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COMPANY REGISTRATION NUMBER: 08791081
Sanveygate Tyre Centre Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Sanveygate Tyre Centre Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
59,916
74,006
Current assets
Stocks
29,045
29,666
Debtors
6
55,907
26,361
--------
--------
84,952
56,027
Creditors: amounts falling due within one year
7
278,597
261,197
---------
---------
Net current liabilities
193,645
205,170
---------
---------
Total assets less current liabilities
( 133,729)
( 131,164)
---------
---------
Net liabilities
( 133,729)
( 131,164)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 133,731)
( 131,166)
---------
---------
Shareholders deficit
( 133,729)
( 131,164)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sanveygate Tyre Centre Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr B Carr
Director
Company registration number: 08791081
Sanveygate Tyre Centre Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rawdon House, Rawdon Terrace, Ashby de la Zouch, Leicestershire, LE65 2GN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have prepared the accounts on a going concern basis. The company is dependent on the continued support of its directors and shareholders to enable it to meet its debts as they fall due. The directors have concluded that the company is able to meet its debts as they fall due. Consequently the financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
15 years straight line
Plant and machinery
-
25% straight line
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
149,781
19,413
9,730
178,924
Disposals
( 9,730)
( 9,730)
---------
--------
-------
---------
At 30 November 2023
149,781
19,413
169,194
---------
--------
-------
---------
Depreciation
At 1 December 2022
79,880
19,413
5,625
104,918
Charge for the year
9,985
9,985
Disposals
( 5,625)
( 5,625)
---------
--------
-------
---------
At 30 November 2023
89,865
19,413
109,278
---------
--------
-------
---------
Carrying amount
At 30 November 2023
59,916
59,916
---------
--------
-------
---------
At 30 November 2022
69,901
4,105
74,006
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
47,313
19,505
Other debtors
8,594
6,856
--------
--------
55,907
26,361
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
22,628
20,501
Trade creditors
40,998
38,832
Social security and other taxes
6,443
1,836
Other creditors
208,528
200,028
---------
---------
278,597
261,197
---------
---------