Registered number
04833538
Kingswinford Tyres Limited
Filleted Accounts
31 July 2024
Kingswinford Tyres Limited
Registered number: 04833538
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 198,464 129,580
Current assets
Stocks 201,550 190,244
Debtors 4 843 14,672
Cash at bank and in hand 136,601 108,860
338,994 313,776
Creditors: amounts falling due within one year 5 (351,975) (343,104)
Net current liabilities (12,981) (29,328)
Total assets less current liabilities 185,483 100,252
Creditors: amounts falling due after more than one year 6 (137,245) (89,394)
Net assets 48,238 10,858
Capital and reserves
Called up share capital 201 201
Profit and loss account 48,037 10,657
Shareholder's funds 48,238 10,858
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Andrew David Page
Director
Approved by the board on 24 March 2025
Kingswinford Tyres Limited
Notes to the Accounts
for the year ended 31 July 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 and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
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:
Fixtures, fittings, tools and equipment 20% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 18
3 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 74,554 161,788 134,751 371,093
Additions 1,816 30,616 76,490 108,922
At 31 July 2024 76,370 192,404 211,241 480,015
Depreciation
At 1 August 2023 65,622 82,564 93,327 241,513
Charge for the year 2,086 14,369 23,583 40,038
At 31 July 2024 67,708 96,933 116,910 281,551
Net book value
At 31 July 2024 8,662 95,471 94,331 198,464
At 31 July 2023 8,932 79,224 41,424 129,580
4 Debtors 2024 2023
£ £
Trade debtors - 14,672
Amounts owed by group undertakings and undertakings in which the company has a participating interest 843 -
843 14,672
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 298,182 275,638
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 31,412
Taxation and social security costs 49,293 31,554
Other creditors 4,500 4,500
351,975 343,104
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,067 28,973
Obligations under finance lease and hire purchase contracts 118,178 60,421
137,245 89,394
7 Other information
Kingswinford Tyres Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Dawley Brook Road
Kingswinford
West Midlands
DY6 7BD
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