6 6 P & C Tyres & Servicing Limited 10895414 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is replacement tyres and vehicle servicing Digita Accounts Production Advanced 6.30.9574.0 true 10895414 2023-09-01 2024-08-31 10895414 2024-08-31 10895414 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-08-31 10895414 core:CurrentFinancialInstruments 2024-08-31 10895414 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 10895414 core:Goodwill 2024-08-31 10895414 core:FurnitureFittingsToolsEquipment 2024-08-31 10895414 core:MotorVehicles 2024-08-31 10895414 bus:SmallEntities 2023-09-01 2024-08-31 10895414 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10895414 bus:FilletedAccounts 2023-09-01 2024-08-31 10895414 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10895414 bus:RegisteredOffice 2023-09-01 2024-08-31 10895414 bus:Director1 2023-09-01 2024-08-31 10895414 bus:Director2 2023-09-01 2024-08-31 10895414 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-01 2024-08-31 10895414 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10895414 bus:Agent1 2023-09-01 2024-08-31 10895414 core:Goodwill 2023-09-01 2024-08-31 10895414 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 10895414 core:MotorVehicles 2023-09-01 2024-08-31 10895414 countries:AllCountries 2023-09-01 2024-08-31 10895414 2023-08-31 10895414 core:Goodwill 2023-08-31 10895414 core:FurnitureFittingsToolsEquipment 2023-08-31 10895414 core:MotorVehicles 2023-08-31 10895414 2022-09-01 2023-08-31 10895414 2023-08-31 10895414 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 10895414 core:CurrentFinancialInstruments 2023-08-31 10895414 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10895414 core:Goodwill 2023-08-31 10895414 core:FurnitureFittingsToolsEquipment 2023-08-31 10895414 core:MotorVehicles 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10895414

P & C Tyres & Servicing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

P & C Tyres & Servicing Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

P & C Tyres & Servicing Limited

Company Information
__________________________________________________________________________

Directors

Mr Christopher Charles Ely

Mr Paul Anthony Lucas

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

P & C Tyres & Servicing Limited

(Registration number: 10895414)
Balance Sheet as at 31 August 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

3

 

20,940

 

27,553

Tangible assets

4

 

8,567

 

9,922

   

29,507

 

37,475

Current assets

   

 

Stocks

5

22,623

 

17,545

 

Debtors

6

46,509

 

43,220

 

Cash at bank and in hand

 

90,533

 

97,670

 

 

159,665

 

158,435

 

Creditors: Amounts falling due within one year

7

(90,199)

 

(109,800)

 

Net current assets

   

69,466

 

48,635

Net assets

   

98,973

 

86,110

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

98,873

 

86,010

 

Shareholders' funds

   

98,973

 

86,110

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 7 May 2025 and signed on its behalf by:
 

 

P & C Tyres & Servicing Limited

(Registration number: 10895414)
Balance Sheet as at 31 August 2024
__________________________________________________________________________

.........................................
Mr Christopher Charles Ely
Director

.........................................
Mr Paul Anthony Lucas
Director

 

P & C Tyres & Servicing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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

Furniture, fittings and equipment

25% RB

Motor vehicles

25% RB

 

P & C Tyres & Servicing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

P & C Tyres & Servicing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

P & C Tyres & Servicing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

66,128

66,128

At 31 August 2024

66,128

66,128

Amortisation

At 1 September 2023

38,575

38,575

Amortisation charge

6,613

6,613

At 31 August 2024

45,188

45,188

Carrying amount

At 31 August 2024

20,940

20,940

At 31 August 2023

27,553

27,553

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

22,139

7,650

29,789

Additions

-

1,500

1,500

At 31 August 2024

22,139

9,150

31,289

Depreciation

At 1 September 2023

16,622

3,245

19,867

Charge for the year

1,379

1,476

2,855

At 31 August 2024

18,001

4,721

22,722

Carrying amount

At 31 August 2024

4,138

4,429

8,567

At 31 August 2023

5,517

4,405

9,922

5

Stocks

2024
£

2023
£

Other inventories

22,623

17,545

 

P & C Tyres & Servicing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

6

Debtors

Current

2024
£

2023
£

Trade debtors

43,418

37,011

Other debtors

3,091

6,209

 

46,509

43,220

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

38,738

44,601

Taxation and social security

47,780

49,164

Accruals and deferred income

1,850

1,850

Other creditors

1,831

14,185

90,199

109,800

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100