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COMPANY REGISTRATION NUMBER: 05723841
Malcolms Tyres & Exhausts Limited
Filleted Unaudited Financial Statements
5 April 2024
Malcolms Tyres & Exhausts Limited
Statement of Financial Position
5 April 2024
5 Apr 24
31 Mar 23
Note
£
£
£
Fixed assets
Tangible assets
5
31,477
33,886
Current assets
Stocks
60,737
52,565
Debtors
6
229,040
88,769
Cash at bank and in hand
176,326
122,173
---------
---------
466,103
263,507
Creditors: amounts falling due within one year
7
268,672
171,778
---------
---------
Net current assets
197,431
91,729
---------
---------
Total assets less current liabilities
228,908
125,615
Provisions
Taxation including deferred tax
4,228
4,859
---------
---------
Net assets
224,680
120,756
---------
---------
Malcolms Tyres & Exhausts Limited
Statement of Financial Position (continued)
5 April 2024
5 Apr 24
31 Mar 23
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
224,580
120,656
---------
---------
Shareholders funds
224,680
120,756
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
Mrs R E Frudd
Director
Company registration number: 05723841
Malcolms Tyres & Exhausts Limited
Notes to the Financial Statements
Period from 1 April 2023 to 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of products and services sold during the normal course of business. Revenue from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are either delivered to, or are picked up, by the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2023: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
14,298
27,907
35,917
4,207
82,329
Additions
1,953
1,953
--------
--------
--------
-------
--------
At 5 April 2024
14,298
27,907
35,917
6,160
84,282
--------
--------
--------
-------
--------
Depreciation
At 1 April 2023
20,298
24,281
3,864
48,443
Charge for the period
1,142
2,909
311
4,362
--------
--------
--------
-------
--------
At 5 April 2024
21,440
27,190
4,175
52,805
--------
--------
--------
-------
--------
Carrying amount
At 5 April 2024
14,298
6,467
8,727
1,985
31,477
--------
--------
--------
-------
--------
At 31 March 2023
14,298
7,609
11,636
343
33,886
--------
--------
--------
-------
--------
6. Debtors
5 Apr 24
31 Mar 23
£
£
Trade debtors
34,356
31,518
Amounts owed by group undertakings and undertakings in which the company has a participating interest
186,004
Other debtors
8,680
57,251
---------
--------
229,040
88,769
---------
--------
7. Creditors: amounts falling due within one year
5 Apr 24
31 Mar 23
£
£
Bank loans and overdrafts
52,445
Trade creditors
133,909
116,084
Corporation tax
51,676
27,566
Social security and other taxes
18,126
16,299
Other creditors
12,516
11,829
---------
---------
268,672
171,778
---------
---------
8. Directors' advances, credits and guarantees
There were no advances during the year.
9. Related party transactions
The company was under the control of its directors throughout the current and previous year through their shareholdings. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.