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Registered number: 10278045
Kings Tyres Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 July 2024
W G Cann & Co Ltd
66 Oxford Road Denham
Uxbridge
Middlesex
UB9 4DN
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors Mr John Darton
Mr Peter Darton
Company Number 10278045
Registered Office Sunderlands Estate
Church Lane
Kings Langley
Hertfordshire
WD4 8JU
Accountants W G Cann & Co Ltd
66 Oxford Road Denham
Uxbridge
Middlesex
UB9 4DN
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Directors
The directors who held office during the year were as follows:
Mr John Darton
Mr Peter Darton
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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. They are 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.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr John Darton
Director
19/10/2024
Page 2
Page 3
Accountant's Report
In accordance with the engagement letter dated 14th July, 2016 and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the Balance Sheet as at year ended 31st July, 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Alan Leonard Wakefield
19/10/2024
W G Cann & Co Ltd
66 Oxford Road Denham
Uxbridge
Middlesex
UB9 4DN
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 233,883 212,673
Cost of sales (146,700 ) (139,245 )
GROSS PROFIT 87,183 73,428
Administrative expenses (77,038 ) (68,981 )
OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR 10,145 4,447
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,722 1,913
Tangible Assets 5 1,723 3,215
3,445 5,128
CURRENT ASSETS
Stocks 6 17,054 10,050
Debtors 7 29,468 2,061
Cash at bank and in hand 16,332 43,630
62,854 55,741
Creditors: Amounts Falling Due Within One Year 8 (39,020 ) (35,235 )
NET CURRENT ASSETS (LIABILITIES) 23,834 20,506
TOTAL ASSETS LESS CURRENT LIABILITIES 27,279 25,634
Creditors: Amounts Falling Due After More Than One Year 9 - (8,500 )
NET ASSETS 27,279 17,134
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 27,179 17,034
SHAREHOLDERS' FUNDS 27,279 17,134
Page 5
Page 6
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr John Darton
Director
19/10/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Kings Tyres Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10278045 . The registered office is Sunderlands Estate, Church Lane, Kings Langley, Hertfordshire, WD4 8JU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0
Leasehold 0
Plant & Machinery 25% Reducing Balance
Motor Vehicles 0
Fixtures & Fittings 0
Computer Equipment 0
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 7
Page 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 4,000
As at 31 July 2024 4,000
Amortisation
As at 1 August 2023 2,087
Provided during the period 191
As at 31 July 2024 2,278
Net Book Value
As at 31 July 2024 1,722
As at 1 August 2023 1,913
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 August 2023 8,528
Additions 182
Disposals (825 )
As at 31 July 2024 7,885
Depreciation
As at 1 August 2023 5,313
Provided during the period 849
As at 31 July 2024 6,162
Net Book Value
As at 31 July 2024 1,723
As at 1 August 2023 3,215
6. Stocks
2024 2023
£ £
Materials 17,054 10,050
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,468 2,061
Page 8
Page 9
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,962 17,901
Other creditors 14,332 14,090
Taxation and social security 4,726 3,244
39,020 35,235
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 8,500
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 9