Ise Valley Tyres Ltd 6351047 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is tyre repair and maintenance Digita Accounts Production Advanced 6.30.9574.0 true 6351047 2023-09-01 2024-08-31 6351047 2024-08-31 6351047 core:RetainedEarningsAccumulatedLosses 2024-08-31 6351047 core:ShareCapital 2024-08-31 6351047 core:CurrentFinancialInstruments 2024-08-31 6351047 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 6351047 core:FurnitureFittingsToolsEquipment 2024-08-31 6351047 core:MotorVehicles 2024-08-31 6351047 core:OtherPropertyPlantEquipment 2024-08-31 6351047 bus:SmallEntities 2023-09-01 2024-08-31 6351047 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 6351047 bus:AbridgedAccounts 2023-09-01 2024-08-31 6351047 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 6351047 bus:Director1 2023-09-01 2024-08-31 6351047 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 6351047 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 6351047 core:MotorVehicles 2023-09-01 2024-08-31 6351047 core:OfficeEquipment 2023-09-01 2024-08-31 6351047 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 6351047 core:PlantMachinery 2023-09-01 2024-08-31 6351047 countries:AllCountries 2023-09-01 2024-08-31 6351047 2023-08-31 6351047 core:FurnitureFittingsToolsEquipment 2023-08-31 6351047 core:MotorVehicles 2023-08-31 6351047 core:OtherPropertyPlantEquipment 2023-08-31 6351047 2022-09-01 2023-08-31 6351047 2023-08-31 6351047 core:RetainedEarningsAccumulatedLosses 2023-08-31 6351047 core:ShareCapital 2023-08-31 6351047 core:CurrentFinancialInstruments 2023-08-31 6351047 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 6351047 core:FurnitureFittingsToolsEquipment 2023-08-31 6351047 core:MotorVehicles 2023-08-31 6351047 core:OtherPropertyPlantEquipment 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 6351047

Ise Valley Tyres Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

Ise Valley Tyres Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 3

 

Ise Valley Tyres Ltd

(Registration number: 6351047)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

5,363

5,852

Current assets

 

Stocks

3,615

1,254

Debtors

12,656

16,014

Cash at bank and in hand

 

9,499

18,622

 

25,770

35,890

Creditors: Amounts falling due within one year

(27,126)

(26,042)

Net current (liabilities)/assets

 

(1,356)

9,848

Total assets less current liabilities

 

4,007

15,700

Provisions for liabilities

(1,019)

(1,112)

Net assets

 

2,988

14,588

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,888

14,488

Shareholders' funds

 

2,988

14,588

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.

Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 23 May 2025
 

.........................................
J Packer
Director

 

Ise Valley Tyres Ltd

Notes to the Unaudited Abridged 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Tax

The tax expense for the period comprises deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Motor vehicles

25% reducing balance

Plant and machinery

20% of cost

Office equipment

Over 3 years

 

Ise Valley Tyres Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

The company is party to only the basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

2,205

9,985

12,069

24,259

Additions

1,799

-

-

1,799

At 31 August 2024

4,004

9,985

12,069

26,058

Depreciation

At 1 September 2023

2,205

5,772

10,430

18,407

Charge for the year

600

1,053

635

2,288

At 31 August 2024

2,805

6,825

11,065

20,695

Carrying amount

At 31 August 2024

1,199

3,160

1,004

5,363

At 31 August 2023

-

4,213

1,639

5,852