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TYRE KING WHOLESALE LTD

Registered Number
13385190
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

TYRE KING WHOLESALE LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

BERK, Luuk
LYSON, Bartlomiej Adrian

Registered Address

18 Goodlass Road
Liverpool
L24 9HL

Registered Number

13385190 (England and Wales)
TYRE KING WHOLESALE LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,0727,985
3,0727,985
Current assets
Stocks105,255146,867
Debtors62,59637,801
Cash at bank and on hand3641,338
168,215186,006
Creditors amounts falling due within one year4(115,130)(130,136)
Net current assets (liabilities)53,08555,870
Total assets less current liabilities56,15763,855
Creditors amounts falling due after one year-(20,000)
Net assets56,15743,855
Capital and reserves
Called up share capital100100
Profit and loss account56,05743,755
Shareholders' funds56,15743,855
The financial statements were approved and authorised for issue by the Board of Directors on 24 March 2025, and are signed on its behalf by:
LYSON, Bartlomiej Adrian
Director
Registered Company No. 13385190
TYRE KING WHOLESALE LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year35
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2311,804
Disposals(2,750)
At 31 May 249,054
Depreciation and impairment
At 01 June 233,819
Charge for year2,163
At 31 May 245,982
Net book value
At 31 May 243,072
At 31 May 237,985
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables52,31876,843
Bank borrowings and overdrafts17,98115,576
Taxation and social security30,62923,391
Other creditors14,20214,326
Total115,130130,136
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.