Acorah Software Products - Accounts Production 16.0.110 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 SC259929 Mr Craig Malcolm Mr Craig Malcolm iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC259929 2022-11-30 SC259929 2023-11-30 SC259929 2022-12-01 2023-11-30 SC259929 frs-core:CurrentFinancialInstruments 2023-11-30 SC259929 frs-core:FurnitureFittings 2023-11-30 SC259929 frs-core:FurnitureFittings 2022-12-01 2023-11-30 SC259929 frs-core:FurnitureFittings 2022-11-30 SC259929 frs-core:MotorVehicles 2023-11-30 SC259929 frs-core:MotorVehicles 2022-12-01 2023-11-30 SC259929 frs-core:MotorVehicles 2022-11-30 SC259929 frs-core:PlantMachinery 2023-11-30 SC259929 frs-core:PlantMachinery 2022-12-01 2023-11-30 SC259929 frs-core:PlantMachinery 2022-11-30 SC259929 frs-core:ShareCapital 2023-11-30 SC259929 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 SC259929 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC259929 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 SC259929 frs-bus:SmallEntities 2022-12-01 2023-11-30 SC259929 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 SC259929 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC259929 frs-bus:Director1 2022-12-01 2023-11-30 SC259929 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 SC259929 frs-countries:Scotland 2022-12-01 2023-11-30 SC259929 2021-11-30 SC259929 2022-11-30 SC259929 2021-12-01 2022-11-30 SC259929 frs-core:CurrentFinancialInstruments 2022-11-30 SC259929 frs-core:ShareCapital 2022-11-30 SC259929 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: SC259929
The General Tyre Company (Scotland) Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2023
Almond Valley Accounting Limited
CIMA
Suite 14 Ellismuir House Ellismuir Way
Uddingston
Glasgow
G71 5PW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC259929
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,209 1,708
1,209 1,708
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 47 -
Cash at bank and in hand 2,346 6,048
3,393 7,048
Creditors: Amounts Falling Due Within One Year 7 (4,443 ) (7,993 )
NET CURRENT ASSETS (LIABILITIES) (1,050 ) (945 )
TOTAL ASSETS LESS CURRENT LIABILITIES 159 763
NET ASSETS 159 763
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 158 762
SHAREHOLDERS' FUNDS 159 763
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Craig Malcolm
Director
29/11/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The General Tyre Company (Scotland) Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC259929 . The registered office is Stirling Road, Larbert, Stirlingshire, FK5 3NJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 5,498 1,000 5,850 12,348
As at 30 November 2023 5,498 1,000 5,850 12,348
Depreciation
As at 1 December 2022 4,631 996 5,013 10,640
Provided during the period 289 1 209 499
As at 30 November 2023 4,920 997 5,222 11,139
Net Book Value
As at 30 November 2023 578 3 628 1,209
As at 1 December 2022 867 4 837 1,708
5. Stocks
2023 2022
£ £
Stock 1,000 1,000
6. Debtors
2023 2022
£ £
Due within one year
Corporation tax recoverable 47 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 1
Corporation tax - 289
Accruals and deferred income 832 756
Director's loan account 3,611 6,947
4,443 7,993
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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