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REGISTERED NUMBER: 01089351 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH MAY 2024

FOR

KINGPIN TYRES LIMITED

KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30th May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINGPIN TYRES LIMITED

COMPANY INFORMATION
for the Year Ended 30th May 2024







DIRECTOR: Mrs J M Crangle





SECRETARY: Mrs J M Crangle





REGISTERED OFFICE: Unit A9
Wem Industrial Estate
Soulton Road
Wem
Shropshire
SY4 5SD





REGISTERED NUMBER: 01089351 (England and Wales)





ACCOUNTANTS: D E Ball & Co Limited
Chartered Accountants
15 Bridge Road
Wellington
Telford
Shropshire
TF1 1EB

KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)

BALANCE SHEET
30th May 2024

30.5.24 30.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 580,505

CURRENT ASSETS
Stocks - 10,031
Debtors 5 - 49,133
Cash at bank and in hand - 8,751
- 67,915
CREDITORS
Amounts falling due within one year 6 - 22,897
NET CURRENT ASSETS - 45,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

-

625,523

CREDITORS
Amounts falling due after more than one year 7 2,493,986 2,493,986
NET LIABILITIES (2,493,986 ) (1,868,463 )

CAPITAL AND RESERVES
Called up share capital 4,002 4,002
Retained earnings (2,497,988 ) (1,872,465 )
SHAREHOLDERS' FUNDS (2,493,986 ) (1,868,463 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)

BALANCE SHEET - continued
30th May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th October 2024 and were signed by:





J Crangle - Director


KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30th May 2024

1. STATUTORY INFORMATION

Kingpin Tyres Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The company is dependant on the continuing financial support of the Directors to provide funds to continue trading. The accounts have been prepared on the basis of this continuing support.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - remaining period of lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

3. EMPLOYEES AND DIRECTORS

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

KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 31st May 2023 417,743 2,836,790 160,328
Revaluations (417,743 ) (2,836,790 ) (160,328 )
At 30th May 2024 - - -
DEPRECIATION
At 31st May 2023 187,869 2,504,578 154,150
Revaluation adjustments (187,869 ) (2,504,578 ) (154,150 )
At 30th May 2024 - - -
NET BOOK VALUE
At 30th May 2024 - - -
At 30th May 2023 229,874 332,212 6,178

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 31st May 2023 76,422 104,536 3,595,819
Revaluations (76,422 ) (104,536 ) (3,595,819 )
At 30th May 2024 - - -
DEPRECIATION
At 31st May 2023 72,853 95,864 3,015,314
Revaluation adjustments (72,853 ) (95,864 ) (3,015,314 )
At 30th May 2024 - - -
NET BOOK VALUE
At 30th May 2024 - - -
At 30th May 2023 3,569 8,672 580,505

Cost or valuation at 30th May 2024 is represented by:

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Trade debtors - 6,000
Other debtors - 43,133
- 49,133

KINGPIN TYRES LIMITED (REGISTERED NUMBER: 01089351)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Taxation and social security - 3,640
Other creditors - 19,257
- 22,897

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.5.24 30.5.23
£    £   
Other creditors 2,493,986 2,493,986

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 4,002 4,002

Preference shares are Non Cumulative (non equity interest) of £1 each, alloted, issued and fully paid.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs J M Crangle.

9. GOING CONCERN

The company is dependant on the continuing financial support of the Directors to provide funds to continue trading. The accounts have been prepared on the basis of this continuing support.