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REGISTERED NUMBER: 06105830 (England and Wales)















CALMAC TYRES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CALMAC TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr M A O'Callaghan
Mrs C O'Callaghan





SECRETARY: Mrs C O'Callaghan





REGISTERED OFFICE: 15 High Street
Brackley
Northamptonshire
NN13 7DH





REGISTERED NUMBER: 06105830 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,104 8,664

CURRENT ASSETS
Stocks 4,325 2,021
Debtors 5 228,750 158,585
Cash at bank 5,235 11,342
238,310 171,948
CREDITORS
Amounts falling due within one year 6 149,605 139,478
NET CURRENT ASSETS 88,705 32,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,809

41,134

PROVISIONS FOR LIABILITIES 1,277 1,444
NET ASSETS 94,532 39,690

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 94,530 39,688
SHAREHOLDERS' FUNDS 94,532 39,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr M A O'Callaghan - Director


CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Calmac 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the service and maintenance of vehicles is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Sale of vehicle parts
Turnover from the sale of vehicle parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually once the parts are fitted to the vehicles.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2023 99,781 13,014 112,795
Additions 2,593 92 2,685
Disposals (1,000 ) - (1,000 )
At 29 February 2024 101,374 13,106 114,480
DEPRECIATION
At 1 March 2023 94,946 9,185 104,131
Charge for year 1,585 2,660 4,245
Eliminated on disposal (1,000 ) - (1,000 )
At 29 February 2024 95,531 11,845 107,376
NET BOOK VALUE
At 29 February 2024 5,843 1,261 7,104
At 28 February 2023 4,835 3,829 8,664

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 197,282 147,000
Other debtors 5,171 452
Directors' current accounts 14,262 -
Prepayments and accrued income 12,035 11,133
228,750 158,585

CALMAC TYRES LIMITED (REGISTERED NUMBER: 06105830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 79,852 84,260
Tax 31,847 6,415
Social security and other taxes 5,138 5,991
VAT 19,277 12,784
Other creditors 7,428 7,398
Directors' current accounts - 16,397
Accrued expenses 6,063 6,233
149,605 139,478

7. SECURED DEBTS

On the 4th July 2016, National Westminster Bank PLC, registered a Floating Charge that covers any property or undertaking of the company.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 29 February 2024 the directors owed the company £14,262. This was repaid in full on 26 November 2024.