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REGISTERED NUMBER: 01235034 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

NUNEATON TYRES & EXHAUSTS LIMITED

NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NUNEATON TYRES & EXHAUSTS LIMITED

COMPANY INFORMATION
for the year ended 31 August 2024







DIRECTORS: K J Howells
P Luke





SECRETARY: K J Howells





REGISTERED OFFICE: 61-65 Duke Street
Nuneaton
Warwickshire
CV11 5PY





REGISTERED NUMBER: 01235034 (England and Wales)





ACCOUNTANTS: LDP Luckmans
Chartered Accountants
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 203,222 183,000

CURRENT ASSETS
Stocks 200,411 221,236
Debtors 5 114,760 123,108
Cash at bank 132,253 95,037
447,424 439,381
CREDITORS
Amounts falling due within one year 6 228,487 190,188
NET CURRENT ASSETS 218,937 249,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,159

432,193

CREDITORS
Amounts falling due after more than one
year

7

(15,763

)

(21,411

)

PROVISIONS FOR LIABILITIES (14,805 ) (14,295 )
NET ASSETS 391,591 396,487

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non distributable reserves 10 52,040 52,040
Retained earnings 339,451 344,347
SHAREHOLDERS' FUNDS 391,591 396,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

BALANCE SHEET - continued
31 August 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 5 December 2024 and were signed on its behalf by:





K J Howells - Director


NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Nuneaton Tyres & Exhausts Limited 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.

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.

Significant judgements and estimates
The company is not subject to any significant judgements or estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:-

Sale of goods

Turnover from the sale of tyres and exhausts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from workshop servicing and motor vehicle repair work is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property2% reducing balance
Fixtures and fittings10% reducing balance
Motor vehicles25% reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost includes all costs of purchase, cost of conversion and other cost incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Basic financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2023 129,445 118,764 64,985 313,194
Additions - 2,500 39,605 42,105
Disposals - - (22,450 ) (22,450 )
At 31 August 2024 129,445 121,264 82,140 332,849
DEPRECIATION
At 1 September 2023 3,624 80,180 46,390 130,194
Charge for year 518 4,153 13,663 18,334
Eliminated on disposal - - (18,901 ) (18,901 )
At 31 August 2024 4,142 84,333 41,152 129,627
NET BOOK VALUE
At 31 August 2024 125,303 36,931 40,988 203,222
At 31 August 2023 125,821 38,584 18,595 183,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,310 88,110
Other debtors 16,936 16,263
Prepayments 22,514 18,735
114,760 123,108

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,954 3,131
Trade creditors 180,856 126,162
Tax 5,628 23,286
Social security and other taxes 6,722 4,631
VAT 14,344 16,665
Other creditors 1,496 1,217
Accrued expenses 5,487 5,096
228,487 190,188

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,479 11,411
Hire purchase contracts 4,284 -
15,763 21,411

NUNEATON TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 01235034)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 21,479 31,411
Hire purchase contracts 8,238 3,131
29,717 34,542

The bank security consists of a first legal mortgage dated 19/5/89 over freehold property at 63 - 65 Duke Street, Nuneaton and a first legal mortgage dated 2/8/93 over freehold property at 61 Duke Street, Nuneaton.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Non
distributable
reserves
£   
At 1 September 2023
and 31 August 2024 52,040