Registered number
10465416
HEATH TYRES AUTO CENTRE LTD
Filleted Accounts
30 September 2024
HEATH TYRES AUTO CENTRE LTD
Registered number: 10465416
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 127,200 135,150
Tangible assets 4 10,849 16,083
138,049 151,233
Current assets
Stocks 29,521 25,499
Debtors 5 9,312 17,956
Cash at bank and in hand 142,592 203,691
181,425 247,146
Creditors: amounts falling due within one year 6 (118,755) (152,965)
Net current assets 62,670 94,181
Total assets less current liabilities 200,719 245,414
Creditors: amounts falling due after more than one year 7 (140,973) (149,306)
Net assets 59,746 96,108
Capital and reserves
Called up share capital 100 100
Profit and loss account 59,646 96,008
Shareholder's funds 59,746 96,108
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
A Evans
Director
Approved by the board on 7 January 2025
HEATH TYRES AUTO CENTRE LTD
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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 difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 12 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 159,000
At 30 September 2024 159,000
Amortisation
At 1 October 2023 23,850
Provided during the year 7,950
At 30 September 2024 31,800
Net book value
At 30 September 2024 127,200
At 30 September 2023 135,150
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 89,496
Additions 2,693
At 30 September 2024 92,189
Depreciation
At 1 October 2023 73,413
Charge for the year 7,927
At 30 September 2024 81,340
Net book value
At 30 September 2024 10,849
At 30 September 2023 16,083
5 Debtors 2024 2023
£ £
Trade debtors 2,818 6,102
Other debtors 6,494 11,854
9,312 17,956
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 62,317 71,128
Taxation and social security costs 43,025 68,061
Other creditors 13,413 13,776
118,755 152,965
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 140,973 149,306
8 Other information
HEATH TYRES AUTO CENTRE LTD is a private company limited by shares and incorporated in England & Wales. Its registered office is:
130 Maes-Y-Coed Road
CARDIFF
CF14 4HH
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