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REGISTERED NUMBER: SC633228 (Scotland)












Financial Statements for the Year Ended 31 May 2024

for

JUST TYRES ANGUS LIMITED

JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JUST TYRES ANGUS LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTOR: S P Davies





REGISTERED OFFICE: Unit 3
Waldron Road
Montrose
Angus
DD10 9BD





REGISTERED NUMBER: SC633228 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,132
Tangible assets 5 2,030 425
2,030 1,557

CURRENT ASSETS
Stocks 3,840 3,961
Debtors 6 1,483 5,474
Cash at bank 2,661 836
7,984 10,271
CREDITORS
Amounts falling due within one year 7 9,813 11,821
NET CURRENT LIABILITIES (1,829 ) (1,550 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

201

7

CAPITAL AND RESERVES
Called up share capital 200 1
Retained earnings 1 6
SHAREHOLDERS' FUNDS 201 7

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Balance Sheet - continued
31 May 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 December 2024 and were signed by:





S P Davies - Director


JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Just Tyres Angus Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised over it's estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.


JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material 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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 5,668
AMORTISATION
At 1 June 2023 4,536
Charge for year 1,132
At 31 May 2024 5,668
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 1,132

JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 656 500 700 1,856
Additions 2,540 - - 2,540
At 31 May 2024 3,196 500 700 4,396
DEPRECIATION
At 1 June 2023 656 250 525 1,431
Charge for year 635 125 175 935
At 31 May 2024 1,291 375 700 2,366
NET BOOK VALUE
At 31 May 2024 1,905 125 - 2,030
At 31 May 2023 - 250 175 425

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors (80 ) (560 )
Other debtors 1,563 6,034
1,483 5,474

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,247 3,148
Taxation and social security 7,606 7,723
Other creditors 960 950
9,813 11,821

JUST TYRES ANGUS LIMITED (REGISTERED NUMBER: SC633228)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
S P Davies
Balance outstanding at start of year 6,034 7,483
Amounts repaid (4,471 ) (1,449 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,563 6,034

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £8,806 (2023 - £10,313) were paid to the director .

The company was under control of S P Davies throughout the current year and previous period.