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REGISTERED NUMBER: SC623388 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

TOP TYRES (FIFE) LIMITED

TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOP TYRES (FIFE) LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTORS: A McDonald
P McDonald





REGISTERED OFFICE: Unit 4 Station Road
Auchtermuchty
Cupar
Fife
KY14 7DP





REGISTERED NUMBER: SC623388 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,277 65,192

CURRENT ASSETS
Stocks 8,400 8,500
Debtors 5 196,358 211,363
Cash at bank and in hand 78,823 30,209
283,581 250,072
CREDITORS
Amounts falling due within one year 6 243,508 230,945
NET CURRENT ASSETS 40,073 19,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,350

84,319

CREDITORS
Amounts falling due after more than one
year

7

(37,062

)

(17,821

)

PROVISIONS FOR LIABILITIES 8 (19,381 ) (14,710 )
NET ASSETS 68,907 51,788

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 68,905 51,786
SHAREHOLDERS' FUNDS 68,907 51,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

BALANCE SHEET - continued
30 April 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 6 September 2024 and were signed on its behalf by:





P McDonald - Director


TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Top Tyres (Fife) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the value of motor vehicle repair and maintenance provided during the year excluding VAT.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% per annum reducing balance
Fixtures and fittings - 15% per annum reducing balance
Motor vehicles - 25% per annum reducing balance

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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.

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 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 48,802 4,329 81,049 134,180
Additions 2,278 583 38,570 41,431
At 30 April 2024 51,080 4,912 119,619 175,611
DEPRECIATION
At 1 May 2023 21,244 1,508 46,236 68,988
Charge for year 5,738 503 15,105 21,346
At 30 April 2024 26,982 2,011 61,341 90,334
NET BOOK VALUE
At 30 April 2024 24,098 2,901 58,278 85,277
At 30 April 2023 27,558 2,821 34,813 65,192

TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 179,165 193,964
Other debtors 17,193 17,399
196,358 211,363

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 4,583
Hire purchase contracts 17,352 15,366
Trade creditors 189,136 166,774
Taxation and social security 28,294 40,414
Other creditors 3,726 3,808
243,508 230,945

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,417 10,833
Hire purchase contracts 31,645 6,988
37,062 17,821

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 19,381 14,710

Deferred
tax
£   
Balance at 1 May 2023 14,710
Provided during year 4,671
Balance at 30 April 2024 19,381

TOP TYRES (FIFE) LIMITED (REGISTERED NUMBER: SC623388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
A McDonald and P McDonald
Balance outstanding at start of year 17,398 34,708
Amounts advanced 69,707 77,000
Amounts repaid (69,912 ) (94,310 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,193 17,398

Interest of 2.25% is charged on overdrawn balances over £10,000. The loan was repaid on 1st May 2024.