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REGISTERED NUMBER: 05168678 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

G W TYRES (WAKEFIELD) LIMITED

G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G W TYRES (WAKEFIELD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs Margaret Wood
Mrs E L Davies
R J Davies





REGISTERED OFFICE: 6 Woods Court
Flanshaw Way
Wakefield
West Yorkshire
WF2 9LR





REGISTERED NUMBER: 05168678 (England and Wales)





ACCOUNTANTS: Brosnans
Chartered Accountants
Birkby House
Bailiff Bridge
Brighouse
West Yorkshire
HD6 4JJ

G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 190,881 166,838

CURRENT ASSETS
Stocks 178,254 309,134
Debtors 5 589,218 544,672
Cash at bank and in hand 199,696 82,638
967,168 936,444
CREDITORS
Amounts falling due within one year 6 (512,970 ) (520,102 )
NET CURRENT ASSETS 454,198 416,342
TOTAL ASSETS LESS CURRENT
LIABILITIES

645,079

583,180

CREDITORS
Amounts falling due after more than
one year

7

(42,946

)

(31,028

)

PROVISIONS FOR LIABILITIES (44,342 ) (23,084 )
NET ASSETS 557,791 529,068

CAPITAL AND RESERVES
Called up share capital 8 1,250 1,250
Retained earnings 556,541 527,818
SHAREHOLDERS' FUNDS 557,791 529,068

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

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

G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)

BALANCE SHEET - continued
31 MAY 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 9 August 2024 and were signed on its behalf by:





Mrs E L Davies - Director


G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)

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

1. STATUTORY INFORMATION

G W Tyres (Wakefield) 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.

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


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

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.


G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 562,174
Additions 82,464
Disposals (12,495 )
At 31 May 2024 632,143
DEPRECIATION
At 1 June 2023 395,336
Charge for year 57,380
Eliminated on disposal (11,454 )
At 31 May 2024 441,262
NET BOOK VALUE
At 31 May 2024 190,881
At 31 May 2023 166,838


G W TYRES (WAKEFIELD) LIMITED (REGISTERED NUMBER: 05168678)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 547,826 503,753
Other debtors 41,392 40,919
589,218 544,672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 18,952 23,432
Trade creditors 450,384 471,435
Taxation and social security 27,288 13,081
Other creditors 16,346 12,154
512,970 520,102

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 42,946 31,028

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 1,250 1,250