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REGISTERED NUMBER: SC212622 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

INVERNESS TYRE SERVICES LIMITED

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INVERNESS TYRE SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Paul James Wardrop
Craig Findlay





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC212622 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 197,253 209,222
197,253 209,222

CURRENT ASSETS
Stocks 98,732 97,549
Debtors 6 122,649 138,794
Cash at bank and in hand 141,705 130,762
363,086 367,105
CREDITORS
Amounts falling due within one year 7 468,081 420,209
NET CURRENT LIABILITIES (104,995 ) (53,104 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,258

156,118

CREDITORS
Amounts falling due after more than one year 8 (35,000 ) (70,169 )

PROVISIONS FOR LIABILITIES (19,314 ) (16,256 )
NET ASSETS 37,944 69,693

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 9 10,000 10,000
Retained earnings 26,944 58,693
SHAREHOLDERS' FUNDS 37,944 69,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

BALANCE SHEET - continued
31 March 2024


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 9 September 2024 and were signed on its behalf by:





Paul James Wardrop - Director


INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Inverness Tyre Services 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 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.

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

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.

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 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 5,000
AMORTISATION
At 1 April 2023
and 31 March 2024 5,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 170,700 257,268 6,515
Additions - 11,223 -
Disposals - - -
At 31 March 2024 170,700 268,491 6,515
DEPRECIATION
At 1 April 2023 51,210 181,202 5,668
Charge for year 3,414 8,729 85
Eliminated on disposal - - -
At 31 March 2024 54,624 189,931 5,753
NET BOOK VALUE
At 31 March 2024 116,076 78,560 762
At 31 March 2023 119,490 76,066 847

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 125,168 22,650 582,301
Additions - - 11,223
Disposals (11,610 ) - (11,610 )
At 31 March 2024 113,558 22,650 581,914
DEPRECIATION
At 1 April 2023 112,349 22,650 373,079
Charge for year 10,964 - 23,192
Eliminated on disposal (11,610 ) - (11,610 )
At 31 March 2024 111,703 22,650 384,661
NET BOOK VALUE
At 31 March 2024 1,855 - 197,253
At 31 March 2023 12,819 - 209,222

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 54,822
DEPRECIATION
At 1 April 2023 42,003
Charge for year 10,964
At 31 March 2024 52,967
NET BOOK VALUE
At 31 March 2024 1,855
At 31 March 2023 12,819

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 112,392 127,134
Other debtors 10,257 11,660
122,649 138,794

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts 5,168 6,149
Trade creditors 354,967 318,221
Taxation and social security 58,787 55,963
Other creditors 19,159 9,876
468,081 420,209

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 35,000 65,000
Hire purchase contracts - 5,169
35,000 70,169

INVERNESS TYRE SERVICES LIMITED (REGISTERED NUMBER: SC212622)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 10,000