2023-03-012024-02-292024-02-29false08879100TIER ONE AUTOMOTIVE 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TIER ONE AUTOMOTIVE LTD

Registered Number
08879100
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

TIER ONE AUTOMOTIVE LTD
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

POPE, Alex Edward

Registered Address

32 Willoughby Road
London
N8 0JG

Registered Number

08879100 (England and Wales)
TIER ONE AUTOMOTIVE LTD
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,7907,065
5,7907,065
Current assets
Stocks4347,280485,200
Debtors5104,551223,397
Cash at bank and on hand399,753334,876
851,5841,043,473
Creditors amounts falling due within one year6(184,874)(414,013)
Net current assets (liabilities)666,710629,460
Total assets less current liabilities672,500636,525
Creditors amounts falling due after one year7(25,411)(36,059)
Provisions for liabilities8(983)(983)
Net assets646,106599,483
Capital and reserves
Called up share capital11
Profit and loss account646,105599,482
Shareholders' funds646,106599,483
The financial statements were approved and authorised for issue by the Director on 22 August 2024, and are signed on its behalf by:
POPE, Alex Edward
Director
Registered Company No. 08879100
TIER ONE AUTOMOTIVE LTD
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings20
Office Equipment15
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 March 237,6105,63313,243
At 29 February 247,6105,63313,243
Depreciation and impairment
At 01 March 233,3032,8756,178
Charge for year8624131,275
At 29 February 244,1653,2887,453
Net book value
At 29 February 243,4452,3455,790
At 28 February 234,3072,7587,065
4.Stocks

2024

2023

££
Finished goods347,280485,200
Total347,280485,200
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables100,710223,397
Prepayments and accrued income3,841-
Total104,551223,397
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables79,543154,081
Bank borrowings and overdrafts-1,500
Taxation and social security75,33585,254
Other creditors28,205171,049
Accrued liabilities and deferred income1,7912,129
Total184,874414,013
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.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts25,41136,059
Total25,41136,059
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)983983
Total983983