Company registration number 09468142 (England and Wales)
STREATHAM TYRES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STREATHAM TYRES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STREATHAM TYRES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,000
3,000
Tangible assets
5
8,227
10,041
10,227
13,041
Current assets
Stocks
22,604
23,300
Debtors
6
91,176
65,256
Cash at bank and in hand
12,667
4,406
126,447
92,962
Creditors: amounts falling due within one year
7
(123,018)
(85,490)
Net current assets
3,429
7,472
Total assets less current liabilities
13,656
20,513
Creditors: amounts falling due after more than one year
8
(10,177)
(18,146)
Provisions for liabilities
(1,563)
(1,908)
Net assets
1,916
459
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,716
259
Total equity
1,916
459

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

STREATHAM TYRES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
S Thomas
Director
Company Registration No. 09468142
STREATHAM TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Streatham Tyres Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Welllington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Computer equipment
4 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

 

STREATHAM TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).

2024
2023
Number
Number
Total
1
1
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
10,000
Amortisation and impairment
At 1 April 2023
7,000
Amortisation charged for the year
1,000
At 31 March 2024
8,000
Carrying amount
At 31 March 2024
2,000
At 31 March 2023
3,000
STREATHAM TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
24,500
1,483
15,500
41,483
Depreciation and impairment
At 1 April 2023
16,646
1,364
13,432
31,442
Depreciation charged in the year
1,178
119
517
1,814
At 31 March 2024
17,824
1,483
13,949
33,256
Carrying amount
At 31 March 2024
6,676
-
0
1,551
8,227
At 31 March 2023
7,854
119
2,068
10,041
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,701
6,868
Other debtors
82,475
58,388
91,176
65,256
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,765
7,765
Trade creditors
45,522
37,797
Taxation and social security
63,194
34,713
Other creditors
6,537
5,215
123,018
85,490
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,177
18,146
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

STREATHAM TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Directors' transactions
(Continued)
- 6 -

There is no interest charged on the advance and it is repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director loan
-
43,732
23,009
66,741
43,732
23,009
66,741
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