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COMPANY REGISTRATION NUMBER: 05294979
PAUL JARROLD TYRES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PAUL JARROLD TYRES LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
PAUL JARROLD TYRES LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
6
2,500
5,000
Tangible assets
7
120,316
131,955
---------
---------
122,816
136,955
CURRENT ASSETS
Stocks
438,097
499,467
Debtors
8
669,082
626,657
Cash at bank and in hand
103
102
------------
------------
1,107,282
1,126,226
CREDITORS: amounts falling due within one year
9
( 788,273)
( 781,875)
------------
------------
NET CURRENT ASSETS
319,009
344,351
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
441,825
481,306
CREDITORS: amounts falling due after more than one year
10
( 27,429)
( 55,559)
PROVISIONS
( 25,783)
( 28,443)
---------
---------
NET ASSETS
388,613
397,304
---------
---------
CAPITAL AND RESERVES
Called up share capital
35
35
Capital redemption reserve
65
65
Profit and loss account
388,513
397,204
---------
---------
SHAREHOLDERS FUNDS
388,613
397,304
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAUL JARROLD TYRES LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr M P Jarrold Director
Company registration number: 05294979
PAUL JARROLD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, South Wales, NP10 8FY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. COMPANY INFORMATION
The company is a private company limited by shares and is incorporated and domiciled in England & Wales. The principal place of business is Unit 2, Wonastow Road Industrial Road West, Monmouth, Monmouthshire, NP25 5JA.
4. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for tyre fitting, maintenance and repair of vehicles, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 29 (2022: 28 ).
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
50,000
--------
Amortisation
At 1 January 2023
45,000
Charge for the year
2,500
--------
At 31 December 2023
47,500
--------
Carrying amount
At 31 December 2023
2,500
--------
At 31 December 2022
5,000
--------
7. TANGIBLE ASSETS
Property improvements
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
45,266
308,969
152,552
6,310
513,097
Additions
5,805
18,983
24,788
--------
---------
---------
-------
---------
At 31 December 2023
45,266
314,774
171,535
6,310
537,885
--------
---------
---------
-------
---------
Depreciation
At 1 January 2023
9,892
272,254
92,686
6,310
381,142
Charge for the year
906
10,590
24,931
36,427
--------
---------
---------
-------
---------
At 31 December 2023
10,798
282,844
117,617
6,310
417,569
--------
---------
---------
-------
---------
Carrying amount
At 31 December 2023
34,468
31,930
53,918
120,316
--------
---------
---------
-------
---------
At 31 December 2022
35,374
36,715
59,866
131,955
--------
---------
---------
-------
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
476,133
508,933
Other debtors
192,949
117,724
---------
---------
669,082
626,657
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
143,571
108,411
Trade creditors
491,691
527,190
Corporation tax
36,750
38,891
Social security and other taxes
88,187
67,022
Other creditors
28,074
40,361
---------
---------
788,273
781,875
---------
---------
The above includes secured creditors of £152,811 (2022 - £125,132).
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,500
27,500
Other creditors
9,929
28,059
--------
--------
27,429
55,559
--------
--------
The above includes secured creditors of £9,929 (2022 - £28,059).
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within debtors is a balance of £158,706 (2022 - £78,876) due from directors and shareholders. These balances are interest free and repayable on demand. During the year the following transactions took place with the directors:
Director 1 Director 2
£ £
Opening balance 13,655 31,780
Dividends (50,940) (32,000)
Drawings 94,470 44,765
Closing balance 57,185 44,545