Silverfin false false 31/05/2024 01/06/2023 31/05/2024 A K White 09/05/2012 12 November 2024 The principal activity of the Company during the financial year was that of a tyre retailer. 08062832 2024-05-31 08062832 bus:Director1 2024-05-31 08062832 2023-05-31 08062832 core:CurrentFinancialInstruments 2024-05-31 08062832 core:CurrentFinancialInstruments 2023-05-31 08062832 core:Non-currentFinancialInstruments 2024-05-31 08062832 core:Non-currentFinancialInstruments 2023-05-31 08062832 core:ShareCapital 2024-05-31 08062832 core:ShareCapital 2023-05-31 08062832 core:RetainedEarningsAccumulatedLosses 2024-05-31 08062832 core:RetainedEarningsAccumulatedLosses 2023-05-31 08062832 core:Goodwill 2023-05-31 08062832 core:Goodwill 2024-05-31 08062832 core:LandBuildings 2023-05-31 08062832 core:PlantMachinery 2023-05-31 08062832 core:OfficeEquipment 2023-05-31 08062832 core:LandBuildings 2024-05-31 08062832 core:PlantMachinery 2024-05-31 08062832 core:OfficeEquipment 2024-05-31 08062832 core:CurrentFinancialInstruments core:Secured 2024-05-31 08062832 core:MoreThanFiveYears 2024-05-31 08062832 core:MoreThanFiveYears 2023-05-31 08062832 2023-06-01 2024-05-31 08062832 bus:FilletedAccounts 2023-06-01 2024-05-31 08062832 bus:SmallEntities 2023-06-01 2024-05-31 08062832 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08062832 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08062832 bus:Director1 2023-06-01 2024-05-31 08062832 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 08062832 core:Goodwill 2023-06-01 2024-05-31 08062832 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 08062832 core:PlantMachinery 2023-06-01 2024-05-31 08062832 core:OfficeEquipment 2023-06-01 2024-05-31 08062832 2022-06-01 2023-05-31 08062832 core:LandBuildings 2023-06-01 2024-05-31 08062832 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 08062832 (England and Wales)

A K W TYRE SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

A K W TYRE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

A K W TYRE SERVICES LIMITED

BALANCE SHEET

As at 31 May 2024
A K W TYRE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 275,837 261,482
275,837 261,482
Current assets
Stocks 36,136 37,270
Debtors 5 27,168 22,711
Cash at bank and in hand 71,736 67,072
135,040 127,053
Creditors: amounts falling due within one year 6 ( 115,464) ( 103,097)
Net current assets 19,576 23,956
Total assets less current liabilities 295,413 285,438
Creditors: amounts falling due after more than one year 7 ( 129,175) ( 144,833)
Provision for liabilities ( 5,354) ( 5,543)
Net assets 160,884 135,062
Capital and reserves
Called-up share capital 100 100
Profit and loss account 160,784 134,962
Total shareholders' funds 160,884 135,062

For the financial year ending 31 May 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 financial statements of A K W Tyre Services Limited (registered number: 08062832) were approved and authorised for issue by the Director on 12 November 2024. They were signed on its behalf by:

A K White
Director
A K W TYRE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
A K W TYRE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A K W Tyre Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Unit 11, Bancombe Court, Bancombe Road Trading Estate, Somerton, Somerset, TA11 6SB.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 8,397 8,397
At 31 May 2024 8,397 8,397
Accumulated amortisation
At 01 June 2023 8,397 8,397
At 31 May 2024 8,397 8,397
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 June 2023 268,239 37,465 4,572 310,276
Additions 0 25,395 0 25,395
At 31 May 2024 268,239 62,860 4,572 335,671
Accumulated depreciation
At 01 June 2023 18,101 27,752 2,941 48,794
Charge for the financial year 4,411 6,303 326 11,040
At 31 May 2024 22,512 34,055 3,267 59,834
Net book value
At 31 May 2024 245,727 28,805 1,305 275,837
At 31 May 2023 250,138 9,713 1,631 261,482

5. Debtors

2024 2023
£ £
Trade debtors 13,763 14,431
Amounts owed by director 12,400 4,800
VAT recoverable 1,005 3,480
27,168 22,711

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,469 8,501
Trade creditors 87,446 82,711
Accruals 4,084 3,453
Taxation and social security 13,465 8,432
115,464 103,097

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 60,417 72,637
Other loans 68,758 72,196
129,175 144,833

Bank borrowings are secured by a fixed legal charge over one of the freehold properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 32,495 49,585
Other loans 54,806 58,244
87,301 107,829

8. Related party transactions

Transactions with the entity's director

Advances

The joint director and secretary loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per person at the official HMRC rates.

At 1 June 2023, the balance owed by the director and secretary was £4,800. During the year, £43,600 was advanced, and £36,000 was repaid. At 31 May 2024, the balance owed by the director and secretary was £12,400.

At 1 June 2022, the balance owed by the director and secretary was £216. During the year, £28,584 was advanced, and £24,000 was repaid. At 31 May 2023, the balance owed by the director and secretary was £4,800.