Advance Tyre Specialists Limited Filleted Accounts Cover
Advance Tyre Specialists Limited
Company No. 07635581
Information for Filing with The Registrar
31 May 2024
Advance Tyre Specialists Limited Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 May 2024.
Principal activities
The principal activity of the company during the year under review was Vehicle Tyre Supply & Fitting.
Director
The Director who served at any time during the year was as follows:
D. Edgcombe
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
D. Edgcombe
Director
31 May 2024
Advance Tyre Specialists Limited Balance Sheet Registrar
at
31 May 2024
Company No.
07635581
Notes
2024
2023
£
£
Fixed assets
Intangible assets
4
--
Tangible assets
5
103,09777,470
103,09777,470
Current assets
Stocks
6
85,16481,407
Debtors
7
91,24084,258
Cash at bank and in hand
175,388201,822
351,792367,487
Creditors: Amount falling due within one year
8
(216,165)
(244,283)
Net current assets
135,627123,204
Total assets less current liabilities
238,724200,674
Creditors: Amounts falling due after more than one year
9
(36,779)
(41,991)
Provisions for liabilities
Deferred taxation
(19,588)
(14,719)
Net assets
182,357143,964
Capital and reserves
Called up share capital
100100
Profit and loss account
11
182,257143,864
Total equity
182,357143,964
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 31 May 2024 and signed on its behalf by:
D. Edgcombe
Director
31 May 2024
Advance Tyre Specialists Limited Notes to the Accounts Registrar
for the year ended 31 May 2024
1
Accounting policies
2
Basis of Preparation
The accounts have been prepared 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)
and the Companies Act 2006 . There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below
certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
67
4
Intangible fixed assets
Goodwill
Total
£
£
Cost
At 1 June 2023
57,50057,500
At 31 May 2024
57,50057,500
Amortisation and impairment
At 1 June 2023
57,50057,500
At 31 May 2024
57,50057,500
Net book values
At 31 May 2024
--
At 31 May 2023
--
5
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or revaluation
At 1 June 2023
3,885145,46090,445239,790
Additions
-14,61731,49546,112
At 31 May 2024
3,885160,077121,940285,902
Depreciation
At 1 June 2023
3,88586,91071,525162,320
Charge for the year
-12,4748,01120,485
At 31 May 2024
3,88599,38479,536182,805
Net book values
At 31 May 2024
-60,69342,404103,097
At 31 May 2023
-
58,550
18,920
77,470
6
Stocks
2024
2023
£
£
Raw materials and consumables
85,16481,407
85,16481,407
7
Debtors
2024
2023
£
£
Trade debtors
82,22681,769
Other debtors
1,350-
Prepayments and accrued income
7,6642,489
91,24084,258
8
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
513401
Trade creditors
140,345179,702
Taxes and social security
23,183
17,133
Loans from directors
50,07245,673
Accruals and deferred income
2,0521,374
216,165244,283
9
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
36,77941,991
36,77941,991
10
Share Capital
Ordinary
11
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
12
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
40,000
40,000
40,000
40,000
Dividends by type:
Equity dividends
40,00040,000
40,000
40,000
13
Advances and credits to directors
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:
Additional Information
Bude
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