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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
Page
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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
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TIRE MONITOR SYSTEM LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
27,036 
32,200 
Investments
223 
223 
27,259 
32,423 
Current assets
Inventories
187,618 
228,953 
Debtors
436,226 
97,275 
Cash at bank and in hand
43,126 
374,666 
666,970 
700,894 
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 
Capital and reserves
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
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TIRE MONITOR SYSTEM LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Plant & machinery
25%
Fixtures & fittings
15%
Computer equipment
33%
Inventories
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 taxation
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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TIRE MONITOR SYSTEM LIMITED Notes to the Accounts for the year ended 31 December 2023
Foreign exchange
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
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.
Leased assets
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
Investments in subsidiary undertakings are included at cost.
Pension costs
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.
4
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 
Depreciation
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 
Net book value
At 31 December 2023
21,868 
3,377 
1,791 
27,036 
At 31 December 2022
27,000 
3,973 
1,227 
32,200 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
8,886 
- 
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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 
6
Debtors
2023 
2022 
£ 
£ 
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 
Other debtors
20,991 
- 
436,226 
97,275 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
3,789 
8,969 
Obligations under finance leases and hire purchase contracts
13,164 
- 
Trade creditors
47,112 
398 
Taxes and social security
1,673 
23,864 
Other creditors
348 
2,950 
Accruals
29,967 
10,635 
96,053 
46,816 
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 
9
Controlling party
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).
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