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Registration number: NI615421

N&P Tyres Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

N&P Tyres Ltd

(Registration number: NI615421)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

72,217

54,737

Current assets

 

Stocks

5

197,091

177,328

Debtors

6

131,061

175,594

Cash at bank and in hand

 

304,359

287,650

 

632,511

640,572

Creditors: Amounts falling due within one year

7

(350,514)

(362,056)

Net current assets

 

281,997

278,516

Total assets less current liabilities

 

354,214

333,253

Provisions for liabilities

(18,054)

(13,684)

Net assets

 

336,160

319,569

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

335,160

318,569

Shareholders' funds

 

336,160

319,569

For the financial year ending 30 September 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

N&P Tyres Ltd

(Registration number: NI615421)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr Philip McLaughlin
Director

 

N&P Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 17 Larne Road, Ballymena, BT42 3AX.

These financial statements were authorised for issue by the director on 13 January 2025.

2

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 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 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.

Consolidation

Under section 399 of The Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group..

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 and after eliminating sales within the company.

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 and 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 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.

 

N&P Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 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

Plant and machinery

15% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

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.

 

N&P Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 11).

 

N&P Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

114,755

19,960

30,962

165,677

Additions

575

34,896

929

36,400

At 30 September 2024

115,330

54,856

31,891

202,077

Depreciation

At 1 October 2023

76,141

13,590

21,209

110,940

Charge for the year

5,877

11,162

1,881

18,920

At 30 September 2024

82,018

24,752

23,090

129,860

Carrying amount

At 30 September 2024

33,312

30,104

8,801

72,217

At 30 September 2023

38,614

9,753

6,370

54,737

5

Stocks

2024
£

2023
£

Stock of goods for resale

197,091

177,328

6

Debtors

Current

2024
£

2023
£

Trade debtors

131,061

170,866

Prepayments

-

3,128

Other debtors

-

1,600

 

131,061

175,594

 

N&P Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

198,008

269,438

Taxation and social security

67,558

55,766

Accruals and deferred income

15,860

25,807

Other creditors

69,088

11,045

350,514

362,056

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Related party transactions

The following balance was owed to the director at the year end:

2024
 £

2023
 £

Directors current account

29,088

11,045

Summary of transactions with parent

N&P Tyres Ltd is a wholly owened subsidiary of Kittagh Ltd. At 30th September 2023 a loan of £155,412 was written off. At 30th September 2024 £40,000 owed to Kittagh Ltd is included in other creditors (2023: £nil).
 

10

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Kittagh Ltd, a company incorporated in Northern Ireland.