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Registration number: 13159702

Redline Tyres Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Redline Tyres Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Redline Tyres Ltd

Company Information

Director

J Scorse

Company secretary

J Scorse

Registered office

Unit 3d Wessex Court
Cheddar Business Park
Cheddar
Somerset
BS27 3EB

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Redline Tyres Ltd

(Registration number: 13159702)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,881

11,183

Current assets

 

Stocks

5

159,029

76,803

Debtors

6

172,995

59,414

Cash at bank and in hand

 

100,667

92,420

 

432,691

228,637

Creditors: Amounts falling due within one year

7

(363,461)

(148,604)

Net current assets

 

69,230

80,033

Total assets less current liabilities

 

133,111

91,216

Provisions for liabilities

(12,137)

(2,125)

Net assets

 

120,974

89,091

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

119,974

88,091

Shareholders' funds

 

120,974

89,091

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Redline Tyres Ltd

(Registration number: 13159702)
Balance Sheet as at 31 January 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

.........................................
J Scorse
Company secretary and director

 

Redline Tyres Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Redline Tyres Ltd

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

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Redline Tyres Ltd

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

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 3).

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

10,833

6,801

17,634

Additions

15,485

51,158

66,643

At 31 January 2024

26,318

57,959

84,277

Depreciation

At 1 February 2023

3,606

2,845

6,451

Charge for the year

5,678

8,267

13,945

At 31 January 2024

9,284

11,112

20,396

Carrying amount

At 31 January 2024

17,034

46,847

63,881

At 31 January 2023

7,227

3,956

11,183

 

Redline Tyres Ltd

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

5

Stocks

2024
£

2023
£

Stocks

159,029

76,803

6

Debtors

Current

2024
£

2023
£

Trade debtors

172,995

59,414

 

172,995

59,414

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

202,879

17,632

Taxation and social security

126,543

116,953

Accruals and deferred income

12,464

13,073

Other creditors

21,575

946

363,461

148,604