Company registration number SC374185 (Scotland)
SKINNY TYRES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SKINNY TYRES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SKINNY TYRES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,656
14,565
Current assets
Debtors
4
10,102
11,714
Cash at bank and in hand
3
10,722
10,105
22,436
Creditors: amounts falling due within one year
5
(17,292)
(27,545)
Net current liabilities
(7,187)
(5,109)
Total assets less current liabilities
2,469
9,456
Creditors: amounts falling due after more than one year
6
(4,996)
(7,485)
Provisions for liabilities
(1,766)
(2,222)
Net liabilities
(4,293)
(251)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(4,294)
(252)
Total equity
(4,293)
(251)

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 14 May 2024
Mr S Tares
Director
Company Registration No. SC374185
SKINNY TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Skinny Tyres Limited is a private company limited by shares incorporated in Scotland. The registered office is Airntully Cottage, Airntully, Perth, United Kingdom, PH1 4PH.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 20% on reducing balance
Fixtures and fittings
- 20% on reducing balance
Computers
- 33% on reducing balance and 15% on reducing balance
Motor vehicles
- 25% on reducing balance
1.5
Cash at bank and in hand

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 current liabilities.

SKINNY TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SKINNY TYRES 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 1 (2023 - 1).

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
10,532
1,644
6,288
14,228
32,692
Additions
-
0
-
0
2,615
-
0
2,615
Disposals
(746)
-
0
(522)
(2,370)
(3,638)
At 31 March 2024
9,786
1,644
8,381
11,858
31,669
Depreciation and impairment
At 1 April 2023
5,483
137
3,905
8,602
18,127
Depreciation charged in the year
1,010
301
1,168
1,407
3,886
At 31 March 2024
6,493
438
5,073
10,009
22,013
Carrying amount
At 31 March 2024
3,293
1,206
3,308
1,849
9,656
At 31 March 2023
5,049
1,507
2,383
5,626
14,565
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,713
1,034
Corporation tax recoverable
776
764
Other debtors
1,769
5,827
Prepayments and accrued income
5,844
4,089
10,102
11,714
SKINNY TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,834
3,563
Corporation tax
-
0
3,567
Other taxation and social security
792
-
0
Accruals and deferred income
7,666
20,415
17,292
27,545
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
4,996
7,485
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
8
Ultimate controlling party

The ultimate controlling party is S Tares, the sole director and shareholder.

9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £0 (2023, £20,000) were paid in the year in respect of shares held by the company's directors.

 

 

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S Tares -
-
5,827
8,834
(12,892)
1,769
5,827
8,834
(12,892)
1,769
2024-03-312023-04-01false14 May 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr S TaresfalsefalseSC3741852023-04-012024-03-31SC3741852024-03-31SC3741852023-03-31SC374185core:PlantMachinery2024-03-31SC374185core:FurnitureFittings2024-03-31SC374185core:ComputerEquipment2024-03-31SC374185core:MotorVehicles2024-03-31SC374185core:PlantMachinery2023-03-31SC374185core:FurnitureFittings2023-03-31SC374185core:ComputerEquipment2023-03-31SC374185core:MotorVehicles2023-03-31SC374185core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC374185core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC374185core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31SC374185core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC374185core:CurrentFinancialInstruments2024-03-31SC374185core:CurrentFinancialInstruments2023-03-31SC374185core:ShareCapital2024-03-31SC374185core:ShareCapital2023-03-31SC374185core:RetainedEarningsAccumulatedLosses2024-03-31SC374185core:RetainedEarningsAccumulatedLosses2023-03-31SC374185bus:Director12023-04-012024-03-31SC374185core:PlantMachinery2023-04-012024-03-31SC374185core:FurnitureFittings2023-04-012024-03-31SC374185core:ComputerEquipment2023-04-012024-03-31SC374185core:MotorVehicles2023-04-012024-03-31SC3741852022-04-012023-03-31SC374185core:PlantMachinery2023-03-31SC374185core:FurnitureFittings2023-03-31SC374185core:ComputerEquipment2023-03-31SC374185core:MotorVehicles2023-03-31SC3741852023-03-31SC374185core:Non-currentFinancialInstruments2024-03-31SC374185core:Non-currentFinancialInstruments2023-03-31SC374185bus:Director12023-03-31SC374185bus:Director12024-03-31SC374185bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC374185bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC374185bus:FRS1022023-04-012024-03-31SC374185bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC374185bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP