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Registered number: 00514164
North Hants Tyre And Remoulding Company Limited
Financial Statements
For The Year Ended 31 December 2024
TaxAssist Accountants
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Directors Mrs Janet Dobbie
Mr John Pettifor
Ms Lucy Pettifor
Mr John Pettifor (Jnr)
Mr James Pettifor
Secretary Mr John Pettifor
Company Number 00514164
Registered Office Henry John House
2 Ivy Road
Aldershot
Hants
GU12 4TX
Accountants TaxAssist Accountants
36 Yorktown Road
Sandhurst
Berkshire
GU47 9DT
Page 1
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Balance Sheet
Registered number: 00514164
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,346,389 1,263,025
Investment Properties 5 1,090,004 1,090,004
2,436,393 2,353,029
CURRENT ASSETS
Stocks 6 1,133,668 1,093,775
Debtors 7 87,276 153,244
Cash at bank and in hand 790,216 611,909
2,011,160 1,858,928
Creditors: Amounts Falling Due Within One Year 8 (80,482 ) (101,289 )
NET CURRENT ASSETS (LIABILITIES) 1,930,678 1,757,639
TOTAL ASSETS LESS CURRENT LIABILITIES 4,367,071 4,110,668
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (278,696 ) (248,431 )
NET ASSETS 4,088,375 3,862,237
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 4,087,375 3,861,237
SHAREHOLDERS' FUNDS 4,088,375 3,862,237
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 John Pettifor
Director
13/03/2025
The notes on pages 4 to 8 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
North Hants Tyre And Remoulding Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00514164 . The registered office is Henry John House, 2 Ivy Road, Aldershot, Hants, GU12 4TX.
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. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Freehold Revaluation method
Plant & Machinery 25% reducing balance
Computer Equipment 25% reducing balance
Land with no buildings at the cost of £40,000 is not amortised.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 10)
12 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 January 2024 1,138,200 410,724 5,089 1,554,013
Additions - 116,247 - 116,247
As at 31 December 2024 1,138,200 526,971 5,089 1,670,260
Depreciation
As at 1 January 2024 - 290,606 382 290,988
Provided during the period - 31,745 1,138 32,883
As at 31 December 2024 - 322,351 1,520 323,871
Net Book Value
As at 31 December 2024 1,138,200 204,620 3,569 1,346,389
As at 1 January 2024 1,138,200 120,118 4,707 1,263,025
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Cost or valuation as at 31 December 2024 represented by:
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
At cost 956,832 526,971 5,089 1,488,892
At valuation 181,368 - - 181,368
1,138,200 526,971 5,089 1,670,260
Freehold land and properties were revalued based on an open market basis on 31 December 2024 by J Pettifor, a director.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 916,832
5. Investment Property
2024
£
Fair Value
As at 1 January 2024 and 31 December 2024 1,090,004
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 322,251 322,251
6. Stocks
2024 2023
£ £
Finished goods 1,133,668 1,093,775
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 60,983 93,360
Prepayments and accrued income 10,802 10,231
Other debtors 1,142 6,222
Corporation tax recoverable assets 455 455
VAT 12,498 41,580
Directors' loan accounts 1,396 1,396
87,276 153,244
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (14,459 ) 4,215
Bank loans and overdrafts - 95
Corporation tax 72,943 37,511
Other taxes and social security 4,191 5,792
Net wages 13,294 13,294
Pension payable 917 1,091
Other creditors (1) 6 7
Accruals and deferred income 3,590 3,500
Directors' loan accounts - 9,466
Amounts owed to related parties - 26,318
80,482 101,289
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 278,696 248,431
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Pension Commitments
The company operates a defined contribution pension scheme for its employees'. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £917 (PY £1,091) were due to the fund. They are included in Other Creditors.
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12. Directors Advances, Credits and Guarantees
Included within Debtors and Creditors are the following loans to and from directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr John Pettifor (Jnr) (9,446 ) - 9,446 - -
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mrs Janet Dobbie 24,500 30,423
13. Reserves
There is undistributable reserves relating to property revaluation and deferred tax of £2,505,976 (LY £2,500,551.13).
14. Related Party Transactions
Deborah PettiforShareholderOther creditors includes £26,318 owed by the company to Deborah Pettifor.

Deborah Pettifor

Shareholder

Other creditors includes £26,318 owed by the company to Deborah Pettifor.

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