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REGISTERED NUMBER: 01522405 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

P & J TYRE SERVICES LIMITED

P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P & J TYRE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: P D Riley
S P Riley
C P Riley





SECRETARY: P D Riley





REGISTERED OFFICE: Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA





REGISTERED NUMBER: 01522405 (England and Wales)





ACCOUNTANTS: Segrave & Partners LLP
Chartered Accountants
Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA

P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,400 3,600
Tangible assets 5 33,913 23,127
36,313 26,727

CURRENT ASSETS
Stocks 32,221 35,079
Debtors 6 226,335 121,475
Cash at bank and in hand 5,554 7,454
264,110 164,008
CREDITORS
Amounts falling due within one year 7 196,609 130,948
NET CURRENT ASSETS 67,501 33,060
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,814

59,787

CAPITAL AND RESERVES
Called up share capital 6,002 6,002
Retained earnings 97,812 53,785
SHAREHOLDERS' FUNDS 103,814 59,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)

BALANCE SHEET - continued
31 JANUARY 2024


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 2 August 2024 and were signed on its behalf by:




P D Riley - Director S P Riley - Director




C P Riley - Director


P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

P & J Tyre Services 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 1980, 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.
Computer Equipment - 20% on cost
Motor vehicles - 20% on reducing balance
Plant & equipment - 20% on reducing balance

No provision has been made for the depreciation of Improvements to Property which in the opinion of the directors have a market value in excess of the cost price disclosed in the financial statements. The directors acknowledge that this represents a departure from Financial Reporting Standards 102.

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 balance sheet date.


P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. 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.

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 8 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 12,000
AMORTISATION
At 1 February 2023 8,400
Charge for year 1,200
At 31 January 2024 9,600
NET BOOK VALUE
At 31 January 2024 2,400
At 31 January 2023 3,600

P & J TYRE SERVICES LIMITED (REGISTERED NUMBER: 01522405)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Computer Motor Plant &
property Equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 12,820 4,068 29,050 80,252 126,190
Additions - - 17,300 150 17,450
Disposals - (532 ) (7,200 ) - (7,732 )
At 31 January 2024 12,820 3,536 39,150 80,402 135,908
DEPRECIATION
At 1 February 2023 - 3,644 22,213 77,206 103,063
Charge for year - 104 4,634 640 5,378
Eliminated on disposal - (212 ) (6,234 ) - (6,446 )
At 31 January 2024 - 3,536 20,613 77,846 101,995
NET BOOK VALUE
At 31 January 2024 12,820 - 18,537 2,556 33,913
At 31 January 2023 12,820 424 6,837 3,046 23,127

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 221,981 118,516
Other debtors 658 426
Prepayments 3,696 2,533
226,335 121,475

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 159,013 104,804
Tax 8,834 5,186
Social security & other taxes 4,053 3,724
VAT 18,245 11,736
Other creditors 563 2,646
Directors' current accounts 1,287 57
Accrued expenses 4,614 2,795
196,609 130,948