Registered number
08560453
Paul Symes Tyres & Exhausts Limited
Filleted Accounts
For the Year Ended
30 June 2024
Paul Symes Tyres & Exhausts Limited
Registered number: 08560453
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 8,163 10,730
Current assets
Stocks 22,346 23,361
Debtors 5 9,619 11,249
Cash at bank and in hand 14,507 6,683
46,472 41,293
Creditors: amounts falling due within one year 6 (45,079) (37,715)
Net current assets 1,393 3,578
Total assets less current liabilities 9,556 14,308
Creditors: amounts falling due after more than one year 7 (6,564) (11,617)
Provisions for liabilities (1,551) (2,039)
Net assets 1,441 652
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,341 552
Shareholders' funds 1,441 652
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J.S. Blondon
Director
Approved by the board on 19 November 2024
Paul Symes Tyres & Exhausts Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor Vehicles 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 41,738
At 30 June 2024 41,738
Amortisation
At 1 July 2023 41,738
At 30 June 2024 41,738
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 42,145 12,000 54,145
At 30 June 2024 42,145 12,000 54,145
Depreciation
At 1 July 2023 36,739 6,676 43,415
Charge for the year 1,769 798 2,567
At 30 June 2024 38,508 7,474 45,982
Net book value
At 30 June 2024 3,637 4,526 8,163
At 30 June 2023 5,406 5,324 10,730
5 Debtors 2024 2023
£ £
Trade debtors 9,619 11,249
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,056 4,965
Obligations under finance lease and hire purchase contracts - 1,800
Trade creditors 13,120 -
Taxation and social security costs 16,226 16,219
Other creditors 10,677 14,731
45,079 37,715
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,564 11,617
8 Other information
Paul Symes Tyres & Exhausts Limited is a private company limited by shares and incorporated in England. Its registered office is:
5-7 Boston Street
Hyde
Cheshire
SK14 2RT
Paul Symes Tyres & Exhausts Limited 08560453 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 J.S. Blondon No description of principal activity 08560453 2022-07-01 2023-06-30 08560453 core:WithinOneYear 2023-06-30 08560453 core:AfterOneYear 2023-06-30 08560453 core:ShareCapital 2023-06-30 08560453 core:RetainedEarningsAccumulatedLosses 2023-06-30 08560453 2023-07-01 2024-06-30 08560453 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08560453 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08560453 bus:Director40 2023-07-01 2024-06-30 08560453 1 2023-07-01 2024-06-30 08560453 2 2023-07-01 2024-06-30 08560453 core:PlantMachinery 2023-07-01 2024-06-30 08560453 core:Vehicles 2023-07-01 2024-06-30 08560453 countries:England 2023-07-01 2024-06-30 08560453 bus:FRS102 2023-07-01 2024-06-30 08560453 bus:FilletedAccounts 2023-07-01 2024-06-30 08560453 2024-06-30 08560453 core:WithinOneYear 2024-06-30 08560453 core:AfterOneYear 2024-06-30 08560453 core:ShareCapital 2024-06-30 08560453 core:RetainedEarningsAccumulatedLosses 2024-06-30 08560453 core:Goodwill 2024-06-30 08560453 core:PlantMachinery 2024-06-30 08560453 core:Vehicles 2024-06-30 08560453 2023-06-30 08560453 core:Goodwill 2023-06-30 08560453 core:PlantMachinery 2023-06-30 08560453 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure