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Registered number: 11222828
Nunhead Tyres Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11222828
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1 190
1 190
CURRENT ASSETS
Stocks 5 1,043 928
Debtors 6 1,588 421
Cash at bank and in hand 7,824 3,105
10,455 4,454
Creditors: Amounts Falling Due Within One Year 7 (4,387 ) (5,259 )
NET CURRENT ASSETS (LIABILITIES) 6,068 (805 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,069 (615 )
NET ASSETS/(LIABILITIES) 6,069 (615 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 5,969 (715 )
SHAREHOLDERS' FUNDS 6,069 (615)
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The financial statements were approved by the board of directors on 15 November 2024 and were signed on its behalf by:
R P Morton
Director
15/11/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Nunhead Tyres Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11222828 . The registered office is 83 Evelina Road, Nunhead, London, SE15 3HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Fixtures & Fittings 20% straight line
2.4. 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.
2.5. Taxation
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 years 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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 958
As at 29 February 2024 958
Depreciation
As at 1 March 2023 768
Provided during the period 189
As at 29 February 2024 957
Net Book Value
As at 29 February 2024 1
As at 1 March 2023 190
5. Stocks
2024 2023
£ £
Stock 1,043 928
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 462 -
Other debtors 1,126 421
1,588 421
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 565 1,325
Other creditors 1,273 4,212
Taxation and social security 2,549 (278 )
4,387 5,259
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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