Company Registration No. NI058591 (Northern Ireland)
RUSSELL SHIELS TYRES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RUSSELL SHIELS TYRES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RUSSELL SHIELS TYRES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
759,007
778,584
Investment properties
5
35,000
35,000
794,007
813,584
Current assets
Stocks
72,496
64,033
Debtors
6
93,113
102,051
Cash at bank and in hand
66,032
66,009
231,641
232,093
Creditors: amounts falling due within one year
7
(384,758)
(344,045)
Net current liabilities
(153,117)
(111,952)
Total assets less current liabilities
640,890
701,632
Creditors: amounts falling due after more than one year
8
(205,884)
(270,862)
Provisions for liabilities
10
(32,217)
(31,089)
Net assets
402,789
399,681
Capital and reserves
Called up share capital
11
20
20
Profit and loss reserves
402,769
399,661
Total equity
402,789
399,681
The notes on pages 3 to 9 form part of these financial statements
Compiled without audit or independent verification
RUSSELL SHIELS TYRES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
Directors' statement in respect of the financial statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr Russell Shiels
Mr Adam Shiels
Director
Director
Company Registration No. NI058591
The notes on pages 3 to 9 form part of these financial statements
Compiled without audit or independent verification
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Russell Shiels Tyres Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office and business address is 76 Aughrim Road, Magherafelt, Co. Londonderry, BT45 6JY.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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:
Buildings
2% straight line
Land
Nil depreciation
Plant and equipment
25% straight line
Office equipment
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
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.
1.10
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
Full provision for deferred tax assets and liabilities is provided at current tax rates on differences that arise between the recognition of gains and losses in the financial statements and their recognition in the tax computation.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
13
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
34,000
6,440
40,440
Amortisation and impairment
At 1 April 2023 and 31 March 2024
34,000
6,440
40,440
Carrying amount
At 31 March 2024
At 31 March 2023
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
793,842
224,470
1,018,312
Additions
2,022
2,022
At 31 March 2024
793,842
226,492
1,020,334
Depreciation and impairment
At 1 April 2023
40,492
199,235
239,728
Depreciation charged in the year
11,889
9,711
21,600
At 31 March 2024
52,381
208,946
261,328
Carrying amount
At 31 March 2024
741,461
17,546
759,006
At 31 March 2023
753,350
25,234
778,584
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
35,000
Investment property comprises a building site with full planning permission in Aghadowey. The fair value of this investment property has been arrived at on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider that there is no material change to the value as at 31 March 2024.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
89,400
98,176
Other debtors
3,713
3,875
93,113
102,051
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
62,357
62,888
Obligations under finance leases
4,300
9,594
Trade creditors
177,574
157,917
Corporation tax
15,281
2,541
Other taxation and social security
28,661
27,241
Other creditors
2,812
2,290
Directors' current account
85,627
78,762
Accruals and deferred income
8,146
2,812
384,758
344,045
The company's bank liabilities are secured by a fixed and floating charge over the companies premises at 76 Aughrim Road, Magherafelt, Co. Londonderry.
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
201,684
262,362
Obligations under finance leases
4,200
8,500
205,884
270,862
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
32,217
31,089
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
28,546
27,812
Investment property
3,671
3,277
32,217
31,089
RUSSELL SHIELS TYRES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 April 2023
31,089
Charge to profit or loss
1,128
Liability at 31 March 2024
32,217
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
12
Financial commitments
The company had no financial commitments at 31 March 2024 or at 31 March 2023.
13
Capital commitments
The company had no capital commitments at 31 March 2024 or at 31 March 2023.
14
Related party transactions
The balance on the directors' loan account at the year end amounted to £85,627 (2023: £78,762) and is included within creditors due within one year. No interest is payable on these loans.
15
Control
The company is controlled by the directors.
2024-03-312023-04-01false15 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr R ShielsMr Adam ShielsMrs Gertie CahoonfalsefalseNI0585912023-04-012024-03-31NI0585912024-03-31NI0585912023-03-31NI058591core:LandBuildings2024-03-31NI058591core:OtherPropertyPlantEquipment2024-03-31NI058591core:LandBuildings2023-03-31NI058591core:OtherPropertyPlantEquipment2023-03-31NI058591core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31NI058591core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31NI058591core:CurrentFinancialInstruments2024-03-31NI058591core:CurrentFinancialInstruments2023-03-31NI058591core:Non-currentFinancialInstruments2024-03-31NI058591core:Non-currentFinancialInstruments2023-03-31NI058591core:ShareCapital2024-03-31NI058591core:ShareCapital2023-03-31NI058591core:RetainedEarningsAccumulatedLosses2024-03-31NI058591core:RetainedEarningsAccumulatedLosses2023-03-31NI058591bus:Director12023-04-012024-03-31NI058591bus:Director22023-04-012024-03-31NI058591core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-31NI058591core:PlantMachinery2023-04-012024-03-31NI058591core:FurnitureFittings2023-04-012024-03-31NI058591core:MotorVehicles2023-04-012024-03-31NI0585912022-04-012023-03-31NI058591core:NetGoodwill2023-03-31NI058591core:IntangibleAssetsOtherThanGoodwill2023-03-31NI0585912023-03-31NI058591core:NetGoodwill2024-03-31NI058591core:IntangibleAssetsOtherThanGoodwill2024-03-31NI058591core:NetGoodwill2023-03-31NI058591core:IntangibleAssetsOtherThanGoodwill2023-03-31NI058591core:LandBuildings2023-03-31NI058591core:OtherPropertyPlantEquipment2023-03-31NI058591core:LandBuildings2023-04-012024-03-31NI058591core:OtherPropertyPlantEquipment2023-04-012024-03-31NI058591core:WithinOneYear2024-03-31NI058591core:WithinOneYear2023-03-31NI058591bus:PrivateLimitedCompanyLtd2023-04-012024-03-31NI058591bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI058591bus:FRS1022023-04-012024-03-31NI058591bus:AuditExemptWithAccountantsReport2023-04-012024-03-31NI058591bus:CompanySecretary12023-04-012024-03-31NI058591bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP