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REGISTERED NUMBER: 03579893 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ELITE WHEELS & TYRES LIMITED

ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)






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


ELITE WHEELS & TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A Cook
K Cook
C A Cook
L W Cook





SECRETARY: K Cook





REGISTERED OFFICE: 3a Bridgewater Close
Reading
Berkshire
RG30 1JT





REGISTERED NUMBER: 03579893 (England and Wales)

ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,399 134,852

CURRENT ASSETS
Stocks 258,471 292,275
Debtors 5 51,895 52,841
Cash at bank and in hand 338,620 143,430
648,986 488,546
CREDITORS
Amounts falling due within one year 6 355,024 325,928
NET CURRENT ASSETS 293,962 162,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

365,361

297,470

PROVISIONS FOR LIABILITIES 11,298 12,990
NET ASSETS 354,063 284,480

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 353,953 284,370
SHAREHOLDERS' FUNDS 354,063 284,480

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.

ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)

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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





K Cook - Director


ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Elite Wheels & Tyres Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03579893 and its registered office address is 3A Bridgewater Close, Reading, Berkshire RG30 1JT.

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.

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

Going concern
The directors are not aware of any material uncertainties that may cast significant doubt over the ability of the company to continue trading. The preparation of the financial statements on the going concern basis is therefore deemed appropriate.

Turnover
Revenue (described as Turnover) is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services rendered, net of discounts and rebates allowed by the company and excluding value added tax or any other sales tax, having regard to the fulfilment of contractual obligations. Revenue is recognised on delivery of goods and completion of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
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.


ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Tax on profit represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year.

Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference.

Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.

Hire purchase and leasing commitments
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 9 (2023 - 9 ) .

ELITE WHEELS & TYRES LIMITED (REGISTERED NUMBER: 03579893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 46,972 14,742 154,823 8,166 224,703
Additions - - - 8,050 8,050
Disposals - - (70,725 ) - (70,725 )
At 31 March 2024 46,972 14,742 84,098 16,216 162,028
DEPRECIATION
At 1 April 2023 23,963 1,679 58,039 6,170 89,851
Charge for year 3,451 1,306 10,935 2,767 18,459
Eliminated on disposal - - (17,681 ) - (17,681 )
At 31 March 2024 27,414 2,985 51,293 8,937 90,629
NET BOOK VALUE
At 31 March 2024 19,558 11,757 32,805 7,279 71,399
At 31 March 2023 23,009 13,063 96,784 1,996 134,852

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 51,895 44,521
Other debtors - 8,320
51,895 52,841

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 269,438 261,256
Taxation and social security 73,506 53,772
Other creditors 12,080 10,900
355,024 325,928

7. RELATED PARTY DISCLOSURES

The company paid rent of £45,000 (2023 - £25,000) for business premises to a director.