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Company registration number: 11054518
G T Tyres (Cumbria) Limited
Unaudited financial statements
For the year ended
30 November 2023
G T Tyres (Cumbria) Limited
Contents
Statement of financial position
Notes to the financial statements
G T Tyres (Cumbria) Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 393,542 436,659
________ ________
393,542 436,659
Current assets
Stocks 713,417 705,240
Debtors 4 577,934 496,946
Investments 5 5,000 -
Cash at bank and in hand 245,420 137,659
________ ________
1,541,771 1,339,845
Creditors: amounts falling due
within one year 6 ( 1,604,214) ( 1,449,030)
________ ________
Net current liabilities ( 62,443) ( 109,185)
________ ________
Total assets less current liabilities 331,099 327,474
Creditors: amounts falling due
after more than one year 7 ( 202,278) ( 127,876)
Provisions for liabilities
Deferred taxation ( 58,118) ( 61,387)
________ ________
Net assets 70,703 138,211
________ ________
Capital and reserves
Called up share capital 106 106
Profit and loss account 70,597 138,105
________ ________
Shareholders funds 70,703 138,211
________ ________
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
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 G Thompson
Director
Company registration number: 11054518
G T Tyres (Cumbria) Limited
Notes to the financial statements
Year ended 30 November 2023
1. Accounting policies
Company information
The company is a private company limited by shares, registered in England and Wales, registration number 11054518 . The address of the registered office is 3 Solway Trading Estate, Solway Trading Estate, Maryport, CA15 8NF.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 financial statements.
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 represents the total invoice value, excluding value added tax, of all work done in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible fixed assets are included at cost less depreciation.
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:
Short leasehold property - Straight line over the term of the lease
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20-25 % straight line
Motor vehicles - 15-25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2022: 35 ).
3. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 December 2022 85,455 158,706 164,018 60,950 254,640 723,769
Additions 38,534 29,377 13,475 1,667 221,332 304,385
Disposals ( 123,989) - - - ( 133,735) ( 257,724)
________ ________ ________ ________ ________ ________
At 30 November 2023 - 188,083 177,493 62,617 342,237 770,430
________ ________ ________ ________ ________ ________
Depreciation
At 1 December 2022 - 56,294 71,755 33,309 125,752 287,110
Charge for the year - 24,698 31,675 11,719 68,730 136,822
Disposals - - - - ( 47,044) ( 47,044)
________ ________ ________ ________ ________ ________
At 30 November 2023 - 80,992 103,430 45,028 147,438 376,888
________ ________ ________ ________ ________ ________
Carrying amount
At 30 November 2023 - 107,091 74,063 17,589 194,799 393,542
________ ________ ________ ________ ________ ________
At 30 November 2022 85,455 102,412 92,263 27,641 128,888 436,659
________ ________ ________ ________ ________ ________
4. Debtors
2023 2022
£ £
Trade debtors 440,616 420,758
Other debtors 137,318 76,188
________ ________
577,934 496,946
________ ________
5. Investments
2023 2022
£ £
Other investments 5,000 -
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 20,000 20,000
Trade creditors 1,402,779 1,206,703
Taxation and social security 136,745 134,306
Obligations under finance leases (secured) 23,481 17,443
Other creditors 21,209 70,578
________ ________
1,604,214 1,449,030
________ ________
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Obligations under finance leases (secured) 172,278 77,876
Other creditors 30,000 50,000
________ ________
202,278 127,876
________ ________
8. Operating leases
At 30 November 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £325,732 (2022 - £356,908).
9. Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £8,780 (2022 - £7,449) were due to the fund. They are included in other creditors.
10. Directors advances, credits and guarantees
During the year the company made advances to Mr G Thompson , the director, totalling £84,960 (2022 - £40,811). Repayments of £40,811 were made by 30 November 2023 and so the balance outstanding at the year end, 30 November 2023, was £84,360 (2022 - £40,811). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2.0% per annum for the period to 5 April 2023 and 2.25% thereafter. Loans are repayable on demand.