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Registered number: 01252371
George Tyre Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
LPTA Limited
Chartered Certified Accountants
Priory Place Priory Road
Tiptree
Colchester
Essex
CO5 0QE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01252371
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 67,680 49,160
67,680 49,160
CURRENT ASSETS
Stocks 5 30,300 44,897
Debtors 6 87,729 54,418
Cash at bank and in hand 243,622 189,301
361,651 288,616
Creditors: Amounts Falling Due Within One Year 7 (301,355 ) (246,909 )
NET CURRENT ASSETS (LIABILITIES) 60,296 41,707
TOTAL ASSETS LESS CURRENT LIABILITIES 127,976 90,867
Creditors: Amounts Falling Due After More Than One Year 8 (20,514 ) (30,514 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,374 ) (10,855 )
NET ASSETS 93,088 49,498
CAPITAL AND RESERVES
Called up share capital 9 180 180
Profit and Loss Account 92,908 49,318
SHAREHOLDERS' FUNDS 93,088 49,498
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Mccarthy
Director
Mr David Mccarthy
Director
28th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
George Tyre Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01252371 . The registered office is 118 Wantz Road, Maldon, Essex, CM9 5DE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 14)
12 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 105,297 59,136 61,544 18,574 244,551
Additions 1,519 29,167 4,487 267 35,440
As at 31 December 2023 106,816 88,303 66,031 18,841 279,991
Depreciation
As at 1 January 2023 85,710 41,680 50,326 17,675 195,391
Provided during the period 4,221 9,325 3,141 233 16,920
As at 31 December 2023 89,931 51,005 53,467 17,908 212,311
...CONTINUED
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Net Book Value
As at 31 December 2023 16,885 37,298 12,564 933 67,680
As at 1 January 2023 19,587 17,456 11,218 899 49,160
5. Stocks
2023 2022
£ £
Stock 30,300 44,897
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,540 39,027
Prepayments and accrued income 6,402 5,391
Matthew Keen Loan Account 13,000 10,000
Directors' loan accounts 44,787 -
87,729 54,418
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 221,378 191,840
Bank loans and overdrafts 10,000 10,000
Corporation tax 24,073 17,930
Other taxes and social security 8,910 4,578
VAT 34,178 18,588
Natwest Credit Card 20 523
Barclay credit card 964 1,142
Accruals and deferred income 1,620 1,485
Directors' loan accounts 212 823
301,355 246,909
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,514 30,514
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 180 180
10. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 50,000 135,000
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Matthew McCarthy & Mr David McCarthy Jointly by virtue of their ownership of 72.22% of the issued share capital in the company.
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