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TYRE POWER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TYRE POWER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R L Harrison
Mrs J M Harrison
L Priestley
Mrs S J Priestley
A J P Tomlinson





REGISTERED OFFICE: Fairfax House
6a Mill Field Road
Cottingley
Bradford
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 04611273 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 49,184 35,449

CURRENT ASSETS
Stocks 5,500 7,500
Debtors 5 83,424 61,679
Cash at bank and in hand 75,225 88,226
164,149 157,405
CREDITORS
Amounts falling due within one year 6 149,236 138,861
NET CURRENT ASSETS 14,913 18,544
TOTAL ASSETS LESS CURRENT LIABILITIES 64,097 53,993

CREDITORS
Amounts falling due after more than one
year

7

(15,344

)

(11,942

)

PROVISIONS FOR LIABILITIES 9 (9,345 ) (6,735 )
NET ASSETS 39,408 35,316

CAPITAL AND RESERVES
Called up share capital 10 110 110
Retained earnings 39,298 35,206
SHAREHOLDERS' FUNDS 39,408 35,316

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

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

The directors acknowledge their 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.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





R L Harrison - Director


TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

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

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

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 6,347 85,498 10,996
Additions - 2,000 -
Disposals - - -
At 31 December 2024 6,347 87,498 10,996
DEPRECIATION
At 1 January 2024 6,346 75,145 9,587
Charge for year - 1,517 211
Eliminated on disposal - - -
At 31 December 2024 6,346 76,662 9,798
NET BOOK VALUE
At 31 December 2024 1 10,836 1,198
At 31 December 2023 1 10,353 1,409

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 49,526 215 152,582
Additions 20,732 - 22,732
Disposals (8,648 ) - (8,648 )
At 31 December 2024 61,610 215 166,666
DEPRECIATION
At 1 January 2024 25,913 142 117,133
Charge for year 7,199 70 8,997
Eliminated on disposal (8,648 ) - (8,648 )
At 31 December 2024 24,464 212 117,482
NET BOOK VALUE
At 31 December 2024 37,146 3 49,184
At 31 December 2023 23,613 73 35,449

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 69,417 48,825
Prepayments 14,007 12,854
83,424 61,679

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 8,019 8,019
Hire purchase contracts 4,317 -
Trade creditors 92,072 74,703
Tax 20,734 28,909
Social security and other taxes 134 301
VAT 8,239 10,794
Other creditors 108 108
Directors' current accounts 8,222 7,364
Accrued expenses 7,391 8,663
149,236 138,861

Loans from directors are interest free and repayable on demand.

TYRE POWER LIMITED (REGISTERED NUMBER: 04611273)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans - 1-2 years 3,831 8,019
Bank loans - 2-5 years - 3,923
Hire purchase contracts 11,513 -
15,344 11,942

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 15,830 -

9. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 9,345 6,735

Deferred
tax
£   
Balance at 1 January 2024 6,735
Accelerated capital allowances 2,610
Balance at 31 December 2024 9,345

The deferred tax balance relates wholly to accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary shares £1.00 80 80
10 Ordinary A Shares £1.00 30 30
110 110

11. ULTIMATE CONTROLLING PARTY

The directors control the company due to holding 100% of issued shares.