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LEWIS TYRE SERVICE LIMITED

Registered Number
SC100369
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

LEWIS TYRE SERVICE LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

MACLEAN, Christine
MACLEAN, Malcolm
MACLEAN, Norman

Registered Address

Marybank
Stornoway
Isle Of Lewis
HS2 0DF

Registered Number

SC100369 (Scotland)
LEWIS TYRE SERVICE LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets388,190126,546
88,190126,546
Current assets
Stocks20,00030,000
Debtors4975,0001,034,338
Cash at bank and on hand283,527127,482
1,278,5271,191,820
Creditors amounts falling due within one year5(1,152,767)(185,885)
Net current assets (liabilities)125,7601,005,935
Total assets less current liabilities213,9501,132,481
Net assets213,9501,132,481
Capital and reserves
Called up share capital100100
Profit and loss account213,8501,132,381
Shareholders' funds213,9501,132,481
The financial statements were approved and authorised for issue by the Board of Directors on 21 January 2025, and are signed on its behalf by:
MACLEAN, Christine
Director
MACLEAN, Malcolm
Director
MACLEAN, Norman
Director

Registered Company No. SC100369
LEWIS TYRE SERVICE LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Vehicles4
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 February 23208,932
At 31 January 24208,932
Depreciation and impairment
At 01 February 2382,386
Charge for year38,356
At 31 January 24120,742
Net book value
At 31 January 2488,190
At 31 January 23126,546
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-59,338
Other debtors975,000975,000
Total975,0001,034,338
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,88355,716
Amounts owed to related parties1,096,99996,999
Taxation and social security45,41031,244
Other creditors12575
Accrued liabilities and deferred income4,3501,851
Total1,152,767185,885