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Registered number: 11666746
Tyresonline Ltd
Financial Statements
For The Year Ended 31 August 2024
Kensington Mills & Clark Darby
Chartered Certified Accountants
520-522 Moseley Road
Birmingham
West Midlands
B12 9AE
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 11666746
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 201,417 91,644
201,417 91,644
CURRENT ASSETS
Stocks 5 2,462,834 1,153,879
Debtors 6 512,514 257,515
Cash at bank and in hand 27,355 111,295
3,002,703 1,522,689
Creditors: Amounts Falling Due Within One Year 7 (3,110,448 ) (1,559,072 )
NET CURRENT ASSETS (LIABILITIES) (107,745 ) (36,383 )
TOTAL ASSETS LESS CURRENT LIABILITIES 93,672 55,261
Creditors: Amounts Falling Due After More Than One Year 8 (18,510 ) (25,892 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,568 ) (1,499 )
NET ASSETS 54,594 27,870
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 54,494 27,770
SHAREHOLDERS' FUNDS 54,594 27,870
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Md Haque
Director
13th March 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 September 2022 100 5,965 6,065
Profit for the year and total comprehensive income - 71,805 71,805
Dividends paid - (50,000) (50,000)
As at 31 August 2023 and 1 September 2023 100 27,770 27,870
Profit for the year and total comprehensive income - 76,724 76,724
Dividends paid - (50,000) (50,000)
As at 31 August 2024 100 54,494 54,594
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Tyresonline Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11666746 . The registered office is 128 James Turner Street, Winson Green, Birmingham, West Midlands, B18 4NF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balane method
Motor Vehicles 15% reducing balane method
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2023: 24)
30 24
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2023 71,500 38,400 109,900
Additions 107,691 48,400 156,091
Disposals - (6,000 ) (6,000 )
As at 31 August 2024 179,191 80,800 259,991
Depreciation
As at 1 September 2023 10,725 7,531 18,256
Provided during the period 26,879 14,339 41,218
Disposals - (900 ) (900 )
As at 31 August 2024 37,604 20,970 58,574
Net Book Value
As at 31 August 2024 141,587 59,830 201,417
As at 1 September 2023 60,775 30,869 91,644
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Page 6
5. Stocks
2024 2023
£ £
Finished goods 2,462,834 1,153,879
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 434,393 257,515
VAT 78,121 -
512,514 257,515
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,850,748 1,405,249
Corporation tax 2,557 18,518
Other taxes and social security 17,145 5,559
VAT - 7,379
Net wages 13,138 10,052
Other creditors 176,108 37,115
Accruals and deferred income 7,000 -
Director's loan account 43,752 75,200
3,110,448 1,559,072
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,510 25,892
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 1,499 1,499
Additions 19,069 19,069
Balance at 31 August 2024 20,568 20,568
Page 6
Page 7
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Md Haque 50,000 50,000
12. Related Party Transactions
The director credit balance at the end of the year was of ££42,752 (£75,200 :2023).
Page 7