IRIS Accounts Production v25.1.0.734 SC425068 director 1.6.23 31.5.24 31.5.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4250682023-05-31SC4250682024-05-31SC4250682023-06-012024-05-31SC4250682022-05-31SC4250682022-06-012023-05-31SC4250682023-05-31SC425068ns15:Scotland2023-06-012024-05-31SC425068ns14:PoundSterling2023-06-012024-05-31SC425068ns10:Director12023-06-012024-05-31SC425068ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC425068ns10:SmallEntities2023-06-012024-05-31SC425068ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC425068ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC425068ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC425068ns10:FullAccounts2023-06-012024-05-31SC42506812023-06-012024-05-31SC425068ns10:RegisteredOffice2023-06-012024-05-31SC425068ns5:CurrentFinancialInstruments2024-05-31SC425068ns5:CurrentFinancialInstruments2023-05-31SC425068ns5:Non-currentFinancialInstruments2024-05-31SC425068ns5:Non-currentFinancialInstruments2023-05-31SC425068ns5:ShareCapital2024-05-31SC425068ns5:ShareCapital2023-05-31SC425068ns5:RetainedEarningsAccumulatedLosses2024-05-31SC425068ns5:RetainedEarningsAccumulatedLosses2023-05-31SC425068ns5:NetGoodwill2023-06-012024-05-31SC425068ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-31SC425068ns5:PlantMachinery2023-06-012024-05-31SC425068ns5:NetGoodwill2023-05-31SC425068ns5:NetGoodwill2024-05-31SC425068ns5:NetGoodwill2023-05-31SC425068ns5:LandBuildings2023-05-31SC425068ns5:PlantMachinery2023-05-31SC425068ns5:LandBuildings2023-06-012024-05-31SC425068ns5:LandBuildings2024-05-31SC425068ns5:PlantMachinery2024-05-31SC425068ns5:LandBuildings2023-05-31SC425068ns5:PlantMachinery2023-05-31SC425068ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31SC425068ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31
REGISTERED NUMBER: SC425068 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

King Edward Tyre Services Limited

King Edward Tyre Services Limited (Registered number: SC425068)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


King Edward Tyre Services Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: C I Henderson





REGISTERED OFFICE: The Garage
King Edward
Banff
Aberdeenshire
AB45 3NJ





REGISTERED NUMBER: SC425068 (Scotland)





ACCOUNTANTS: Add Accountancy Limited
6 Market Square
Oldmeldrum
Aberdeenshire
AB51 0AA

King Edward Tyre Services Limited (Registered number: SC425068)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1,600 2,600
Tangible assets 5 83,839 86,410
85,439 89,010

CURRENT ASSETS
Stocks 40,750 34,447
Debtors 6 24,000 41,747
Cash at bank 9,099 8,268
73,849 84,462
CREDITORS
Amounts falling due within one year 7 50,242 56,187
NET CURRENT ASSETS 23,607 28,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,046

117,285

CREDITORS
Amounts falling due after more than one year 8 166,275 172,880
NET LIABILITIES (57,229 ) (55,595 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (57,230 ) (55,596 )
SHAREHOLDERS' FUNDS (57,229 ) (55,595 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

King Edward Tyre Services Limited (Registered number: SC425068)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2025 and were signed by:





C I Henderson - Director


King Edward Tyre Services Limited (Registered number: SC425068)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

King Edward Tyre Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


King Edward Tyre Services Limited (Registered number: SC425068)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 10,000
AMORTISATION
At 1 June 2023 7,400
Charge for year 1,000
At 31 May 2024 8,400
NET BOOK VALUE
At 31 May 2024 1,600
At 31 May 2023 2,600

King Edward Tyre Services Limited (Registered number: SC425068)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 60,901 109,213 170,114
Additions - 11,530 11,530
Disposals - (13,600 ) (13,600 )
At 31 May 2024 60,901 107,143 168,044
DEPRECIATION
At 1 June 2023 5,487 78,217 83,704
Charge for year - 8,364 8,364
Eliminated on disposal - (7,863 ) (7,863 )
At 31 May 2024 5,487 78,718 84,205
NET BOOK VALUE
At 31 May 2024 55,414 28,425 83,839
At 31 May 2023 55,414 30,996 86,410

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 24,000 38,858
Other debtors - 2,889
24,000 41,747

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 7,648 -
Trade creditors 25,868 30,477
Taxation and social security 6,621 1,620
Other creditors 10,105 24,090
50,242 56,187

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Other creditors 166,275 172,880