Registered number
13218067
Mcgemini Tyres Limited
Filleted Accounts
29 February 2024
Mcgemini Tyres Limited
Registered number: 13218067
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,850 5,675
Current assets
Stocks 11,505 3,005
Debtors 4 7,647 17,288
Cash at bank and in hand 991 935
20,143 21,228
Creditors: amounts falling due within one year 5 (26,348) (22,298)
Net current liabilities (6,205) (1,070)
Net (liabilities)/assets (2,355) 4,605
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,455) 4,505
Shareholders' funds (2,355) 4,605
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nembhard Mcanuff
Director
Approved by the board on 26 February 2025
Mcgemini Tyres Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2023 7,500
At 29 February 2024 7,500
Depreciation
At 1 March 2023 1,825
Charge for the year 1,825
At 29 February 2024 3,650
Net book value
At 29 February 2024 3,850
At 28 February 2023 5,675
4 Debtors 2024 2023
£ £
Trade debtors 7,647 17,288
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,775 4,376
Taxation and social security costs 19,436 15,036
Mcgemini Transport 463 363
Other creditors 2,674 2,423
26,348 22,298
6 Other information
Mcgemini Tyres Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 21, Willow Lane Business Park
1-11 Lane
Mitcham
Surrey
CR4 4NA
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