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REGISTERED NUMBER: SC061135 (Scotland)















Goodtread Tyre Company (Evanton) Limited

Financial Statements For The Year Ended 29 August 2023






Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)






Contents of the Financial Statements
For The Year Ended 29 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Goodtread Tyre Company (Evanton) Limited

Company Information
For The Year Ended 29 August 2023







DIRECTORS: A D J Mackenzie
M A K Kelman



SECRETARY: A D J Mackenzie



REGISTERED OFFICE: 38/40 High Street
Alness
Ross-Shire
IV17 0PS



REGISTERED NUMBER: SC061135 (Scotland)



ACCOUNTANTS: The Long Partnership
1st Floor
Robertson House
Shore Street
Inverness
Highland
IV1 1NF



BANKERS: The Royal Bank Of Scotland plc
Alness Branch
53 High Street
Alness
Ross-Shire
IV17 0SH

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Balance Sheet
29 August 2023

29.8.23 29.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 690,244 633,899
Investments 5 1,000 1,000
691,244 634,899

CURRENT ASSETS
Stocks 1,278,026 1,242,703
Debtors 6 626,549 469,251
Cash at bank and in hand 114,869 204,409
2,019,444 1,916,363
CREDITORS
Amounts falling due within one year 7 807,359 705,430
NET CURRENT ASSETS 1,212,085 1,210,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,903,329

1,845,832

CREDITORS
Amounts falling due after more than one
year

8

(51,145

)

(43,169

)

PROVISIONS FOR LIABILITIES 9 (104,820 ) (81,096 )
NET ASSETS 1,747,364 1,721,567

CAPITAL AND RESERVES
Called up share capital 10 24,000 24,000
Revaluation reserve 11 323,146 323,146
Retained earnings 11 1,400,218 1,374,421
SHAREHOLDERS' FUNDS 1,747,364 1,721,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Balance Sheet - continued
29 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





A D J Mackenzie - Director


Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements
For The Year Ended 29 August 2023

1. STATUTORY INFORMATION

Goodtread Tyre Company (Evanton) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Equipment - 15% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to
property property Equipment
£    £    £   
COST OR VALUATION
At 30 August 2022 590,000 7,177 173,636
Additions - - -
At 29 August 2023 590,000 7,177 173,636
DEPRECIATION
At 30 August 2022 - 6,647 155,092
Charge for year - 718 5,207
At 29 August 2023 - 7,365 160,299
NET BOOK VALUE
At 29 August 2023 590,000 (188 ) 13,337
At 29 August 2022 590,000 530 18,544

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 30 August 2022 123,690 258,059 1,152,562
Additions - 78,019 78,019
At 29 August 2023 123,690 336,078 1,230,581
DEPRECIATION
At 30 August 2022 122,527 234,397 518,663
Charge for year 507 15,242 21,674
At 29 August 2023 123,034 249,639 540,337
NET BOOK VALUE
At 29 August 2023 656 86,439 690,244
At 29 August 2022 1,163 23,662 633,899

Cost or valuation at 29 August 2023 is represented by:

Improvements
Freehold to
property property Equipment
£    £    £   
Valuation in 2012 272,877 - -
Valuation in 2016 125,000 - -
Valuation in 2017 25,000 - -
Cost 167,123 7,177 173,636
590,000 7,177 173,636

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2012 - - 272,877
Valuation in 2016 - - 125,000
Valuation in 2017 - - 25,000
Cost 123,690 336,078 807,704
123,690 336,078 1,230,581

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2023

4. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued they would have been included at the following historical cost:

29.8.23 29.8.22
£    £   
Cost 167,123 167,123

Freehold land and buildings were valued on an open market basis on 19 May 2017 by Allied Scotland, Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 30 August 2022
and 29 August 2023 29,216 145,202 174,418
DEPRECIATION
At 30 August 2022 17,021 119,207 136,228
Charge for year 650 7,533 8,183
At 29 August 2023 17,671 126,740 144,411
NET BOOK VALUE
At 29 August 2023 11,545 18,462 30,007
At 29 August 2022 12,195 25,995 38,190

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 30 August 2022
and 29 August 2023 1,000
NET BOOK VALUE
At 29 August 2023 1,000
At 29 August 2022 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.8.23 29.8.22
£    £   
Trade debtors 620,294 449,597
Other debtors 6,255 6,255
Prepayments - 13,399
626,549 469,251

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.8.23 29.8.22
£    £   
Other loans 9,768 10,648
Hire purchase contracts 17,487 14,497
Trade creditors 576,371 505,188
Tax 448 3,969
Social security and other taxes 90,960 101,838
VAT 20,279 47,971
Sundry creditors 22,204 10,485
Accrued expenses 69,842 10,834
807,359 705,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.8.23 29.8.22
£    £   
Other loans - 1-2 years 18,371 21,297
Other loans - 2-5 years - 5,961
Hire purchase contracts 32,774 15,911
51,145 43,169

9. PROVISIONS FOR LIABILITIES
29.8.23 29.8.22
£    £   
Deferred tax 104,820 81,096

Deferred
tax
£   
Balance at 30 August 2022 81,096
Provided during year 23,724
Balance at 29 August 2023 104,820

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.8.23 29.8.22
value: £    £   
24,000 Ordinary £1 24,000 24,000

Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135)

Notes to the Financial Statements - continued
For The Year Ended 29 August 2023

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 30 August 2022 1,374,421 323,146 1,697,567
Profit for the year 25,797 25,797
At 29 August 2023 1,400,218 323,146 1,723,364

12. ULTIMATE CONTROLLING PARTY

The controlling party is A D J Mackenzie.