Registered number
06049497
On Site Tyre Repairs Limited
Unaudited Filleted Accounts
31 January 2024
On Site Tyre Repairs Limited
Registered number: 06049497
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 274,118 280,887
Current assets
Stocks 4,000 4,000
Debtors 4 2,000 2,000
Cash at bank and in hand 129,589 58,082
135,589 64,082
Creditors: amounts falling due within one year 5 (149,454) (136,217)
Net current liabilities (13,865) (72,135)
Total assets less current liabilities 260,253 208,752
Creditors: amounts falling due after more than one year 6 (18,306) (53,873)
Provisions for liabilities (3,203) (3,933)
Net assets 238,744 150,946
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 237,744 149,946
Shareholders' funds 238,744 150,946
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Armstrong
Director
Approved by the board on 28 October 2024
On Site Tyre Repairs Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold Land & Buildings over 50 years
Tools and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Tools and machinery Motor vehicles Freehold Land & Buildings Total
£ £ £ £
Cost
At 1 February 2023 99,728 3,770 292,886 396,384
Additions 2,644 - - 2,644
At 31 January 2024 102,372 3,770 292,886 399,028
Depreciation
At 1 February 2023 81,024 3,067 31,406 115,497
Charge for the year 6,438 46 2,929 9,413
At 31 January 2024 87,462 3,113 34,335 124,910
Net book value
At 31 January 2024 14,910 657 258,551 274,118
At 31 January 2023 18,704 703 261,480 280,887
4 Debtors 2024 2023
£ £
Trade debtors 2,000 2,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,833 17,979
Obligations under finance lease and hire purchase contracts 4,440 4,440
Trade creditors 44,746 18,499
Taxation and social security costs 42,687 13,056
Other creditors and accruals 51,748 82,243
149,454 136,217
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,238 46,966
Obligations under finance lease and hire purchase contracts 68 6,907
18,306 53,873
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 12,145
Loans consist of an unsecured Bounceback Loan of £24,071 (2023: £34,071) and a commercial mortgage, secured on the company's trading premises, of £Nil (2023: £30,874).
8 Other information
On Site Tyre Repairs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Freeman Way
North Seaton Ind Est
Ashington
Northumberland
NE63 0YB
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