1 December 2022 false No description of principal activity Taxfiler 2024.5 SC437014business:PrivateLimitedCompanyLtd2022-12-012023-11-30 SC4370142022-11-30 SC4370142022-12-012023-11-30 SC437014business:AuditExemptWithAccountantsReport2022-12-012023-11-30 SC437014business:FilletedAccounts2022-12-012023-11-30 SC4370142023-11-30 SC437014business:Director12022-12-012023-11-30 SC437014business:RegisteredOffice2022-12-012023-11-30 SC4370142022-11-30 SC437014core:WithinOneYear2023-11-30 SC437014core:WithinOneYear2022-11-30 SC437014core:ShareCapitalcore:PreviouslyStatedAmount2023-11-30 SC437014core:ShareCapitalcore:PreviouslyStatedAmount2022-11-30 SC437014core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-11-30 SC437014core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-11-30 SC437014core:PreviouslyStatedAmount2023-11-30 SC437014core:PreviouslyStatedAmount2022-11-30 SC437014business:SmallEntities2022-12-012023-11-30 SC437014countries:Scotland2022-12-012023-11-30 SC437014core:LandBuildings2022-12-012023-11-30 SC437014core:PlantMachinery2022-12-012023-11-30 SC437014core:MotorVehicles2022-12-012023-11-30 SC437014core:FurnitureFittings2022-12-012023-11-30 SC437014core:ComputerEquipment2022-12-012023-11-30 SC437014core:LandBuildings2022-11-30 SC437014core:PlantMachinery2022-11-30 SC437014core:MotorVehicles2022-11-30 SC437014core:FurnitureFittings2022-11-30 SC437014core:ComputerEquipment2022-11-30 SC437014core:LandBuildings2023-11-30 SC437014core:PlantMachinery2023-11-30 SC437014core:MotorVehicles2023-11-30 SC437014core:FurnitureFittings2023-11-30 SC437014core:ComputerEquipment2023-11-30 SC437014business:Director112022-12-012023-11-30 SC437014business:Director112022-11-30 SC437014business:Director112023-11-30 SC4370142021-12-012022-11-30 iso4217:GBP xbrli:pure
Company Registration No. SC437014 (Scotland)
Kilmarnock Tyres Limited Unaudited Accounts for the year ended 30 November 2023
Kilmarnock Tyres Limited Unaudited Accounts Contents
Page
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Kilmarnock Tyres Limited Company Information for the year ended 30 November 2023
Director
Mr S Heaney
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
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Kilmarnock Tyres Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
49,494 
71,591 
Investment property
276,754 
206,677 
326,248 
278,268 
Current assets
Inventories
30,320 
28,080 
Debtors
397,775 
40,608 
Cash at bank and in hand
636,555 
680,087 
1,064,650 
748,775 
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 
Capital and reserves
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
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Kilmarnock Tyres Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 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
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
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
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.
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Kilmarnock Tyres Limited Notes to the Accounts for the year ended 30 November 2023
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
At 30 November 2023
- 
16,813 
22,000 
10,681 
- 
49,494 
At 30 November 2022
- 
22,418 
36,749 
12,424 
- 
71,591 
5
Investment property
2023 
£ 
Fair value at 1 December 2022
206,677 
Additions
70,077 
At 30 November 2023
276,754 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
45,953 
36,887 
Accrued income and prepayments
4,300 
3,721 
Other debtors
347,522 
- 
397,775 
40,608 
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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 
Accruals
6,280 
6,231 
233,616 
174,968 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr S Heaney
The loan is unsecured, interest is charged on overdrawn balance at the official rate of interest.
(1,478)
349,000 
- 
347,522 
(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).
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