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Registered number: 06598762










HOMETYRE GROUP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 MAY 2024

 
HOMETYRE GROUP LIMITED
REGISTERED NUMBER: 06598762

BALANCE SHEET
AS AT 30 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,594
-

  
7,594
-

Current assets
  

Stocks
  
98,560
10,125

Debtors: amounts falling due within one year
 5 
15,658
-

Cash at bank and in hand
  
158,884
245,079

  
273,102
255,204

Creditors: amounts falling due within one year
 6 
(280,652)
(242,367)

Net current (liabilities)/assets
  
 
 
(7,550)
 
 
12,837

Total assets less current liabilities
  
44
12,837

Creditors: amounts falling due after more than one year
 7 
(6,268)
(12,528)

  

Net (liabilities)/assets
  
(6,224)
309


Capital and reserves
  

Called up share capital 
  
2,460
2,460

Share premium account
  
109,283
109,283

Profit and loss account
  
(117,967)
(111,434)

  
(6,224)
309


Page 1

 
HOMETYRE GROUP LIMITED
REGISTERED NUMBER: 06598762
    
BALANCE SHEET (CONTINUED)
AS AT 30 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2025.




Andrew Raymond Lawrence
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
HOMETYRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024

1.


General information

Hometyre Group Limited is a private company, limited by shares, incorporated in England & Wales.
The registered number is 06598762. The registered office is Unit 8, Lower Edgebold Industrial Estate, Shrewsbury, Shropshire, SY5 8NY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the going concern of the company and continue to adopt the going concern basis in preparing the financial statements. The directors will support the continued operations for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HOMETYRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HOMETYRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Tangible fixed assets







Motor vehicles

£



Cost or valuation


Additions
10,125



At 30 May 2024

10,125



Depreciation


Charge for the year on owned assets
2,531



At 30 May 2024

2,531



Net book value



At 30 May 2024
7,594

Page 5

 
HOMETYRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024

5.


Debtors

2024
2023
£
£


Other debtors
9,746
-

Prepayments and accrued income
5,912
-

15,658
-



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
16
-

Bank loans
6,114
5,824

Trade creditors
123,616
178,737

Other taxation and social security
3,557
13,393

Other creditors
145,049
28,295

Accruals
2,300
16,118

280,652
242,367



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,268
12,528

6,268
12,528


Page 6

 
HOMETYRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,114
5,824


6,114
5,824

Amounts falling due 1-2 years

Bank loans
6,268
12,528


6,268
12,528



Total
12,382
18,352


 
Page 7