Company registration number 00530536 (England and Wales)
MIDLAND TYRES (BIRMINGHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MIDLAND TYRES (BIRMINGHAM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MIDLAND TYRES (BIRMINGHAM) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
410,000
450,000
Current assets
Debtors
4
1,925
1,475
Cash at bank and in hand
184,287
156,330
186,212
157,805
Creditors: amounts falling due within one year
5
(16,686)
(16,206)
Net current assets
169,526
141,599
Total assets less current liabilities
579,526
591,599
Creditors: amounts falling due after more than one year
6
(165)
(165)
Provisions for liabilities
7
(73,610)
(83,610)
Net assets
505,751
507,824
Capital and reserves
Called up share capital
8
2,250
2,250
Capital redemption reserve
250
250
Profit and loss reserves
503,251
505,324
Total equity
505,751
507,824

The notes on pages 3 to 5 form part of these financial statements.

MIDLAND TYRES (BIRMINGHAM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mrs J M Franks
Director
Company registration number 00530536 (England and Wales)
MIDLAND TYRES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Midland Tyres (Birmingham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Knighton Drive, Four Oaks, Sutton Coldfield, West Midlands, England, B74 4QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.4
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

MIDLAND TYRES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 April 2023
450,000
Revaluations
(40,000)
At 31 March 2024
410,000

The director of the company S Franks, considers the property value of £410,000 to be its fair value as at 31 March 2024.

If the land and buildings had not been revalued they would have been included at the following historical cost: 2024 £33,008 (2023: £33,008).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,925
1,475
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
6,551
6,109
Other creditors
10,135
10,097
16,686
16,206
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
165
165
MIDLAND TYRES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
73,610
83,610
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,250
2,250
2,250
2,250
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