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COMPANY REGISTRATION NUMBER: 14230887
MJR Tyres Ltd
Filleted Unaudited Financial Statements
31 July 2024
MJR Tyres Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
400,000
Current assets
Debtors
5
12,525
Cash at bank and in hand
100
----------
-----
12,525
100
Creditors: amounts falling due within one year
6
400,693
-----------
-----
Net current (liabilities)/assets
( 388,168)
100
-----------
-----
Total assets less current liabilities
11,832
100
----------
-----
Net assets
11,832
100
----------
-----
Capital and reserves
Called up share capital
100
100
Profit and loss account
11,732
----------
-----
Shareholders funds
11,832
100
----------
-----
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 comprehensive income has not been delivered.
For the year ending 31 July 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 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 .
MJR Tyres Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr Scott Alexander Graham
Director
Company registration number: 14230887
MJR Tyres Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapel Street Tyre Centre, Chapel Street, Handsworth, Birmingham, B21 0PA, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
4. Investments
Other investments other than loans
£
Cost
At 1 August 2023
Additions
400,000
-----------
At 31 July 2024
400,000
-----------
Impairment
At 1 August 2023 and 31 July 2024
-----------
Carrying amount
At 31 July 2024
400,000
-----------
At 31 July 2023
-----------
2024
£
Shares in related companies
501
Details of the related company are:
Name of the company Chapel Tyres (West Bromwich) Ltd
Country of incorporation England & Wales
Number of shares held 501
Proportion of total shares held 50.1%
Nature of business Selling tyres
The profit after tax for the year ended 30th June 2024 and the capital & reserves as at 30th June 2024 in respect of the subsidiary, Chapel Tyres (West Bromwich) Limited, is as follows:
Profit for the year after taxation
Capital & reserves
£
£
Chapel Tyres (West Bromwich) Ltd
131,655
582,172
5. Debtors
2024
2023
£
£
Other debtors
12,525
----------
-----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Director loan accounts
399,900
Accruals
613
Other creditors
180
-----------
-----
400,693
-----------
-----
7. Director's advances, credits and guarantees
The directors loan account was not overdrawn in the current year.