6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 266,732 238,721 9,336 248,057 18,675 28,011 xbrli:pure xbrli:shares iso4217:GBP 02814172 2023-05-01 2024-04-30 02814172 2024-04-30 02814172 2023-04-30 02814172 2022-05-01 2023-04-30 02814172 2023-04-30 02814172 2022-04-30 02814172 core:PlantMachinery 2023-05-01 2024-04-30 02814172 core:MotorVehicles 2023-05-01 2024-04-30 02814172 core:NetGoodwill 2023-05-01 2024-04-30 02814172 bus:Director2 2023-05-01 2024-04-30 02814172 core:WithinOneYear 2024-04-30 02814172 core:WithinOneYear 2023-04-30 02814172 core:NetGoodwill 2023-04-30 02814172 core:NetGoodwill 2024-04-30 02814172 core:LandBuildings 2023-04-30 02814172 core:PlantMachinery 2023-04-30 02814172 core:FurnitureFittings 2023-04-30 02814172 core:MotorVehicles 2023-04-30 02814172 core:LandBuildings 2024-04-30 02814172 core:PlantMachinery 2024-04-30 02814172 core:FurnitureFittings 2024-04-30 02814172 core:MotorVehicles 2024-04-30 02814172 core:ShareCapital 2024-04-30 02814172 core:ShareCapital 2023-04-30 02814172 core:CapitalRedemptionReserve 2024-04-30 02814172 core:CapitalRedemptionReserve 2023-04-30 02814172 core:RetainedEarningsAccumulatedLosses 2024-04-30 02814172 core:RetainedEarningsAccumulatedLosses 2023-04-30 02814172 core:FurnitureFittings 2023-05-01 2024-04-30 02814172 core:NetGoodwill 2023-04-30 02814172 core:PlantMachinery 2023-04-30 02814172 core:FurnitureFittings 2023-04-30 02814172 core:MotorVehicles 2023-04-30 02814172 bus:SmallEntities 2023-05-01 2024-04-30 02814172 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02814172 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02814172 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02814172 bus:FullAccounts 2023-05-01 2024-04-30 02814172 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
18,675
28,011
Tangible assets
6
6,900
8,582
---------
---------
25,575
36,593
CURRENT ASSETS
Stocks
15,348
32,305
Debtors
7
69,619
84,433
Cash at bank and in hand
226
218
---------
-----------
85,193
116,956
CREDITORS: amounts falling due within one year
8
109,781
152,102
-----------
-----------
NET CURRENT LIABILITIES
24,588
35,146
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
987
1,447
PROVISIONS
Taxation including deferred tax
873
1,165
-----
--------
NET ASSETS
114
282
-----
--------
CAPITAL AND RESERVES
Called up share capital
10,000
10,000
Capital redemption reserve
40,000
40,000
Profit and loss account
( 49,886)
( 49,718)
---------
---------
SHAREHOLDERS FUNDS
114
282
---------
---------
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.
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
For the year ending 30th April 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 9 January 2025 , and are signed on behalf of the board by:
M R Pollard
Director
Company registration number: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Westgate Works, Westgate, Morecambe, LA3 3DD.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is being amortised over 10 years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Property alterations
-
straight line over period of lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance/straight line over 5 years
Motor vehicles
-
25% reducing balance
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st May 2023 and 30th April 2024
266,732
-----------
Amortisation
At 1st May 2023
238,721
Charge for the year
9,336
-----------
At 30th April 2024
248,057
-----------
Carrying amount
At 30th April 2024
18,675
-----------
At 30th April 2023
28,011
-----------
6. TANGIBLE ASSETS
Property alterations
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st May 2023 and 30th April 2024
1,554
38,335
27,867
26,300
94,056
--------
---------
---------
---------
---------
Depreciation
At 1st May 2023
1,554
33,965
27,626
22,329
85,474
Charge for the year
654
36
992
1,682
--------
---------
---------
---------
---------
At 30th April 2024
1,554
34,619
27,662
23,321
87,156
--------
---------
---------
---------
---------
Carrying amount
At 30th April 2024
3,716
205
2,979
6,900
--------
---------
---------
---------
---------
At 30th April 2023
4,370
241
3,971
8,582
--------
---------
---------
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
63,249
79,077
Prepayments and accrued income
6,370
5,070
Corporation tax repayable
286
---------
---------
69,619
84,433
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
47,516
64,731
Trade creditors
51,066
73,922
Accruals and deferred income
2,183
5,902
Social security and other taxes
9,016
7,544
Director loan accounts
3
-----------
-----------
109,781
152,102
-----------
-----------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,000
-----
--------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The director has a loan account with the company. The balance at the start of the year was £3 in credit and was nil at the end of the year.