Registered number
13198065
Waterlooville Tyres Ltd
Filleted Accounts
29 February 2024
Waterlooville Tyres Ltd
Registered number: 13198065
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 19,156 3,155
Current assets
Stocks 4,998 3,738
Debtors 4 16,332 3,131
Cash at bank and in hand 16,742 5,836
38,072 12,705
Creditors: amounts falling due within one year 5 (31,312) (13,015)
Net current assets/(liabilities) 6,760 (310)
Total assets less current liabilities 25,916 2,845
Provisions for liabilities (3,639) (599)
Net assets 22,277 2,246
Capital and reserves
Called up share capital 100 100
Profit and loss account 22,177 2,146
Shareholders' funds 22,277 2,246
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul O'Neil
Director
Approved by the board on 9 July 2024
Waterlooville Tyres Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line over 5 years
Office equipment 20% straight line over 5 years
Motor Vehicles 20% straight line over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Office equipment Total
£ £ £ £
Cost
At 1 March 2023 1,200 1,323 1,660 4,183
Additions 11,000 9,239 540 20,779
At 29 February 2024 12,200 10,562 2,200 24,962
Depreciation
At 1 March 2023 140 443 445 1,028
Charge for the year 2,240 2,099 439 4,778
At 29 February 2024 2,380 2,542 884 5,806
Net book value
At 29 February 2024 9,820 8,020 1,316 19,156
At 28 February 2023 1,060 880 1,215 3,155
4 Debtors 2024 2023
£ £
Trade debtors 9,457 806
Other debtors 6,875 2,325
16,332 3,131
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 57 361
Trade creditors 19,243 6,081
Taxation and social security costs 11,772 6,441
Other creditors 240 132
31,312 13,015
6 Related party transactions
Included within other creditors is the amount of £153 owed to the director. This amount is undated, unsecured, interest free and repayable upon demand.
7 Controlling party
The controlling party is Mr P O'Neil as director & shareholder
8 Other information
Waterlooville Tyres Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
Waterlooville Tyres Ltd 13198065 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts April 2024 Paul O'Neil No description of principal activity 13198065 2022-03-01 2023-02-28 13198065 core:WithinOneYear 2023-02-28 13198065 core:ShareCapital 2023-02-28 13198065 core:RetainedEarningsAccumulatedLosses 2023-02-28 13198065 2023-03-01 2024-02-29 13198065 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13198065 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13198065 bus:Director40 2023-03-01 2024-02-29 13198065 1 2023-03-01 2024-02-29 13198065 2 2023-03-01 2024-02-29 13198065 core:LandBuildings 2023-03-01 2024-02-29 13198065 core:PlantMachinery 2023-03-01 2024-02-29 13198065 core:Vehicles 2023-03-01 2024-02-29 13198065 countries:England 2023-03-01 2024-02-29 13198065 bus:FRS102 2023-03-01 2024-02-29 13198065 bus:FilletedAccounts 2023-03-01 2024-02-29 13198065 2024-02-29 13198065 core:WithinOneYear 2024-02-29 13198065 core:ShareCapital 2024-02-29 13198065 core:RetainedEarningsAccumulatedLosses 2024-02-29 13198065 core:LandBuildings 2024-02-29 13198065 core:PlantMachinery 2024-02-29 13198065 core:Vehicles 2024-02-29 13198065 2023-02-28 13198065 core:LandBuildings 2023-02-28 13198065 core:PlantMachinery 2023-02-28 13198065 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure