338)






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


Laws Tyres Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A D Law





SECRETARY: A D Law





REGISTERED OFFICE: 31 Northburn Avenue
Aberdeen
AB15 6AH





REGISTERED NUMBER: SC298338 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Laws Tyres Limited (Registered number: SC298338)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 145,632 61,820

CURRENT ASSETS
Stocks 86,124 43,922
Debtors 6 57,937 83,873
Cash at bank and in hand 367,901 382,283
511,962 510,078
CREDITORS
Amounts falling due within one year 7 389,046 352,454
NET CURRENT ASSETS 122,916 157,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,548

219,444

CREDITORS
Amounts falling due after more than one
year

8

(14,167

)

(24,167

)

PROVISIONS FOR LIABILITIES (24,957 ) (8,860 )
NET ASSETS 229,424 186,417

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 229,324 186,317
SHAREHOLDERS' FUNDS 229,424 186,417

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 director acknowledges his 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.

Laws Tyres Limited (Registered number: SC298338)

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 director and authorised for issue on 1 August 2024 and were signed by:





A D Law - Director


Laws Tyres Limited (Registered number: SC298338)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Laws Tyres Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 tax. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of tyres and car parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from fitting of tyres and related services is recognised by the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 - Straight line over 10 years
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.


Laws Tyres Limited (Registered number: SC298338)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 107,017 190,314 17,098
Additions - 23,099 13,883
Disposals - (30,715 ) (4,254 )
At 31 December 2023 107,017 182,698 26,727
DEPRECIATION
At 1 January 2023 107,017 167,707 15,607
Charge for year - 13,122 2,132
Eliminated on disposal - (30,715 ) (4,254 )
At 31 December 2023 107,017 150,114 13,485
NET BOOK VALUE
At 31 December 2023 - 32,584 13,242
At 31 December 2022 - 22,607 1,491

Laws Tyres Limited (Registered number: SC298338)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 93,328 27,131 434,888
Additions 70,793 4,853 112,628
Disposals - (7,941 ) (42,910 )
At 31 December 2023 164,121 24,043 504,606
DEPRECIATION
At 1 January 2023 55,606 27,131 373,068
Charge for year 12,413 1,149 28,816
Eliminated on disposal - (7,941 ) (42,910 )
At 31 December 2023 68,019 20,339 358,974
NET BOOK VALUE
At 31 December 2023 96,102 3,704 145,632
At 31 December 2022 37,722 - 61,820

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 34,069 41,745
Directors' current accounts - 7,812
Tax - 4,115
Prepayments and accrued income 23,868 30,201
57,937 83,873

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 248,514 243,582
Tax 8,983 12,140
Social security and other taxes 15,710 12,653
VAT 33,743 27,982
Other creditors 1,649 1,359
Directors' current accounts 91 -
Accrued expenses 70,356 44,738
389,046 352,454

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 14,167 24,167

Laws Tyres Limited (Registered number: SC298338)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A D Law
Balance outstanding at start of year 7,812 (2,188 )
Amounts advanced 97 90,000
Amounts repaid (8,000 ) (80,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (91 ) 7,812

This loan is interest free and repayable on demand.