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REGISTERED NUMBER: 05424460 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

METRO TYRES LIMITED

METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METRO TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: J M Flynn





REGISTERED OFFICE: 50 Pete Best Drive
Liverpool
L12 1NN





REGISTERED NUMBER: 05424460 (England and Wales)





ACCOUNTANTS: Malthouse & Company Chartered Accountants
America House, Rumford Court
Rumford Place
Liverpool
Merseyside
L3 9DD

METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 690,075 154,138
Investment property 5 1,900,000 -
2,590,075 154,138

CURRENT ASSETS
Stocks 25,000 19,464
Debtors 6 15,851 5,050
Cash at bank 141,073 285,681
181,924 310,195
CREDITORS
Amounts falling due within one year 7 210,987 198,160
NET CURRENT (LIABILITIES)/ASSETS (29,063 ) 112,035
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,561,012

266,173

CREDITORS
Amounts falling due after more than one
year

8

(566,549

)

-

PROVISIONS FOR LIABILITIES (445,847 ) -
NET ASSETS 1,548,616 266,173

METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

BALANCE SHEET - continued
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Non-distributable reserve 1,337,542 -
Retained earnings 211,073 266,172
1,548,616 266,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





J M Flynn - Director


METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Metro Tyres Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Nil on Freehold Land
Plant and machinery etc - 20% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 116,611 210,736 327,347
Additions 651,867 10,178 662,045
Disposals (116,611 ) - (116,611 )
At 30 April 2024 651,867 220,914 872,781
DEPRECIATION
At 1 May 2023 - 173,209 173,209
Charge for year - 9,497 9,497
At 30 April 2024 - 182,706 182,706
NET BOOK VALUE
At 30 April 2024 651,867 38,208 690,075
At 30 April 2023 116,611 37,527 154,138

METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 116,611
Revaluations 1,783,389
At 30 April 2024 1,900,000
NET BOOK VALUE
At 30 April 2024 1,900,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 1,783,389
Cost 116,611
1,900,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 116,611 -

Investment property was valued on an open market basis on 30 April 2024 by the Director. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 2,380 -
Other debtors 13,471 5,050
15,851 5,050

METRO TYRES LIMITED (REGISTERED NUMBER: 05424460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 21,181 1,473
Taxation and social security 115,874 128,219
Other creditors 73,932 68,468
210,987 198,160

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 566,549 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 481,822 -

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2023 - £40,295) were paid to the director .

10. ULTIMATE CONTROLLING PARTY

The controlling party is J M Flynn.