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REGISTERED NUMBER: 08006626 (England and Wales)
























Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Taff Tyres Limited

Taff Tyres Limited (Registered number: 08006626)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Taff Tyres Limited

Company Information
for the Year Ended 31 March 2024







Director: Mr K Fletcher





Registered office: Braemore
Pencoed Avenue
Pontypridd
Rhondda Cynon Taff
CF37 4AN





Registered number: 08006626 (England and Wales)





Accountants: Curtis Bowden & Thomas Limited
Chartered Certified Accountants
101 Dunraven Street
Tonypandy
CF40 1AR

Taff Tyres Limited (Registered number: 08006626)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 43,848 58,299
43,848 58,299

Current assets
Stocks 2,500 4,000
Debtors 6 293,449 264,706
Cash at bank 115,679 21,874
411,628 290,580
Creditors
Amounts falling due within one year 7 95,268 59,245
Net current assets 316,360 231,335
Total assets less current liabilities 360,208 289,634

Creditors
Amounts falling due after more than one
year

8

(11,667

)

(21,667

)

Provisions for liabilities (10,962 ) (10,052 )
Net assets 337,579 257,915

Capital and reserves
Called up share capital 100 100
Retained earnings 337,479 257,815
Shareholders' funds 337,579 257,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Taff Tyres Limited (Registered number: 08006626)

Statement of Financial Position - continued
31 March 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 director and authorised for issue on 17 October 2024 and were signed by:





Mr K Fletcher - Director


Taff Tyres Limited (Registered number: 08006626)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Taff 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on cost

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 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Taff Tyres Limited (Registered number: 08006626)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 20,000
Amortisation
At 1 April 2023
and 31 March 2024 20,000
Net book value
At 31 March 2024 -
At 31 March 2023 -

5. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 159,322 30,466 98,670 2,866 291,324
Additions 6,000 - - - 6,000
Disposals (6,000 ) - - - (6,000 )
At 31 March 2024 159,322 30,466 98,670 2,866 291,324
Depreciation
At 1 April 2023 134,343 30,466 66,995 1,221 233,025
Charge for year 6,245 - 7,919 287 14,451
At 31 March 2024 140,588 30,466 74,914 1,508 247,476
Net book value
At 31 March 2024 18,734 - 23,756 1,358 43,848
At 31 March 2023 24,979 - 31,675 1,645 58,299

Taff Tyres Limited (Registered number: 08006626)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. Debtors
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 28,177 24,648
Other debtors 5,039 4,626
33,216 29,274

Amounts falling due after more than one year:
Other debtors 260,233 235,432

Aggregate amounts 293,449 264,706

7. Creditors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 12,722 5,580
Taxation and social security 70,081 39,586
Other creditors 2,465 4,079
95,268 59,245

8. Creditors: amounts falling due after more than one year
31.3.24 31.3.23
£    £   
Bank loans 11,667 21,667

Amounts falling due in more than five years:

Repayable by instalments
Bounce Back Loan 11,667 21,667

9. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr K Fletcher
Balance outstanding at start of year (239 ) (367 )
Amounts advanced 58,889 72,654
Amounts repaid (58,676 ) (72,526 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (26 ) (239 )

Taff Tyres Limited (Registered number: 08006626)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. Related party disclosures

During the period the company received income of £41,667 from Rhondda Self Storage Ltd, a company owned and controlled by Mr K Fletcher, director for the hire of storage containers.

As at 31st March 2024, there was a balance of £260,232.53 due from Rhondda Self Storage Ltd as shown on the intercompany loan balance (31st March 2023 £235,432.47)





11. Ultimate controlling party

The controlling party is Mr K Fletcher.