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COMPANY REGISTRATION NUMBER: 00881557
Motorway Tyres (Luton) Limited
Filleted Unaudited Financial Statements
31 January 2024
Motorway Tyres (Luton) Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Motorway Tyres (Luton) Limited
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
23,385
3,527
Current assets
Stocks
11,500
11,500
Debtors
7
33,296
24,819
Cash at bank and in hand
37,227
39,383
--------
--------
82,023
75,702
Creditors: amounts falling due within one year
8
( 97,141)
( 40,645)
--------
--------
Net current (liabilities)/assets
( 15,118)
35,057
--------
--------
Total assets less current liabilities
8,267
38,584
Provisions
Taxation including deferred tax
( 4,443)
( 670)
-------
--------
Net assets
3,824
37,914
-------
--------
Motorway Tyres (Luton) Limited
Balance Sheet (continued)
31 January 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,724
37,814
-------
--------
Shareholders funds
3,824
37,914
-------
--------
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 profit and loss account has not been delivered.
For the year ending 31 January 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 year 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 30 October 2024 , and are signed on behalf of the board by:
Mr W F Downer
Director
Company registration number: 00881557
Motorway Tyres (Luton) Limited
Notes to the Financial Statements
Year ended 31 January 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 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
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 and in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and Machinery
-
20% reducing balance
Fixtures and Fittings
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
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.
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. Other operating income
Other operating income is income received from management charges.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
4,283
7,610
296
12,189
Additions
25,704
25,704
-------
-------
--------
--------
At 31 January 2024
4,283
7,610
26,000
37,893
-------
-------
--------
--------
Depreciation
At 1 February 2023
1,996
6,467
199
8,662
Charge for the year
457
229
5,160
5,846
-------
-------
--------
--------
At 31 January 2024
2,453
6,696
5,359
14,508
-------
-------
--------
--------
Carrying amount
At 31 January 2024
1,830
914
20,641
23,385
-------
-------
--------
--------
At 31 January 2023
2,287
1,143
97
3,527
-------
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
9,340
7,462
Other debtors
23,956
17,357
--------
--------
33,296
24,819
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
44,925
10,111
Social security and other taxes
17,577
18,073
Other creditors
34,639
12,461
--------
--------
97,141
40,645
--------
--------
9. Directors' advances, credits and guarantees
The directors, had an interest-free loan during the year, repayable on demand. At the beginning and end of the year the company owed them £645.
10. Related party transactions
At the year end the company owed £26,885 (2023: £4,199) to a company controlled by the directors. The loan is interest free and repayable on demand. Motorway Tyres (Luton) Limited invoiced this company a management charge of £15,000 during the year. At the year end the company was owed £12,861 (2023: £8,222) by a family member of the directors. The loan was repayable on demand and interest free.