Registered number
09191019
Town and Country Tyres 2012 Ltd
Filleted Accounts
31 July 2024
Town and Country Tyres 2012 Ltd
Registered number: 09191019
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 55,997 41,772
Current assets
Stocks 17,392 17,788
Debtors 4 46,627 42,263
Cash at bank and in hand 73,803 35,066
137,822 95,117
Creditors: amounts falling due within one year 5 (102,123) (61,439)
Net current assets 35,699 33,678
Total assets less current liabilities 91,696 75,450
Creditors: amounts falling due after more than one year 6 (15,174) (19,167)
Provisions for liabilities - (4,101)
Net assets 76,522 52,182
Capital and reserves
Called up share capital 200 200
Profit and loss account 76,322 51,982
Shareholders' funds 76,522 52,182
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A G Rutley
Director
Approved by the board on 10 June 2025
Town and Country Tyres 2012 Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2023 41,003 45,177 86,180
Additions 333 27,887 28,220
At 31 July 2024 41,336 73,064 114,400
Depreciation
At 1 August 2023 28,552 15,856 44,408
Charge for the year 2,554 11,441 13,995
At 31 July 2024 31,106 27,297 58,403
Net book value
At 31 July 2024 10,230 45,767 55,997
At 31 July 2023 12,451 29,321 41,772
4 Debtors 2024 2023
£ £
Trade debtors 36,189 34,052
Other debtors and prepayments 10,438 8,211
46,627 42,263
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 9,726 9,726
Trade creditors 66,077 35,753
Taxation and social security costs 15,276 5,540
Other creditors including director's loan accounts 1,044 420
102,123 61,439
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,167 19,167
Obligations under finance lease and hire purchase contracts 6,007 -
15,174 19,167
7 Other information
Town and Country Tyres 2012 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Old Fire Station
Middlesbrough Road East
Grangetown
Middlesbrough
TS6 6TZ
Town and Country Tyres 2012 Ltd 09191019 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts April 2025 A G Rutley No description of principal activity 09191019 2022-08-01 2023-07-31 09191019 core:WithinOneYear 2023-07-31 09191019 core:AfterOneYear 2023-07-31 09191019 core:ShareCapital 2023-07-31 09191019 core:RetainedEarningsAccumulatedLosses 2023-07-31 09191019 2023-08-01 2024-07-31 09191019 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09191019 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09191019 bus:Director40 2023-08-01 2024-07-31 09191019 1 2023-08-01 2024-07-31 09191019 2 2023-08-01 2024-07-31 09191019 core:PlantMachinery 2023-08-01 2024-07-31 09191019 core:Vehicles 2023-08-01 2024-07-31 09191019 countries:England 2023-08-01 2024-07-31 09191019 bus:FRS102 2023-08-01 2024-07-31 09191019 bus:FilletedAccounts 2023-08-01 2024-07-31 09191019 2024-07-31 09191019 core:WithinOneYear 2024-07-31 09191019 core:AfterOneYear 2024-07-31 09191019 core:ShareCapital 2024-07-31 09191019 core:RetainedEarningsAccumulatedLosses 2024-07-31 09191019 core:PlantMachinery 2024-07-31 09191019 core:Vehicles 2024-07-31 09191019 2023-07-31 09191019 core:PlantMachinery 2023-07-31 09191019 core:Vehicles 2023-07-31 iso4217:GBP xbrli:pure