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Registration number: 03111404

Bob's Tyres and Exhausts Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bob's Tyres and Exhausts Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Bob's Tyres and Exhausts Limited

Company Information

Directors

R A Malins

T M Malins

Company secretary

T M Malins

Registered office

Unit 18, Stevenage Enterprise Centre
Orchard Road
Stevenage
Herts
SG1 3HH

 

Bob's Tyres and Exhausts Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

R A Malins

T M Malins - Company secretary and director

Principal activity

The principal activity of the company continued to be that of the maintenance and repair of motor vehicles.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 6 June 2024 and signed on its behalf by:

.........................................
R A Malins
Director

 

Bob's Tyres and Exhausts Limited

(Registration number: 03111404)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,993

7,376

Current assets

 

Stocks

6

11,899

12,571

Debtors

7

14,810

16,045

Cash at bank and in hand

 

139,315

109,010

 

166,024

137,626

Creditors: Amounts falling due within one year

8

(160,097)

(137,032)

Net current assets

 

5,927

594

Total assets less current liabilities

 

12,920

7,970

Provisions for liabilities

(1,329)

(1,401)

Net assets

 

11,591

6,569

Capital and reserves

 

Called up share capital

2

2

Retained earnings

11,589

6,567

Shareholders' funds

 

11,591

6,569

 

Bob's Tyres and Exhausts Limited

(Registration number: 03111404)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 June 2024 and signed on its behalf by:
 

.........................................
R A Malins
Director

 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 18, Stevenage Enterprise Centre
Orchard Road
Stevenage
Herts
SG1 3HH

These financial statements were authorised for issue by the Board on 6 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the present value of the minimum lease payments.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,930

2,458

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

2,092

14,929

44,946

61,967

Additions

-

-

1,548

1,548

At 31 January 2024

2,092

14,929

46,494

63,515

Depreciation

At 1 February 2023

1,915

12,852

39,824

54,591

Charge for the year

44

520

1,367

1,931

At 31 January 2024

1,959

13,372

41,191

56,522

Carrying amount

At 31 January 2024

133

1,557

5,303

6,993

At 31 January 2023

177

2,077

5,122

7,376

6

Stocks

2024
£

2023
£

Other inventories

11,899

12,571

 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

8,381

10,833

Prepayments

4,389

5,212

Other debtors

2,040

-

 

14,810

16,045

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

108,048

94,390

Taxation and social security

18,496

17,027

Accruals and deferred income

1,170

2,034

Other creditors

32,383

23,581

160,097

137,032

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Bob's Tyres and Exhausts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 18,000.00 (2023 - 14,000.00) per each Ordinary £1 shares

36,000

28,000

 

 

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £Nil). The financial commitments are in respect of the business premises which expire on 29th September 2025. The annual rent is £16,230.

12

Related party transactions

At the balance sheet date the company owed £32,110 (2023: £27,195) to the directors, R Malins and T Malins. The loan has no formal terms of repayment or payment of interest.

13

Parent and ultimate parent undertaking

The ultimate controlling party is R Malins and T Malins acting in concert.