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Company Registration No. 07698245 (England and Wales)
Topmarks Tyres Limited Unaudited accounts for the year ended 10 August 2024
Topmarks Tyres Limited Unaudited accounts Contents
Page
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Topmarks Tyres Limited Company Information for the year ended 10 August 2024
Directors
M S Bull S D Bull
Company Number
07698245 (England and Wales)
Registered Office
20 Portnalls Road Coulsdon Surrey CR5 3DE
Accountants
Richard Keys Accountancy Services Limited 20 Portnalls Road Coulsdon Surrey CR5 3DE
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Topmarks Tyres Limited Statement of financial position as at 10 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
19,245 
20,211 
Current assets
Inventories
33,751 
39,648 
Debtors
44,993 
35,558 
Cash at bank and in hand
236,596 
233,369 
315,340 
308,575 
Creditors: amounts falling due within one year
(98,106)
(120,820)
Net current assets
217,234 
187,755 
Total assets less current liabilities
236,479 
207,966 
Provisions for liabilities
Deferred tax
(4,811)
- 
Net assets
231,668 
207,966 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
231,568 
207,866 
Shareholders' funds
231,668 
207,966 
For the year ending 10 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
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
M S Bull Director Company Registration No. 07698245
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Topmarks Tyres Limited Notes to the Accounts for the year ended 10 August 2024
1
Statutory information
Topmarks Tyres Limited is a private company, limited by shares, registered in England and Wales, registration number 07698245. The registered office is 20 Portnalls Road, Coulsdon, Surrey, CR5 3DE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25%
Motor vehicles
25%
Fixtures & fittings
25%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Topmarks Tyres Limited Notes to the Accounts for the year ended 10 August 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 11 August 2023
57,293 
17,798 
6,310 
81,401 
Additions
5,450 
- 
- 
5,450 
At 10 August 2024
62,743 
17,798 
6,310 
86,851 
Depreciation
At 11 August 2023
49,076 
7,787 
4,327 
61,190 
Charge for the year
3,417 
2,503 
496 
6,416 
At 10 August 2024
52,493 
10,290 
4,823 
67,606 
Net book value
At 10 August 2024
10,250 
7,508 
1,487 
19,245 
At 10 August 2023
8,217 
10,011 
1,983 
20,211 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
34,142 
26,669 
Other debtors
10,851 
8,889 
44,993 
35,558 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
16,118 
52,904 
Taxes and social security
48,717 
39,519 
Other creditors
20,040 
16,917 
Loans from directors
13,231 
11,480 
98,106 
120,820 
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Topmarks Tyres Limited Notes to the Accounts for the year ended 10 August 2024
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
4,811 
- 
2024 
2023 
£ 
£ 
Charged to the profit and loss account
4,811 
- 
Provision at end of year
4,811 
- 
8
Average number of employees
During the year the average number of employees was 9 (2023: 8).
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