Company Registration No. 03306387 (England and Wales)
TIRE MONITOR SYSTEM LIMITED
Unaudited accounts
for the year ended 31 December 2023
TIRE MONITOR SYSTEM LIMITED
Unaudited accounts
Contents
TIRE MONITOR SYSTEM LIMITED
Company Information
for the year ended 31 December 2023
Directors
Karen McLeman
Tim McLeman
Company Number
03306387 (England and Wales)
Registered Office
WEST ROAD HOUSE, 26A WEST ROAD
BUXTON
DERBYSHIRE
SK17 6HF
Accountants
BHT Accounting
Buxton
Derbyshire
TIRE MONITOR SYSTEM LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
27,036
32,200
Inventories
187,618
228,953
Cash at bank and in hand
43,126
374,666
Creditors: amounts falling due within one year
(96,053)
(46,816)
Net current assets
570,917
654,078
Total assets less current liabilities
598,176
686,501
Provisions for liabilities
Deferred tax
(5,137)
(6,118)
Net assets
593,039
680,383
Called up share capital
224
224
Share premium
33,402
33,402
Profit and loss account
559,413
646,757
Shareholders' funds
593,039
680,383
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by
Tim McLeman
Director
Company Registration No. 03306387
TIRE MONITOR SYSTEM LIMITED
Notes to the Accounts
for the year ended 31 December 2023
TIRE MONITOR SYSTEM LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03306387. The registered office is WEST ROAD HOUSE, 26A WEST ROAD, BUXTON, DERBYSHIRE, SK17 6HF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
TIRE MONITOR SYSTEM LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in subsidiary undertakings are included at cost.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
126,647
22,130
19,203
167,980
Additions
2,152
-
1,438
3,590
At 31 December 2023
128,799
22,130
20,641
171,570
At 1 January 2023
99,647
18,157
17,976
135,780
Charge for the year
7,284
596
874
8,754
At 31 December 2023
106,931
18,753
18,850
144,534
At 31 December 2023
21,868
3,377
1,791
27,036
At 31 December 2022
27,000
3,973
1,227
32,200
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
8,886
-
TIRE MONITOR SYSTEM LIMITED
Notes to the Accounts
for the year ended 31 December 2023
5
Investments
Subsidiary undertakings
Valuation at 1 January 2023
223
Valuation at 31 December 2023
223
Amounts falling due within one year
Trade debtors
89,834
93,841
Amounts due from group undertakings etc.
325,126
-
Accrued income and prepayments
275
3,434
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
13,164
-
Trade creditors
47,112
398
Taxes and social security
1,673
23,864
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
21,780
21,780
The parent undertaking is LFJ INVESTMENTS LTD, Company number 06252089, 6 Victoria Avenue, Harrogate, North Yorkshire, England, HG1 1ED.
10
Average number of employees
During the year the average number of employees was 6 (2022: 7).