Registered number
SC282005
Invergordon Tyre Services Limited
Filleted Abridged Accounts
31 March 2024
Invergordon Tyre Services Limited
Registered number: SC282005
Abridged Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 772,394 797,668
Current assets
Stocks 276,629 278,511
Debtors 499,612 558,151
Cash at bank and in hand 873,795 742,436
1,650,036 1,579,098
Creditors: amounts falling due within one year (463,850) (498,655)
Net current assets 1,186,186 1,080,443
Total assets less current liabilities 1,958,580 1,878,111
Provisions for liabilities (51,967) (41,370)
Net assets 1,906,613 1,836,741
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,906,513 1,836,641
Shareholders' funds 1,906,613 1,836,741
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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
G R Sutherland
Director
Approved by the board on 27 December 2024
Invergordon Tyre Services Limited
Notes to the Abridged Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The abridged 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.
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 over its expected useful life, as follows:
Land and buildings 2% straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price. 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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 differences.
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 10 12
3 Tangible fixed assets
Total
£
Cost
At 1 April 2023 1,154,519
Additions 50,190
At 31 March 2024 1,204,709
Depreciation
At 1 April 2023 356,851
Charge for the year 75,464
At 31 March 2024 432,315
Net book value
At 31 March 2024 772,394
At 31 March 2023 797,668
4 Other information
Invergordon Tyre Services Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
2b, Inverbreakie Industrial Estate
Invergordon
Ross-Shire
IV18 0QR
Invergordon Tyre Services Limited SC282005 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 G R Sutherland No description of principal activity SC282005 2022-04-01 2023-03-31 SC282005 core:WithinOneYear 2023-03-31 SC282005 core:ShareCapital 2023-03-31 SC282005 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC282005 2023-04-01 2024-03-31 SC282005 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC282005 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC282005 bus:Director40 2023-04-01 2024-03-31 SC282005 1 2023-04-01 2024-03-31 SC282005 2 2023-04-01 2024-03-31 SC282005 countries:England 2023-04-01 2024-03-31 SC282005 bus:FRS102 2023-04-01 2024-03-31 SC282005 bus:AbridgedAccounts 2023-04-01 2024-03-31 SC282005 2024-03-31 SC282005 core:WithinOneYear 2024-03-31 SC282005 core:ShareCapital 2024-03-31 SC282005 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC282005 2023-03-31 iso4217:GBP xbrli:pure