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Only Tyres Ltd

Registered Number
13725736
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Only Tyres Ltd
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

Mr C Cook

Registered Address

7 Gresham Way
Tilehurst
Reading
RG30 6AW

Registered Number

13725736 (England and Wales)
Only Tyres Ltd
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3762-
762-
Current assets
Stocks5,000-
Debtors27,2291
Cash at bank and on hand22,324-
54,5531
Creditors amounts falling due within one year(77,238)-
Net current assets (liabilities)(22,685)1
Total assets less current liabilities(21,923)1
Net assets(21,923)1
Capital and reserves
Called up share capital11
Profit and loss account(21,924)-
Shareholders' funds(21,923)1
The financial statements were approved and authorised for issue by the Director on 6 July 2024, and are signed on its behalf by:
Mr C Cook
Director
Registered Company No. 13725736
Only Tyres Ltd
Notes to the Financial Statements
for the year ended 30 November 2023

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
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.
Functional and presentation currency
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Plant and machinery4
Office Equipment5
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.
Related parties
During the year, the company received goods and services amounting to £1,982 (2022 – £0) from Rogue Alloy Co Ltd , a company of which the director Mr C Cook controls. The goods were provided on an arms length basis. The company also provided goods and services to Rogue Alloy Co Ltd, on an arms length basis, amounting to £1,042 (2022 - £0). During the year Rogue Alloy Co Ltd made payments on behalf of Only Tyres Ltd totalling £18,718 (2022 - £0), the balance due to Rogue Alloy Co Ltd as at 30/11/2023 totals £18,718.
2.Average number of employees

20232022
Average number of employees during the year30
3.Tangible fixed assets

Total

£
Cost or valuation
Additions770
At 30 November 23770
Depreciation and impairment
Charge for year8
At 30 November 238
Net book value
At 30 November 23762
At 30 November 22-
4.Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities. Financial assets are measured at amortised cost and comprise of cash and cash equivalents and trade and other debtors. Financial liabilities are measured at amortised cost and comprise of trade and other creditors.