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COMPANY REGISTRATION NUMBER: 08389624
Simon Tyre Services Ltd
Filleted Unaudited Financial Statements
28 February 2025
Simon Tyre Services Ltd
Financial Statements
Year ended 28 February 2025
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Simon Tyre Services Ltd
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
52,740
28,249
Current assets
Stocks
54,361
58,718
Debtors
6
133,414
132,716
Cash at bank and in hand
24,789
22,311
---------
---------
212,564
213,745
Creditors: amounts falling due within one year
7
278,781
235,764
---------
---------
Net current liabilities
66,217
22,019
--------
--------
Total assets less current liabilities
( 13,477)
6,230
Creditors: amounts falling due after more than one year
8
35,768
59,478
--------
--------
Net liabilities
( 49,245)
( 53,248)
--------
--------
Capital and reserves
Called up share capital
30
30
Profit and loss account
( 49,275)
( 53,278)
--------
--------
Shareholders deficit
( 49,245)
( 53,248)
--------
--------
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.
For the year ending 28 February 2025 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Simon Tyre Services Ltd
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
Mr S M Poland
Director
Company registration number: 08389624
Simon Tyre Services Ltd
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grove, Uplands, Swansea SA2 0QR. The principal activity of the company during the year was maintenance and repair of motor vehicles.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 as a finance cost 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 6 (2024: 6 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
16,834
36,694
53,528
Additions
33,350
3,320
36,670
--------
--------
--------
--------
At 28 February 2025
33,350
20,154
36,694
90,198
--------
--------
--------
--------
Depreciation
At 1 March 2024
7,908
17,371
25,279
Charge for the year
3,005
9,174
12,179
--------
--------
--------
--------
At 28 February 2025
10,913
26,545
37,458
--------
--------
--------
--------
Carrying amount
At 28 February 2025
33,350
9,241
10,149
52,740
--------
--------
--------
--------
At 29 February 2024
8,926
19,323
28,249
--------
--------
--------
--------
6. Debtors
2025
2024
£
£
Other debtors
133,414
132,716
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
19,286
20,714
Trade creditors
219,416
188,263
Social security and other taxes
26,064
17,508
Other creditors
14,015
9,279
---------
---------
278,781
235,764
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
24,468
42,819
Other creditors
11,300
16,659
--------
--------
35,768
59,478
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S M Poland
102,813
( 796)
102,017
---------
----
----
---------
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S M Poland
102,813
10,213
( 10,213)
102,813
---------
--------
--------
---------