Company Registration No. 15186611 (England and Wales)
LLOYD TYRES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
St Matthews House
Haugh Lane
Hexham
Northumberland
NE46 3PU
LLOYD TYRES LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LLOYD TYRES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
2
Tangible assets
4
456,799
456,801
Current assets
Stocks
180,456
Debtors
5
115,169
Cash at bank and in hand
85,113
380,738
Creditors: amounts falling due within one year
6
(294,399)
Net current assets
86,339
Total assets less current liabilities
543,140
Creditors: amounts falling due after more than one year
7
(705,800)
Net liabilities
(162,660)
Capital and reserves
Called up share capital
200
Profit and loss reserves
(162,860)
Total equity
(162,660)

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period 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.

LLOYD TYRES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
Mr J B Lloyd
Director
Company registration number 15186611 (England and Wales)
LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Lloyd Tyres Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingstown Broadway, Kingstown Industrial Trading Estate, Carlisle, Cumbria, CA3 0EF.

1.1
Reporting period

The reporting period is longer than 12 months due to the date of incorporation and the business management decision to use the standard calendar year from January to December for accounting periods going forwards. This is the first period of accounts and therefore no comparatives are stated.

1.2
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. The principal accounting policies adopted are set out below.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of the trade and assets of another company 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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Business information
Over 10 years
1.6
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:

Freehold land and buildings
2% straight line (land not depreciated)
Plant and equipment
25% straight line
Fixtures and fittings
10% straight line
I.T equipment
33% 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
10
LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
Business information
Total
£
£
£
Cost
At 4 October 2023
-
0
-
0
-
0
Additions
1
1
2
At 31 December 2024
1
1
2
Amortisation and impairment
At 4 October 2023 and 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
1
1
2
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
I.T equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 4 October 2023
-
0
-
0
-
0
-
0
-
0
-
0
Additions
289,066
113,597
22,160
4,586
100,445
529,854
Disposals
-
0
-
0
-
0
-
0
(16,500)
(16,500)
At 31 December 2024
289,066
113,597
22,160
4,586
83,945
513,354
Depreciation and impairment
At 4 October 2023
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
4,752
27,653
2,302
1,568
21,311
57,586
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,031)
(1,031)
At 31 December 2024
4,752
27,653
2,302
1,568
20,280
56,555
Carrying amount
At 31 December 2024
284,314
85,944
19,858
3,018
63,665
456,799
LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
113,969
Other debtors
1,200
115,169
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
266,603
Taxation and social security
23,837
Other creditors
3,959
294,399
7
Creditors: amounts falling due after more than one year
2024
£
Other creditors
705,800
8
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

2024
£
Management charges from a connected company
3,000
Tangible assets puchased
75,290
2024
Amounts due to related parties
£
Connected company
3,774
LLOYD TYRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
8
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2024
Amounts due from related parties
£
Connected company
1,478
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