Registered number
13772994
Tyremarks Tavistock Ltd
Filleted Accounts
31 March 2024
Tyremarks Tavistock Ltd
Registered number: 13772994
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 14,760 19,680
Tangible assets 4 101,164 102,921
115,924 122,601
Current assets
Stocks 109,003 145,671
Debtors 5 140,730 72,154
Cash at bank and in hand 54,041 37,287
303,774 255,112
Creditors: amounts falling due within one year 6 (321,162) (307,648)
Net current liabilities (17,388) (52,536)
Total assets less current liabilities 98,536 70,065
Creditors: amounts falling due after more than one year 7 (21,667) (31,668)
Provisions for liabilities (15,063) (10,217)
Net assets 61,806 28,180
Capital and reserves
Called up share capital 100 100
Profit and loss account 61,706 28,080
Shareholders' funds 61,806 28,180
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.
Mr M Tillyer
Director
Approved by the board on 6 November 2024
Tyremarks Tavistock Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 24,600
At 31 March 2024 24,600
Amortisation
At 1 April 2023 4,920
Provided during the year 4,920
At 31 March 2024 9,840
Net book value
At 31 March 2024 14,760
At 31 March 2023 19,680
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 108,530 21,463 129,993
Additions 24,540 - 24,540
At 31 March 2024 133,070 21,463 154,533
Depreciation
At 1 April 2023 21,706 5,366 27,072
Charge for the year 22,273 4,024 26,297
At 31 March 2024 43,979 9,390 53,369
Net book value
At 31 March 2024 89,091 12,073 101,164
At 31 March 2023 86,824 16,097 102,921
5 Debtors 2024 2023
£ £
Trade debtors 78,291 71,492
Other debtors 62,439 662
140,730 72,154
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 213,608 249,158
Taxation and social security costs 104,192 55,309
Other creditors 3,362 3,181
321,162 307,648
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,667 31,668
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Tillyer
Interest-free loan 331 - (331) -
Loan charged at HMRC official interest rate - 29,222 - 29,222
Mrs F Tillyer
Interest-free loan 331 - (331) -
Loan charged at HMRC official interest rate - 29,222 - 29,222
662 58,444 (662) 58,444
9 Controlling party
The company is controlled by Mr M Tillyer and Mrs F Tillyer (directors and shareholders).
10 Other information
Tyremarks Tavistock Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Westbridge Industrial Estate
Tavistock
Devon
PL19 8DE
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