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REGISTERED NUMBER: 06139524 (England and Wales)














Unaudited Financial Statements for the Year Ended 31 March 2024

for

EAST MIDLANDS TYRE SERVICES LIMITED

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)






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


EAST MIDLANDS TYRE SERVICES LIMITED

Company Information
for the year ended 31 MARCH 2024







DIRECTORS: B Cleghorn
L J Cleghorn





REGISTERED OFFICE: 19 Cleburne Close
Stanwick
Northamptonshire
NN9 6TN





REGISTERED NUMBER: 06139524 (England and Wales)





ACCOUNTANT: Elsby & Co
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,305 59,035

CURRENT ASSETS
Stocks 46,878 41,120
Debtors 5 136,042 140,053
Cash at bank and in hand 7,791 26
190,711 181,199
CREDITORS
Amounts falling due within one year 6 215,538 206,507
NET CURRENT LIABILITIES (24,827 ) (25,308 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,478 33,727

CREDITORS
Amounts falling due after more than one
year

7

(12,209

)

(22,412

)

PROVISIONS FOR LIABILITIES (8,398 ) (11,137 )
NET (LIABILITIES)/ASSETS (3,129 ) 178

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings (3,329 ) (22 )
SHAREHOLDERS' FUNDS (3,129 ) 178

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.

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

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 Statement of Income and Retained Earnings 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:





B Cleghorn - Director


EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

Notes to the Financial Statements
for the year ended 31 MARCH 2024

1. STATUTORY INFORMATION

East Midlands Tyre Services Limited 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.

Turnover
The company`s turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. None of the company`s turnover relates to exports.

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.
Office building - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing
stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Office Plant and and
building machinery fittings
£    £    £   
COST
At 1 April 2023 7,300 80,490 3,404
Additions - - -
Disposals - - -
At 31 March 2024 7,300 80,490 3,404
DEPRECIATION
At 1 April 2023 6,569 68,539 2,636
Charge for year 183 2,988 192
Eliminated on disposal - - -
At 31 March 2024 6,752 71,527 2,828
NET BOOK VALUE
At 31 March 2024 548 8,963 576
At 31 March 2023 731 11,951 768

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

Notes to the Financial Statements - continued
for the year ended 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 123,723 8,690 223,607
Additions - 1,632 1,632
Disposals (25,069 ) - (25,069 )
At 31 March 2024 98,654 10,322 200,170
DEPRECIATION
At 1 April 2023 80,426 6,402 164,572
Charge for year 9,710 827 13,900
Eliminated on disposal (20,607 ) - (20,607 )
At 31 March 2024 69,529 7,229 157,865
NET BOOK VALUE
At 31 March 2024 29,125 3,093 42,305
At 31 March 2023 43,297 2,288 59,035

The net book value of tangible fixed assets includes £NIL (2023 - £ 14,370 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 128,883 116,056
Other debtors 7,159 23,997
136,042 140,053

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 57,710 30,489
Hire purchase contracts (see note 8) - 17,304
Trade creditors 109,727 125,854
Taxation and social security 42,425 29,960
Other creditors 5,676 2,900
215,538 206,507

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,209 22,412

EAST MIDLANDS TYRE SERVICES LIMITED (REGISTERED NUMBER: 06139524)

Notes to the Financial Statements - continued
for the year ended 31 MARCH 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 17,304

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary 1 200 200