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REGISTERED NUMBER: 04630676 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

TIM AYRES LTD

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Balance sheet 1

Notes to the financial statements 3


TIM AYRES LTD (REGISTERED NUMBER: 04630676)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 313,244 321,166
Investment property 6 262,797 262,797
576,041 583,963

Current assets
Stocks 41,100 99,500
Debtors 7 3,402 -
Cash at bank 53,993 100,714
98,495 200,214
Creditors
Amounts falling due within one year 8 192,636 278,094
Net current liabilities (94,141 ) (77,880 )
Total assets less current liabilities 481,900 506,083

Creditors
Amounts falling due after more than one year 9 (142,850 ) (221,658 )

Provisions for liabilities 11 (5,350 ) (7,679 )
Net assets 333,700 276,746

Capital and reserves
Called up share capital 12 2 2
Retained earnings 333,698 276,744
Shareholders' funds 333,700 276,746

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

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

The directors acknowledge their 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.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

BALANCE SHEET - continued
31 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 comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





Mr T Ayres - Director


TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. Statutory information

Tim Ayres Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04630676. The registered office and business address is Knoll Bank, Fiddleford, Sturminster Newton, Dorset, DT10 2BX.

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 represents amounts received for car sales and repairs during the year, net of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2004, has been amortised evenly over it's 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.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 balance sheet date.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 4 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 June 2023
and 31 May 2024 38,000
Amortisation
At 1 June 2023
and 31 May 2024 38,000
Net book value
At 31 May 2024 -
At 31 May 2023 -

5. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Cost
At 1 June 2023 318,412 55,597 15,549 389,558
Additions - - 300 300
At 31 May 2024 318,412 55,597 15,849 389,858
Depreciation
At 1 June 2023 12,788 41,679 13,925 68,392
Charge for year 4,262 3,479 481 8,222
At 31 May 2024 17,050 45,158 14,406 76,614
Net book value
At 31 May 2024 301,362 10,439 1,443 313,244
At 31 May 2023 305,624 13,918 1,624 321,166

The freehold property has been depreciated at 2% on cost. This excludes the land, which has not been depreciated.

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. Investment property
Total
£   
Cost
At 1 June 2023
and 31 May 2024 262,797
Net book value
At 31 May 2024 262,797
At 31 May 2023 262,797

The directors are of the opinion that the Fair Value of the property remains in line with the cost, with no material change by the Balance Sheet date.

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 3,402 -

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 31,116 32,458
Trade creditors - 68,696
Tax 15,865 14,624
Social security and other taxes 630 609
Pension creditor 258 244
VAT 11,677 7,693
Other creditors 7,272 2,936
Directors' current accounts 121,905 147,066
Accruals and deferred income 3,913 3,768
192,636 278,094

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 31,115 32,458
Bank loans - 2-5 years 11,116 57,373
Bank loans more 5 yr by instal 100,619 131,827
142,850 221,658

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 100,619 131,827

TIM AYRES LTD (REGISTERED NUMBER: 04630676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loan 133,966 194,116

All monies owed to National Westminster Bank PLC as detailed above, are secured by a fixed charge over The Causeway Garage, Sherborne Causeway, Shaftesbury, Dorset, SP7 9PY, dated 5 August 2019. This excludes the bounce back loan.

11. Provisions for liabilities
2024 2023
£    £   
Deferred tax 5,350 7,679

Deferred
tax
£   
Balance at 1 June 2023 7,679
Credit to Income statement during year (2,329 )
Balance at 31 May 2024 5,350

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

13. Ultimate controlling party

The company is controlled by the directors Mr and Mrs Ayres, who between them own 100% of the issued share capital.