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REGISTERED NUMBER: 12340260 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

DISCOUNT TYRES (SOUTH EAST) LTD

DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


DISCOUNT TYRES (SOUTH EAST) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTOR: C Wills





REGISTERED OFFICE: Unit 9A,
Westbrook industrial Park
227, Sea street
Herne Bay
Kent
CT6 8JZ





REGISTERED NUMBER: 12340260 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

ABRIDGED BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,600 3,200
Tangible assets 5 52,216 14,484
53,816 17,684

CURRENT ASSETS
Stocks 5,000 8,000
Debtors 5,013 3,183
Cash at bank and in hand 1,644 1,967
11,657 13,150
CREDITORS
Amounts falling due within one year 37,497 15,696
NET CURRENT LIABILITIES (25,840 ) (2,546 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,976

15,138

CREDITORS
Amounts falling due after more than one
year

39,623

11,742
NET (LIABILITIES)/ASSETS (11,647 ) 3,396

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (11,747 ) 3,296
SHAREHOLDERS' FUNDS (11,647 ) 3,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

ABRIDGED BALANCE SHEET - continued
30TH NOVEMBER 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 27th August 2024 and were signed by:





C Wills - Director


DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


1. STATUTORY INFORMATION

Discount Tyres (South East) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's functional currency is the Pound Sterling (£).

The principal activity of the Company is that of maintenance and repair of motor vehicles.

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.

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 is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover 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 transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 33% 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.


DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st December 2022
and 30th November 2023 8,000
AMORTISATION
At 1st December 2022 4,800
Amortisation for year 1,600
At 30th November 2023 6,400
NET BOOK VALUE

At 30th November 2023 1,600
At 30th November 2022 3,200

DISCOUNT TYRES (SOUTH EAST) LTD (REGISTERED NUMBER: 12340260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st December 2022 21,232
Additions 46,775
At 30th November 2023 68,007
DEPRECIATION
At 1st December 2022 6,748
Charge for year 9,043
At 30th November 2023 15,791
NET BOOK VALUE
At 30th November 2023 52,216
At 30th November 2022 14,484

6. GOING CONCERN

The financial statements have been prepared on a going concern basis. The company is showing net liabilities of £11,647 (2022: net assets £3,396) as at 30th November 2023. The company therefore relies upon the continued support of the directors. The directors are satisfied this continued support will be forthcoming.