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REGISTERED NUMBER: 04246596 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

T & H TYRES LIMITED

T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T & H TYRES LIMITED

Company Information
for the year ended 30 June 2024







DIRECTORS: S Tingey
C Tingey



REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB



REGISTERED NUMBER: 04246596 (England and Wales)



ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB



BANKERS: National Westminster Bank plc
High Street
Henfield
West Sussex
BN5 9HQ

T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 95,289 29,164

CURRENT ASSETS
Stocks 50,000 40,000
Debtors 5 88,075 91,276
Cash at bank 530 12,670
138,605 143,946
CREDITORS
Amounts falling due within one year 6 (61,738 ) (50,633 )
NET CURRENT ASSETS 76,867 93,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

172,156

122,477

CREDITORS
Amounts falling due after more than one
year

7

(68,410

)

(20,753

)

PROVISIONS FOR LIABILITIES 9 (12,726 ) (7,291 )
NET ASSETS 91,020 94,433

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 90,820 94,233
SHAREHOLDERS' FUNDS 91,020 94,433

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

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

T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





C Tingey - Director


T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

T & H Tyres Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page.

The presentational 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 fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of tyres is recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Plant and machinery-25% on reducing balance
Motor vehicles-25% on reducing balance

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
Financial liabilities, assets and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Government assistance
Included in bank loans is a bounce back loan which is guaranteed by the government. As part of the bounce back loan scheme, the government is paying the first year of interest on the loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 7,166 145,744 152,910
Additions - 102,624 102,624
Disposals - (35,697 ) (35,697 )
At 30 June 2024 7,166 212,671 219,837
DEPRECIATION
At 1 July 2023 5,133 118,613 123,746
Charge for year 1,733 31,663 33,396
Eliminated on disposal - (32,594 ) (32,594 )
At 30 June 2024 6,866 117,682 124,548
NET BOOK VALUE
At 30 June 2024 300 94,989 95,289
At 30 June 2023 2,033 27,131 29,164

T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 83,847 90,902
Other debtors 4,228 374
88,075 91,276

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,750 9,994
Hire purchase contracts 17,880 -
Trade creditors 335 8,540
Taxation and social security 18,987 24,194
Other creditors 8,786 7,905
61,738 50,633

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,489 20,753
Hire purchase contracts 57,921 -
68,410 20,753

In June 2020, the government loaned the company £50,000 through its Bounce Back Loan Scheme (BBLS). The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

8. SECURED DEBTS

The National Westminster Bank PLC has a fixed and floating charge over all of the owner's property and also the company's assets.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 12,726 7,291

Deferred
tax
£   
Balance at 1 July 2023 7,291
Accelerated capital allowance 5,435
Balance at 30 June 2024 12,726

T & H TYRES LIMITED (REGISTERED NUMBER: 04246596)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
190 Ordinary £1 190 190
5 Ordinary A Shares £1 5 5
5 Ordinary B Shares £1 5 5
200 200