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REGISTERED NUMBER: 04364012 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Tyre Recovery Limited

Tyre Recovery Limited (Registered number: 04364012)






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




Page

Company Information 1

Chartered Certified Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Tyre Recovery Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr Stephen Andrew Brain





SECRETARY: Mrs Joanne Barbara Brain





REGISTERED OFFICE: Compound 15
Tudhoe Industrial Estate
Spennymoor
Durham
DL16 6TL





REGISTERED NUMBER: 04364012 (England and Wales)





ACCOUNTANTS: Peter A Hodgson & Co Limited
Chartered Certified Accountants
Hett Mill Cottage
Hett
Durham
DH6 5LN

Chartered Certified Accountants' Report to the Director
on the Unaudited Financial Statements of
Tyre Recovery Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyre Recovery Limited for the year ended 31 January 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Tyre Recovery Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Recovery Limited and state those matters that we have agreed to state to the director of Tyre Recovery Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Tyre Recovery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tyre Recovery Limited. You consider that Tyre Recovery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tyre Recovery Limited. 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 statutory financial statements.






Peter A Hodgson & Co Limited
Chartered Certified Accountants
Hett Mill Cottage
Hett
Durham
DH6 5LN


13 June 2024

Tyre Recovery Limited (Registered number: 04364012)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 175,784 206,432

CURRENT ASSETS
Stocks 205,367 228,230
Debtors 5 367,752 346,755
Cash at bank and in hand 68,249 104,912
641,368 679,897
CREDITORS
Amounts falling due within one year 6 617,389 635,422
NET CURRENT ASSETS 23,979 44,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

199,763

250,907

CREDITORS
Amounts falling due after more than
one year

7

(46,315

)

(93,263

)

PROVISIONS FOR LIABILITIES (27,051 ) (32,169 )
NET ASSETS 126,397 125,475

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 126,297 125,375
SHAREHOLDERS' FUNDS 126,397 125,475

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Tyre Recovery Limited (Registered number: 04364012)

Statement of Financial Position - continued
31 January 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 13 June 2024 and were signed by:





Mr Stephen Andrew Brain - Director


Tyre Recovery Limited (Registered number: 04364012)

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

1. STATUTORY INFORMATION

Tyre Recovery 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance and 20% 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 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.

Tyre Recovery Limited (Registered number: 04364012)

Notes to the Financial Statements - continued
for the Year Ended 31 January 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 60,611 323,948 384,559
Additions - 7,658 7,658
At 31 January 2024 60,611 331,606 392,217
DEPRECIATION
At 1 February 2023 23,490 154,637 178,127
Charge for year 3,712 34,594 38,306
At 31 January 2024 27,202 189,231 216,433
NET BOOK VALUE
At 31 January 2024 33,409 142,375 175,784
At 31 January 2023 37,121 169,311 206,432

Tyre Recovery Limited (Registered number: 04364012)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 115,984
DEPRECIATION
At 1 February 2023 38,693
Charge for year 14,583
At 31 January 2024 53,276
NET BOOK VALUE
At 31 January 2024 62,708
At 31 January 2023 77,291

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 350,787 319,837
Other debtors 16,965 26,918
367,752 346,755

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 -
Hire purchase contracts (see note 8)
26,948

32,826
Trade creditors 452,657 468,063
Taxation and social security 33,101 26,017
Other creditors 94,683 108,516
617,389 635,422

Tyre Recovery Limited (Registered number: 04364012)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 20,833 40,833
Hire purchase contracts (see note 8)
25,482

52,430
46,315 93,263

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.1.24 31.1.23
£    £   
Net obligations repayable:
Within one year 26,948 32,826
Between one and five years 25,482 52,430
52,430 85,256

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 30,833 40,833
Lloyds Commercial Finance 85,219 100,961
116,052 141,794

Lloyds Bank plc has a fixed and floating charge of all property and undertaking of the Company.

Lloyds Commercial Finance Limited has a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £27161 (2023 £24518), were paid to the director.

Mr S Brain is a director who owns 70% of the issue share capital, from whom the company rents the property at an annual rent of £25000, (2023 £25000) on normal commercial terms.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stephen Andrew Brain.