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REGISTERED NUMBER: 07343783 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

KIRKLEY RUN TYRES AND WHEELS LTD

KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KIRKLEY RUN TYRES AND WHEELS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr M L Steward
Mr A J Steward
Mrs Y D Steward





SECRETARY: Mr M L Steward





REGISTERED OFFICE: Hopton Hall
Hall Road
Hopton-on-Sea
Norfolk
NR31 9AX





REGISTERED NUMBER: 07343783 (England and Wales)






KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 290,262 289,230
Investment property 5 1,960,645 1,966,678
2,250,907 2,255,908

CURRENT ASSETS
Stocks 196,002 215,037
Debtors 6 35,886 270,812
Prepayments and accrued income 16,992 15,598
Cash at bank and in hand 936,687 505,091
1,185,567 1,006,538
CREDITORS
Amounts falling due within one year 7 1,121,155 1,296,434
NET CURRENT ASSETS/(LIABILITIES) 64,412 (289,896 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,315,319

1,966,012

PROVISIONS FOR LIABILITIES (6,107 ) (3,565 )

ACCRUALS AND DEFERRED INCOME (13,088 ) (13,748 )
NET ASSETS 2,296,124 1,948,699

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 65,464 65,464
Retained earnings 2,230,560 1,883,135
SHAREHOLDERS' FUNDS 2,296,124 1,948,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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 1st August 2024 and were signed on its behalf by:




Mrs Y D Steward - Director Mr M L Steward - Director




Mr A J Steward - Director


KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Kirkley Run Tyres and Wheels 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.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property Equipment Totals
£    £    £   
COST
At 1st January 2023 324,756 79,845 404,601
Additions - 11,793 11,793
At 31st December 2023 324,756 91,638 416,394
DEPRECIATION
At 1st January 2023 55,064 60,307 115,371
Charge for year 4,495 6,266 10,761
At 31st December 2023 59,559 66,573 126,132
NET BOOK VALUE
At 31st December 2023 265,197 25,065 290,262
At 31st December 2022 269,692 19,538 289,230

Included in cost of land and buildings is freehold land of £ 100,000 (2022 - £ 100,000 ) which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 1,966,678
Additions 18,967
Disposals (25,000 )
At 31st December 2023 1,960,645
NET BOOK VALUE
At 31st December 2023 1,960,645
At 31st December 2022 1,966,678

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2020 26,419
Valuation in 2021 39,043
Cost 1,895,183
1,960,645

KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,268 7,138
Other debtors 30,618 263,674
35,886 270,812

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 314,621 341,914
Taxation and social security 188,769 124,170
Other creditors 617,765 830,350
1,121,155 1,296,434

8. RESERVES
Revaluation
reserve
£   
At 1st January 2023
and 31st December 2023 65,464

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mr M L Steward
Balance outstanding at start of year 31,540 -
Amounts advanced - 31,540
Amounts repaid (31,540 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 31,540

Mr A J Steward
Balance outstanding at start of year 28,108 -
Amounts advanced - 28,108
Amounts repaid (28,108 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 28,108

The above advances are unsecured and repayable on demand. Interest has been charged.

KIRKLEY RUN TYRES AND WHEELS LTD (REGISTERED NUMBER: 07343783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. RELATED PARTY DISCLOSURES

At the year end Kirkley Run Tyres & Wheels Ltd owed the following amounts to connected companies:

Swaffham Service Station Ltd £400,000

L J Steward Ltd £398,994

In addition to this, at the year end Kirkley Run Tyres & Wheels Ltd were owed the following amounts by connected companies:

Southquay S/Stn Ltd £165,066

Southtown Road S/Stn Ltd £32,767

Brothers (East Anglia) Ltd £25,000