Company registration number 01795798 (England and Wales)
PARFITT TYRE CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PARFITT TYRE CO LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
PARFITT TYRE CO LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PARFITT TYRE CO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,032
134
Current assets
Stocks
5
77,805
81,900
Debtors
6
62,352
65,897
Cash at bank and in hand
66,050
30,805
206,207
178,602
Creditors: amounts falling due within one year
7
(137,748)
(113,472)
Net current assets
68,459
65,130
Total assets less current liabilities
75,491
65,264
Provisions for liabilities
(1,608)
114
Net assets
73,883
65,378
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
73,881
65,376
Total equity
73,883
65,378
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 31 March 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 7 October 2024
..............................................
Mr Laurence Parfitt
Director
Company registration number 01795798 (England and Wales)
PARFITT TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Parfitt Tyre Co. Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 01795798.
The registered office is Unit 5, Seawall Road, Tremorfa, Cardiff, South Glamorgan, CF24 5TH.
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 £.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
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:
Plant and equipment
25% Reducing Balance
Computers
33% Straight Line
Motor vehicles
33% Straight Line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PARFITT TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,565
3,180
Deferred tax
Origination and reversal of timing differences
1,722
(814)
Total tax charge
5,287
2,366
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
25,792
12,453
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
4,900
2,366
Depreciation
533
844
Capital allowance
(1,868)
(31)
Short term timing differences
1,722
(813)
Taxation charge for the year
5,287
2,366
PARFITT TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
36,874
442
34,775
72,091
Additions
9,700
9,700
At 31 March 2024
36,874
442
44,475
81,791
Depreciation and impairment
At 1 April 2023
36,874
442
34,641
71,957
Depreciation charged in the year
2,802
2,802
At 31 March 2024
36,874
442
37,443
74,759
Carrying amount
At 31 March 2024
7,032
7,032
At 31 March 2023
134
134
5
Stocks
2024
2023
£
£
Stocks
77,805
81,900
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,894
58,736
Amounts owed by undertakings in which the company has a participating interest
11,458
7,161
62,352
65,897
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
93,990
88,066
Corporation tax
3,546
3,180
Other taxation and social security
8,628
8,629
Other creditors
30,355
11,647
Accruals and deferred income
1,229
1,950
137,748
113,472
PARFITT TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
9
Related Party Transactions
As at the balance sheet date, the company owed the director £28,691 (2023: £11,647).
The company paid the director dividends of £12,000 (2023: £12,000).
The director and shareholder of the company is also director and shareholder of Cardiff Bay Auto Centre Limited. During the year, Cardiff Bay Auto Centre Limited owed the company £11,458 (2023: £7,161).
10
Ultimate Controlling Party
The company's ultimate controlling party is L S Parfitt by virtue of his ownership of 100% of the issued share capital in the company.