12 01/12/2023 30/11/2024 2024-11-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-12-01 Sage Accounts Production 24.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05990142 2023-12-01 2024-11-30 05990142 2024-11-30 05990142 2023-11-30 05990142 2022-12-01 2023-11-30 05990142 2023-11-30 05990142 2022-11-30 05990142 core:NetGoodwill 2023-12-01 2024-11-30 05990142 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05990142 core:PlantMachinery 2023-12-01 2024-11-30 05990142 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 05990142 core:MotorVehicles 2023-12-01 2024-11-30 05990142 bus:Director1 2023-12-01 2024-11-30 05990142 core:NetGoodwill 2024-11-30 05990142 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 05990142 core:PlantMachinery 2023-11-30 05990142 core:FurnitureFittingsToolsEquipment 2023-11-30 05990142 core:MotorVehicles 2023-11-30 05990142 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 05990142 core:PlantMachinery 2024-11-30 05990142 core:FurnitureFittingsToolsEquipment 2024-11-30 05990142 core:MotorVehicles 2024-11-30 05990142 core:WithinOneYear 2024-11-30 05990142 core:WithinOneYear 2023-11-30 05990142 core:AfterOneYear 2024-11-30 05990142 core:ShareCapital 2024-11-30 05990142 core:ShareCapital 2023-11-30 05990142 core:RetainedEarningsAccumulatedLosses 2024-11-30 05990142 core:RetainedEarningsAccumulatedLosses 2023-11-30 05990142 core:NetGoodwill 2023-11-30 05990142 core:PlantMachinery 2023-11-30 05990142 core:FurnitureFittingsToolsEquipment 2023-11-30 05990142 core:MotorVehicles 2023-11-30 05990142 bus:SmallEntities 2023-12-01 2024-11-30 05990142 bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 05990142 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 05990142 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 05990142 bus:FullAccounts 2023-12-01 2024-11-30
Company registration number: 05990142
K B Tyres & Exhausts Limited
Unaudited filleted financial statements
30 November 2024
K B Tyres & Exhausts Limited
Contents
Statement of financial position
Notes to the financial statements
K B Tyres & Exhausts Limited
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 96,494 37,561
_______ _______
96,494 37,561
Current assets
Stocks 32,703 31,582
Debtors 7 35,074 29,689
Cash at bank and in hand 36,246 47,346
_______ _______
104,023 108,617
Creditors: amounts falling due
within one year 8 ( 111,132) ( 110,660)
_______ _______
Net current liabilities ( 7,109) ( 2,043)
_______ _______
Total assets less current liabilities 89,385 35,518
Creditors: amounts falling due
after more than one year 9 ( 42,127) -
Provisions for liabilities ( 23,809) ( 6,882)
_______ _______
Net assets 23,449 28,636
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 23,347 28,534
_______ _______
Shareholders funds 23,449 28,636
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr K Berry
Director
Company registration number: 05990142
K B Tyres & Exhausts Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ravenscroft Way, Crownest Industrial Estate, Barnoldswick, Lancashire, BB18 6JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2023 and 30 November 2024 120,000 120,000
_______ _______
Amortisation
At 1 December 2023 and 30 November 2024 120,000 120,000
_______ _______
Carrying amount
At 30 November 2024 - -
_______ _______
At 30 November 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2023 10,659 99,547 5,641 16,806 132,653
Additions - 67,789 316 - 68,105
_______ _______ _______ _______ _______
At 30 November 2024 10,659 167,336 5,957 16,806 200,758
_______ _______ _______ _______ _______
Depreciation
At 1 December 2023 10,659 65,815 4,904 13,714 95,092
Charge for the year - 8,071 246 855 9,172
_______ _______ _______ _______ _______
At 30 November 2024 10,659 73,886 5,150 14,569 104,264
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2024 - 93,450 807 2,237 96,494
_______ _______ _______ _______ _______
At 30 November 2023 - 33,732 737 3,092 37,561
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 26,023 26,993
Other debtors 9,051 2,696
_______ _______
35,074 29,689
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1 37
Trade creditors 78,375 51,352
Corporation tax 7,057 21,393
Social security and other taxes 17,320 16,715
Other creditors 8,379 21,163
_______ _______
111,132 110,660
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 42,127 -
_______ _______