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Registered number: 06533485
Network Tyre & Auto Limited
Financial Statements
For The Year Ended 30 June 2024
Adams & Moore Ltd
Adams & Moore House
Instone Road
Dartford
DA1 2AG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06533485
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 123,000 145,500
Tangible Assets 4 66,520 75,043
189,520 220,543
CURRENT ASSETS
Stocks 5 547,031 482,390
Debtors 6 623,624 651,340
Investments 7 26,000 26,000
Cash at bank and in hand 294,877 137,366
1,491,532 1,297,096
Creditors: Amounts Falling Due Within One Year 8 (1,326,429 ) (1,123,638 )
NET CURRENT ASSETS (LIABILITIES) 165,103 173,458
TOTAL ASSETS LESS CURRENT LIABILITIES 354,623 394,001
Creditors: Amounts Falling Due After More Than One Year 9 (66,577 ) (150,583 )
NET ASSETS 288,046 243,418
CAPITAL AND RESERVES
Called up share capital 11 1,150 1,150
Share premium account 121,508 121,508
Profit and Loss Account 165,388 120,760
SHAREHOLDERS' FUNDS 288,046 243,418
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For the year ending 30 June 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jason Harding
Director
14/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten (10) years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
1.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 45)
38 45
3. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 225,000
As at 30 June 2024 225,000
Amortisation
As at 1 July 2023 79,500
Provided during the period 22,500
As at 30 June 2024 102,000
Net Book Value
As at 30 June 2024 123,000
As at 1 July 2023 145,500
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 57,930 69,619 18,700 146,249
Additions 5,420 1,000 - 6,420
As at 30 June 2024 63,350 70,619 18,700 152,669
Depreciation
As at 1 July 2023 20,745 43,386 7,075 71,206
Provided during the period 6,391 6,809 1,743 14,943
As at 30 June 2024 27,136 50,195 8,818 86,149
Net Book Value
As at 30 June 2024 36,214 20,424 9,882 66,520
As at 1 July 2023 37,185 26,233 11,625 75,043
5. Stocks
2024 2023
£ £
Finished goods 547,031 482,390
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 455,383 493,532
Prepayments and accrued income 162,054 157,808
Directors' loan accounts 6,187 -
623,624 651,340
7. Current Asset Investments
2024 2023
£ £
Unlisted investments 26,000 26,000
26,000 26,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,062 28,377
Trade creditors 1,022,447 838,659
Corporation tax 45,944 566
Other taxes and social security 44,696 25,249
VAT 88,125 87,025
Other Loan (amt fallen within 1 yr) 93,441 117,459
Accruals and deferred income 15,090 23,291
Directors' loan accounts 624 3,012
1,326,429 1,123,638
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other Loan 66,577 150,583
66,577 150,583
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The maturity of these amounts is as follows:
Within one year 16,062 28,377
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,150 1,150
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12. Contingent Liabilities
The company is a member of Leupraza LLP and is liable to contribute to the asssets of the LLP in the event of a winding-up before 1 July 2024. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 30 June 2024.
The company is a corporate member of L.R. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1 July 2024. The company does not believe that a windin-up is probable and has not made provision for the liability at 30 June 2024.
13. General Information
Network Tyre & Auto Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06533485 . The registered office is Adams & Moore House Instone Road, Dartford, DA1 2AG.
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