Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31truegarage4true2023-09-01false4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06675704 2023-09-01 2024-08-31 06675704 2022-09-01 2023-08-31 06675704 2024-08-31 06675704 2023-08-31 06675704 c:Director1 2023-09-01 2024-08-31 06675704 c:RegisteredOffice 2023-09-01 2024-08-31 06675704 d:PlantMachinery 2023-09-01 2024-08-31 06675704 d:PlantMachinery 2024-08-31 06675704 d:PlantMachinery 2023-08-31 06675704 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06675704 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 06675704 d:MotorVehicles 2023-09-01 2024-08-31 06675704 d:MotorVehicles 2024-08-31 06675704 d:MotorVehicles 2023-08-31 06675704 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06675704 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 06675704 d:FurnitureFittings 2023-09-01 2024-08-31 06675704 d:FurnitureFittings 2024-08-31 06675704 d:FurnitureFittings 2023-08-31 06675704 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06675704 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 06675704 d:OfficeEquipment 2023-09-01 2024-08-31 06675704 d:OfficeEquipment 2024-08-31 06675704 d:OfficeEquipment 2023-08-31 06675704 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06675704 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 06675704 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06675704 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 06675704 d:CurrentFinancialInstruments 2024-08-31 06675704 d:CurrentFinancialInstruments 2023-08-31 06675704 d:Non-currentFinancialInstruments 2024-08-31 06675704 d:Non-currentFinancialInstruments 2023-08-31 06675704 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 06675704 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 06675704 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 06675704 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 06675704 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 06675704 d:ShareCapital 2024-08-31 06675704 d:ShareCapital 2023-08-31 06675704 d:RetainedEarningsAccumulatedLosses 2024-08-31 06675704 d:RetainedEarningsAccumulatedLosses 2023-08-31 06675704 c:OrdinaryShareClass1 2023-09-01 2024-08-31 06675704 c:OrdinaryShareClass1 2024-08-31 06675704 c:OrdinaryShareClass1 2023-08-31 06675704 c:FRS102 2023-09-01 2024-08-31 06675704 c:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 06675704 c:FullAccounts 2023-09-01 2024-08-31 06675704 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06675704 2 2023-09-01 2024-08-31 06675704 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06675704










TYRE TECH 24 LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
TYRE TECH 24 LTD
 
 
COMPANY INFORMATION


Director
Nicholas Breeze 




Registered number
06675704



Registered office
Unit 3
Aylsham Industrial Estate

Banningham Road

Aylsham

Norfolk

NR11 6SS




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
TYRE TECH 24 LTD
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 10


 
TYRE TECH 24 LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TYRE TECH 24 LTD
FOR THE YEAR ENDED 31 AUGUST 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyre Tech 24 Ltd for the year ended 31 August 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Tyre Tech 24 Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Tech 24 Ltd and state those matters that we have agreed to state to the director of Tyre Tech 24 Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyre Tech 24 Ltd and its director for our work or for this report. 

It is your duty to ensure that Tyre Tech 24 Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tyre Tech 24 Ltd. You consider that Tyre Tech 24 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Tyre Tech 24 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
1 April 2025
Page 1

 
TYRE TECH 24 LTD
REGISTERED NUMBER: 06675704

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
30,351
47,493

  
30,351
47,493

Current assets
  

Stocks
  
18,569
12,714

Debtors: amounts falling due within one year
 5 
75,964
68,134

Cash at bank and in hand
  
26,273
33,495

  
120,806
114,343

Creditors: amounts falling due within one year
 6 
(131,276)
(126,106)

Net current liabilities
  
 
 
(10,470)
 
 
(11,763)

Total assets less current liabilities
  
19,881
35,730

Creditors: amounts falling due after more than one year
 7 
(12,031)
(19,429)

  

Net assets
  
7,850
16,301


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
7,848
16,299

  
7,850
16,301


Page 2

 
TYRE TECH 24 LTD
REGISTERED NUMBER: 06675704
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 April 2025.




Nicholas Breeze
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Unit 3 Aylsham Industrial Estate, Aylsham, Norfolk, NR11 6SS.
The company's principal activity is that of a garage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 7

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
77,454
60,378
930
1,347
140,109


Additions
500
500
-
627
1,627


Disposals
-
(11,500)
-
-
(11,500)



At 31 August 2024

77,954
49,378
930
1,974
130,236



Depreciation


At 1 September 2023
56,910
34,258
701
747
92,616


Charge for the year on owned assets
3,400
1,282
59
311
5,052


Charge for the year on financed assets
1,872
3,220
-
-
5,092


Disposals
-
(2,875)
-
-
(2,875)



At 31 August 2024

62,182
35,885
760
1,058
99,885



Net book value



At 31 August 2024
15,772
13,493
170
916
30,351



At 31 August 2023
20,544
26,120
229
600
47,493


5.


Debtors

2024
2023
£
£


Trade debtors
75,622
65,800

Amounts owed by joint ventures and associated undertakings
342
-

Other debtors
-
2,334

75,964
68,134


Page 8

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,333
3,203

Trade creditors
100,443
85,557

Corporation tax
1,851
-

Other taxation and social security
8,550
8,354

Obligations under finance lease and hire purchase contracts
5,065
6,705

Other creditors
11,252
20,817

Accruals and deferred income
1,782
1,470

131,276
126,106



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,167
3,500

Net obligations under finance leases and hire purchase contracts
10,864
15,929

12,031
19,429


Page 9

 
TYRE TECH 24 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,333
3,203


2,333
3,203

Amounts falling due 1-2 years

Bank loans
1,167
2,333


1,167
2,333

Amounts falling due 2-5 years

Bank loans
-
1,167


-
1,167


3,500
6,703



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



10.


Related party transactions

At 31 August 2024, the balance owed to the director was £470 and is included in other creditors due within one year in note 6 to the financial statements. The loan is interest free and repayable on demand.
During the year, the Company made payments on behalf of Tyre Tech Agri Plus Limited, a company in which the director is also a director and shareholder amounting to £15,885, which were invoiced to Tyre Tech Agri Plus Limited for reimbursement. In addition, Tyre Tech Agri Plus Limited provided services to Tyre Tech 24 Limited totalling £15,543. At 31 August 2024, Tyre Tech Agri Plus Limited owed the company £342.

 
Page 10