Company registration number 03011532 (England and Wales)
STEVE ANDREWS (TYRES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STEVE ANDREWS (TYRES) LIMITED
COMPANY INFORMATION
Director
Mr S P Andrews
Secretary
Mrs V M Everett
Company number
03011532
STEVE ANDREWS (TYRES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STEVE ANDREWS (TYRES) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,783
4,783
Tangible assets
4
707,045
735,178
Investment properties
5
185,000
185,000
896,828
924,961
Current assets
Stocks
99,921
83,481
Debtors
6
76,343
84,745
Cash at bank and in hand
780,805
526,463
957,069
694,689
Creditors: amounts falling due within one year
7
(366,030)
(312,446)
Net current assets
591,039
382,243
Total assets less current liabilities
1,487,867
1,307,204
Creditors: amounts falling due after more than one year
8
(5,568)
Provisions for liabilities
10
(49,464)
(52,101)
Net assets
1,438,403
1,249,535
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
11
48,344
48,344
Profit and loss reserves
1,389,059
1,200,191
Total equity
1,438,403
1,249,535
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STEVE ANDREWS (TYRES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 September 2024
Mr S P Andrews
Director
Company Registration No. 03011532
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Steve Andrews (Tyres) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Mount Charles Road, St Austell, Cornwall, PL25 3LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Cherished number plates
Not amortised
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land is not depreciated.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% per annum on the straight line method
Plant and equipment
15% per annum on the reducing balance method
Fixtures and fittings
15% per annum on the reducing balance method
Computer equipment
33% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.10
Taxation
The tax expense 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
29
3
Intangible fixed assets
Cherished number plates
£
Cost
At 1 May 2023 and 30 April 2024
4,783
Amortisation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
4,783
At 30 April 2023
4,783
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Freehold property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
781,963
338,568
81,211
29,925
115,651
1,347,318
Additions
10,245
4,000
14,245
Disposals
(3,278)
(17,829)
(21,107)
At 30 April 2024
781,963
345,535
85,211
29,925
97,822
1,340,456
Depreciation and impairment
At 1 May 2023
191,880
222,721
72,313
29,180
96,046
612,140
Depreciation charged in the year
15,639
18,951
1,935
375
4,867
41,767
Eliminated in respect of disposals
(2,805)
(17,691)
(20,496)
At 30 April 2024
207,519
238,867
74,248
29,555
83,222
633,411
Carrying amount
At 30 April 2024
574,444
106,668
10,963
370
14,600
707,045
At 30 April 2023
590,083
115,847
8,898
745
19,605
735,178
Plant and machinery with a carrying value of £15,150 (2023: £17,823) are held and secured under hire purchase contracts.
5
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
185,000
Investment property comprises property held for residential rental purposes and for capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out at August 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director considers that the fair value of the property has not materially changed at the year end.
6
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
67,839
75,653
Other debtors
8,504
9,092
76,343
84,745
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
187,153
182,927
Other taxation and social security
157,630
104,520
Other creditors
21,247
24,999
366,030
312,446
Hire purchase agreements are secured against the assets to which they relate. The amount outstanding at 30 April 2024 was £5,568 (2023: £13,535) and has been included within other creditors.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,568
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
49,464
52,101
10
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
33,350
35,987
Revaluations of investment property
16,114
16,114
49,464
52,101
2024
Movements in the year:
£
Liability at 1 May 2023
52,101
Credit to profit or loss
(2,637)
Liability at 30 April 2024
49,464
STEVE ANDREWS (TYRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
11
Fair value reserve
2024
2023
£
£
At 1 May 2023
48,344
-
Revaluations on investment property
-
64,458
Deferred tax on revaluations of investment property
-
(16,114)
At 30 April 2024
48,344
48,344
The deferred tax on the potential gains recognised in the fair value reserve has been included in the deferred tax liability (see note 10) at the year end. Such tax would become payable only if the property were to be sold without it being possible to claim rollover relief.
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