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COMPANY REGISTRATION NUMBER: SC631711
G.T. Tyres (Forres) Ltd
Filleted Unaudited Financial Statements
31 May 2024
G.T. Tyres (Forres) Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of g.T. Tyres (forres) ltd.
1
Statement of financial position
2
Notes to the financial statements
4
G.T. Tyres (Forres) Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of G.T. Tyres (Forres) Ltd.
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.T. Tyres (Forres) Ltd for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of G.T. Tyres (Forres) Ltd, as a body, in accordance with the terms of our engagement letter dated 19 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of G.T. Tyres (Forres) Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.T. Tyres (Forres) Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that G.T. Tyres (Forres) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.T. Tyres (Forres) Ltd. You consider that G.T. Tyres (Forres) Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of G.T. Tyres (Forres) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RITSONS Chartered Accountants
103 High Street Forres IV36 1AA
24 February 2025
G.T. Tyres (Forres) Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
316,043
291,908
Current assets
Stocks
146,928
153,663
Debtors
6
64,658
56,949
Cash at bank and in hand
247,369
205,846
---------
---------
458,955
416,458
Creditors: amounts falling due within one year
7
( 319,582)
( 309,988)
---------
---------
Net current assets
139,373
106,470
---------
---------
Total assets less current liabilities
455,416
398,378
Creditors: amounts falling due after more than one year
8
( 204,945)
( 248,648)
Provisions
( 16,153)
( 10,120)
---------
---------
Net assets
234,318
139,610
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
234,218
139,510
---------
---------
Shareholders funds
234,318
139,610
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G.T. Tyres (Forres) Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr D Philip
Mrs J M Philip
Director
Director
Company registration number: SC631711
G.T. Tyres (Forres) Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, AB56 1UT, Scotland. The trading address is 15 West Road, Greshop Industrial Estate, IV36 2GW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received are recognised at the amount of cash received, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
261,822
52,752
8,750
208
323,532
Additions
16,095
33,284
49,379
---------
--------
--------
----
---------
At 31 May 2024
261,822
68,847
42,034
208
372,911
---------
--------
--------
----
---------
Depreciation
At 1 June 2023
10,392
18,975
2,188
69
31,624
Charge for the year
5,237
9,975
9,962
70
25,244
---------
--------
--------
----
---------
At 31 May 2024
15,629
28,950
12,150
139
56,868
---------
--------
--------
----
---------
Carrying amount
At 31 May 2024
246,193
39,897
29,884
69
316,043
---------
--------
--------
----
---------
At 31 May 2023
251,430
33,777
6,562
139
291,908
---------
--------
--------
----
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 May 2024
21,588
--------
At 31 May 2023
--------
6. Debtors
2024
2023
£
£
Trade debtors
64,558
56,849
Other debtors
100
100
--------
--------
64,658
56,949
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,569
26,735
Trade creditors
97,631
107,965
Corporation tax
24,670
30,497
Social security and other taxes
32,980
11,003
Other creditors
140,732
133,788
---------
---------
319,582
309,988
---------
---------
The loan of £23,569 is secured by a standard security over the property.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
198,395
248,648
Other creditors
6,550
---------
---------
204,945
248,648
---------
---------
The loan of £198,395 is secured by a standard security over the property.
Included within creditors: amounts falling due after more than one year is an amount of £104,119 (2023: £168,443) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is being repaid at an interest rate of 5.9% for a further eight years and then at base rate + 4.87% for the subsequent ten years.
9. Related party transactions
Family members of the directors provided a guarantee for £161,500 over the bank loan and a standard security over a property. The same family members also provided a loan of £130,000 (2023 - £130,000). There are no set repayment terms and no interest is being charged.