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TYRE CARE LIMITED

Registered Number
02965192
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

TYRE CARE LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Linda Ellis
Richard Ellis
Darren Woodcock

Company Secretary

Linda Ellis

Registered Address

C/O Havers Tyres
Havers Road
Norwich
NR3 2DU

Registered Number

02965192 (England and Wales)
TYRE CARE LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3221,348190,627
Investment property470,00070,000
291,348260,627
Current assets
Stocks137,231137,327
Debtors5158,578170,540
Cash at bank and on hand207,910170,122
503,719477,989
Creditors amounts falling due within one year6(459,404)(439,326)
Net current assets (liabilities)44,31538,663
Total assets less current liabilities335,663299,290
Provisions for liabilities7(15,790)(10,408)
Net assets319,873288,882
Capital and reserves
Called up share capital100100
Profit and loss account319,773288,782
Shareholders' funds319,873288,882
The financial statements were approved and authorised for issue by the Board of Directors on 27 January 2025, and are signed on its behalf by:
Richard Ellis
Director
Registered Company No. 02965192
TYRE CARE LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. 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.
Deferred tax
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.
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:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Vehicles25-
Office Equipment25-
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
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 year1212
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 May 23144,96195,43176,50618,294335,192
Additions6,58216,06326,9951,40551,045
At 30 April 24151,543111,494103,50119,699386,237
Depreciation and impairment
At 01 May 2315,16966,54148,69914,156144,565
Charge for year3,3789,4426,68981520,324
At 30 April 2418,54775,98355,38814,971164,889
Net book value
At 30 April 24132,99635,51148,1134,728221,348
At 30 April 23129,79228,89027,8074,138190,627
4.Investment property

£
Fair value at 01 May 2370,000
At 30 April 2470,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables146,778157,752
Other debtors-3,840
Prepayments and accrued income11,8008,948
Total158,578170,540
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables383,303396,094
Bank borrowings and overdrafts256-
Taxation and social security44,24729,980
Other creditors22,5828,088
Accrued liabilities and deferred income9,0165,164
Total459,404439,326
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)15,79010,408
Total15,79010,408