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
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
Topmarks Tyres Limited
Statement of financial position
as at 10 August 2024
Tangible assets
19,245
20,211
Cash at bank and in hand
236,596
233,369
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
Net assets
231,668
207,966
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
Topmarks Tyres Limited
Notes to the Accounts
for the year ended 10 August 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
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 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.
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.
Topmarks Tyres Limited
Notes to the Accounts
for the year ended 10 August 2024
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
At 10 August 2024
62,743
17,798
6,310
86,851
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
At 10 August 2024
10,250
7,508
1,487
19,245
At 10 August 2023
8,217
10,011
1,983
20,211
Amounts falling due within one year
Trade debtors
34,142
26,669
Other debtors
10,851
8,889
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
Topmarks Tyres Limited
Notes to the Accounts
for the year ended 10 August 2024
7
Deferred taxation
2024
2023
Accelerated capital allowances
4,811
-
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).