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REGISTERED NUMBER: 05145910 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024

FOR

TYRE EXPRESS (HOVE) LIMITED

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TYRE EXPRESS (HOVE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: M Beard
Mrs F Beard





REGISTERED OFFICE: Cornelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ





REGISTERED NUMBER: 05145910 (England and Wales)





ACCOUNTANTS: Parkers
Cornelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 83,292 70,754
83,293 70,755

CURRENT ASSETS
Stocks 19,484 26,875
Debtors 6 28,246 24,589
Cash at bank and in hand 68,833 61,201
116,563 112,665
CREDITORS
Amounts falling due within one year 7 101,631 102,693
NET CURRENT ASSETS 14,932 9,972
TOTAL ASSETS LESS CURRENT
LIABILITIES

98,225

80,727

CREDITORS
Amounts falling due after more than one
year

8

(20,883

)

-

PROVISIONS FOR LIABILITIES (9,035 ) (5,413 )
NET ASSETS 68,307 75,314

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 68,305 75,312
SHAREHOLDERS' FUNDS 68,307 75,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

BALANCE SHEET - continued
30TH JUNE 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th January 2025 and were signed on its behalf by:




Mrs F Beard - Director



M Beard - Director


TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024

1. STATUTORY INFORMATION

Tyre Express (Hove) Limited is a private company, limited by shares , registered in England and Wales. 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 represents the sales, net of value of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Goodwill
The goodwill of £46,000 arose on the change of ownership of the company in 2012 when it was agreed with the then controlling shareholder that ownership would pass to the current shareholders provided that the £40,000 due from Tyre Express (Wholesale) Limited and Tyre Express (Bognor) Limited for prior year management fees would not be payable and that the company would be responsible for a £6,000 bank loan taken out in its name but not previously recorded as a company liability.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - term of leases
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 14 ) .

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 46,000
AMORTISATION
At 1st July 2023
and 30th June 2024 45,999
NET BOOK VALUE
At 30th June 2024 1
At 30th June 2023 1

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st July 2023 23,944 154,957 12,316
Additions - - 682
Disposals - - -
At 30th June 2024 23,944 154,957 12,998
DEPRECIATION
At 1st July 2023 23,944 117,269 10,599
Charge for year - 5,654 600
Eliminated on disposal - - -
At 30th June 2024 23,944 122,923 11,199
NET BOOK VALUE
At 30th June 2024 - 32,034 1,799
At 30th June 2023 - 37,688 1,717

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st July 2023 59,352 44,256 294,825
Additions 33,415 2,605 36,702
Disposals (5,990 ) - (5,990 )
At 30th June 2024 86,777 46,861 325,537
DEPRECIATION
At 1st July 2023 38,850 33,409 224,071
Charge for year 13,124 3,365 22,743
Eliminated on disposal (4,569 ) - (4,569 )
At 30th June 2024 47,405 36,774 242,245
NET BOOK VALUE
At 30th June 2024 39,372 10,087 83,292
At 30th June 2023 20,502 10,847 70,754

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2023 44,150 50,787 94,937
Additions - 33,415 33,415
Disposals - (5,990 ) (5,990 )
At 30th June 2024 44,150 78,212 122,362
DEPRECIATION
At 1st July 2023 40,294 30,468 70,762
Charge for year 578 13,079 13,657
Eliminated on disposal - (4,569 ) (4,569 )
At 30th June 2024 40,872 38,978 79,850
NET BOOK VALUE
At 30th June 2024 3,278 39,234 42,512
At 30th June 2023 3,856 20,319 24,175

TYRE EXPRESS (HOVE) LIMITED (REGISTERED NUMBER: 05145910)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,924 12,176
Other debtors 19,322 12,413
28,246 24,589

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 13,184 -
Trade creditors 33,314 39,299
Taxation and social security 32,555 38,260
Other creditors 22,578 25,134
101,631 102,693

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 20,883 -

9. LEASING AGREEMENTS

The company has future operating lease commitments of £66,714, (2023: £77,850).

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 34,067 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2