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REGISTERED NUMBER: 06562247 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

FARMER'S TYRE LTD

FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FARMER'S TYRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr T L Moreton
Mr D W Moreton
Mr F S Moreton





REGISTERED OFFICE: Burnt Heath
Offchurch
Leamington Spa
Warwickshire
CV33 9AX





REGISTERED NUMBER: 06562247 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 69,968 87,460
Tangible assets 5 467,879 466,203
537,847 553,663

CURRENT ASSETS
Stocks 127,374 271,254
Debtors 6 914,904 679,139
Cash at bank and in hand 1,292,721 1,145,011
2,334,999 2,095,404
CREDITORS
Amounts falling due within one year 7 634,870 601,386
NET CURRENT ASSETS 1,700,129 1,494,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,237,976

2,047,681

PROVISIONS FOR LIABILITIES 101,457 99,506
NET ASSETS 2,136,519 1,948,175

CAPITAL AND RESERVES
Called up and paid share capital 998 998
Retained earnings 2,135,521 1,947,177
2,136,519 1,948,175

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr T L Moreton - Director


FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Farmer's Tyre Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 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 statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 349,839
AMORTISATION
At 1 May 2023 262,379
Charge for year 17,492
At 30 April 2024 279,871
NET BOOK VALUE
At 30 April 2024 69,968
At 30 April 2023 87,460

FARMER'S TYRE LTD (REGISTERED NUMBER: 06562247)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 105,085 1,250,947 1,356,032
Additions - 77,943 77,943
At 30 April 2024 105,085 1,328,890 1,433,975
DEPRECIATION
At 1 May 2023 82,750 807,079 889,829
Charge for year 2,234 74,033 76,267
At 30 April 2024 84,984 881,112 966,096
NET BOOK VALUE
At 30 April 2024 20,101 447,778 467,879
At 30 April 2023 22,335 443,868 466,203

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 883,172 626,829
Other debtors 31,732 52,310
914,904 679,139

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 436,655 355,917
Taxation and social security 194,209 156,189
Other creditors 4,006 89,280
634,870 601,386

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the directors operated loans with the company with no fixed terms of repayment or interest. Amounts advanced during the year were £3,881 (2023 - £10,474) and repayments during the year were £10,474 (2023 - £5,254). At the year end, the amount owing to the company was £3,881 (2023 - £10,474).