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Registration number: 05506765

Hyde Road Wheels & Tyres Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Hyde Road Wheels & Tyres Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Hyde Road Wheels & Tyres Ltd

(Registration number: 05506765)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,346

15,399

Current assets

 

Stocks

5

30,000

45,000

Debtors

6

260,077

240,892

Cash at bank and in hand

 

51,056

9,705

 

341,133

295,597

Creditors: Amounts falling due within one year

7

(177,905)

(164,973)

Net current assets

 

163,228

130,624

Total assets less current liabilities

 

179,574

146,023

Creditors: Amounts falling due after more than one year

7

(111,063)

(137,055)

Net assets

 

68,511

8,968

Capital and reserves

 

Called up share capital

1

2

Retained earnings

68,510

8,966

Shareholders' funds

 

68,511

8,968

 

Hyde Road Wheels & Tyres Ltd

(Registration number: 05506765)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Adam Mannion
Company secretary and director

 

Hyde Road Wheels & Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
270 Hyde Road
Gorton
Manchester
M12 5FH
England

These financial statements were authorised for issue by the director on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hyde Road Wheels & Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Office equipment

15% Reducing balance

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hyde Road Wheels & Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 16).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and
Machinery
£

Total
£

Cost or valuation

At 1 October 2023

25,365

33,787

36,711

95,863

Additions

-

5,000

-

5,000

At 30 September 2024

25,365

38,787

36,711

100,863

Depreciation

At 1 October 2023

22,241

28,849

29,374

80,464

Charge for the year

468

2,485

1,100

4,053

At 30 September 2024

22,709

31,334

30,474

84,517

Carrying amount

At 30 September 2024

2,656

7,453

6,237

16,346

At 30 September 2023

3,124

4,938

7,337

15,399

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

30,000

45,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

15,796

32,971

Amounts owed by related parties

8

244,281

151,657

Other debtors

 

-

56,264

   

260,077

240,892

 

Hyde Road Wheels & Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

43,550

30,798

Trade creditors

 

5,080

55,282

Taxation and social security

 

84,754

74,815

Accruals and deferred income

 

2,300

2,300

Other creditors

 

42,221

1,778

 

177,905

164,973

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

111,063

137,055

8

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mrs Susan Ann Bendall

40,963

-

(40,963)

-

Mr Adam Mannion

15,301

506,401

(559,860)

(38,159)

 

Hyde Road Wheels & Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mrs Susan Ann Bendall

54,168

16,795

(30,000)

40,963

Mr Adam Mannion

25,079

62,731

(72,509)

15,301