Company Registration No. 08437512 (England and Wales)
Ulverston Tyres Limited
Unaudited accounts
for the year ended 31 March 2024
Ulverston Tyres Limited
Unaudited accounts
Contents
Ulverston Tyres Limited
Company Information
for the year ended 31 March 2024
Directors
Matthew Miller
John Miller Jnr
John Miller Snr
David Miller
Company Number
08437512 (England and Wales)
Registered Office
Ardtoget
Church Walk
Ulverston
Cumbria
LA12 7EW
England
Accountants
EHA Accountancy Ltd
2 Lower Brook Street
Ulverston
Cumbria
LA12 7EE
Ulverston Tyres Limited
Statement of financial position
as at 31 March 2024
Tangible assets
93,087
17,768
Cash at bank and in hand
82,506
96,729
Creditors: amounts falling due within one year
(138,235)
(134,201)
Net current assets
62,911
77,378
Total assets less current liabilities
155,998
95,146
Creditors: amounts falling due after more than one year
(26,962)
-
Provisions for liabilities
Deferred tax
(18,092)
(2,960)
Called up share capital
100
100
Profit and loss account
110,844
92,086
Shareholders' funds
110,944
92,186
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by
John Miller Jnr
Director
Company Registration No. 08437512
Ulverston Tyres Limited
Notes to the Accounts
for the year ended 31 March 2024
Ulverston Tyres Limited is a private company, limited by shares, registered in England and Wales, registration number 08437512. The registered office is Ardtoget, Church Walk , Ulverston, Cumbria, LA12 7EW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Ulverston Tyres Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
-
49,989
32,650
2,239
84,878
Additions
2,623
404
84,947
-
87,974
Disposals
-
(800)
-
-
(800)
At 31 March 2024
2,623
49,593
117,597
2,239
172,052
At 1 April 2023
-
40,571
25,380
1,159
67,110
Charge for the year
-
2,455
9,840
360
12,655
On disposals
-
(800)
-
-
(800)
At 31 March 2024
-
42,226
35,220
1,519
78,965
At 31 March 2024
2,623
7,367
82,377
720
93,087
At 31 March 2023
-
9,418
7,270
1,080
17,768
Amounts falling due within one year
Trade debtors
50,865
56,730
Accrued income and prepayments
640
338
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
14,486
-
Trade creditors
50,215
66,470
Amounts owed to group undertakings and other participating interests
46,385
27,291
Taxes and social security
-
12,060
Loans from directors
25,749
21,523
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
26,962
-
8
Transactions with related parties
John Miller and Sons Limited, a related company, makes payments on behalf of Ulverston Tyres Limited during the year, the total of these payments was £19,094 (2023: £19,094). At the balance sheet date the company owed £46,385 (2023: £27,292) to John Miller and Sons Ltd which is included in Other Creditors.
Ulverston Tyres Limited
Notes to the Accounts
for the year ended 31 March 2024
9
Average number of employees
During the year the average number of employees was 3 (2023: 0).