Company Registration No. SC437014 (Scotland)
Kilmarnock Tyres Limited
Unaudited Accounts
for the year ended 30 November 2023
Kilmarnock Tyres Limited
Unaudited Accounts
Contents
Kilmarnock Tyres Limited
Company Information
for the year ended 30 November 2023
Company Number
SC437014 (Scotland)
Registered Office
Stuzo Croft
Auchencloigh
GALSTON
Ayrshire
KA4 8NP
Scotland
Accountants
Hugh Ferguson & Co. Ltd.
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
Kilmarnock Tyres Limited
Statement of financial position
as at 30 November 2023
Tangible assets
49,494
71,591
Investment property
276,754
206,677
Cash at bank and in hand
636,555
680,087
Creditors: amounts falling due within one year
(233,616)
(174,968)
Net current assets
831,034
573,807
Total assets less current liabilities
1,157,282
852,075
Provisions for liabilities
Deferred tax
(12,161)
(13,574)
Net assets
1,145,121
838,501
Called up share capital
100
100
Profit and loss account
1,145,021
838,401
Shareholders' funds
1,145,121
838,501
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 August 2024 and were signed on its behalf by
Mr S Heaney
Director
Company Registration No. SC437014
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2023
Kilmarnock Tyres Limited is a private company, limited by shares, registered in Scotland, registration number SC437014. The registered office is Stuzo Croft, Auchencloigh, GALSTON, Ayrshire, KA4 8NP, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
25% on reducing balance
Motor vehicles
25% on cost
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees.
Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 December 2022
24,208
77,481
129,881
30,707
6,306
268,583
Additions
-
-
-
1,817
-
1,817
At 30 November 2023
24,208
77,481
129,881
32,524
6,306
270,400
At 1 December 2022
24,208
55,063
93,132
18,283
6,306
196,992
Charge for the year
-
5,605
14,749
3,560
-
23,914
At 30 November 2023
24,208
60,668
107,881
21,843
6,306
220,906
At 30 November 2023
-
16,813
22,000
10,681
-
49,494
At 30 November 2022
-
22,418
36,749
12,424
-
71,591
Fair value at 1 December 2022
206,677
At 30 November 2023
276,754
Amounts falling due within one year
Trade debtors
45,953
36,887
Accrued income and prepayments
4,300
3,721
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
97,408
115,178
Taxes and social security
129,928
52,081
Loans from directors
-
1,478
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loan is unsecured, interest is charged on overdrawn balance at the official rate of interest.
(1,478)
349,000
-
347,522
At 1st December 2022 the company owed £1,478 to Mr S Heaney. During the period under review the company repaid this entire sum and advanced loans to Mr Heaney totalling £347,522. The balance owed by Mr Heaney to the company at 30th November 2023 was £347,522. This entire balance was repaid to the company by Mr Heaney by 30th August 2024.
9
Average number of employees
During the year the average number of employees was 8 (2022: 8).