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Registered number: 07423524 TYRE CENTRE LTD Unaudited Financial statements Information for filing with the registrar For the Year Ended 30 September 2024
TYRE CENTRE LTD Report to the director on the preparation of the unaudited statutory financial statements of Tyre Centre Ltd for the Year Ended 30 September 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyre Centre Ltd for the year ended 30 September 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html. This report is made solely to the director of Tyre Centre Ltd in accordance with the terms of our engagement letter dated 28 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Centre Ltd and state those matters that we have agreed to state to the director of Tyre Centre Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyre Centre Ltd and its director for our work or for this report. It is your duty to ensure that Tyre Centre Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tyre Centre Ltd. You consider that Tyre Centre Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Tyre Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Fraser Russell Limited 77 Francis Road Edgbaston Birmingham West Midlands B16 8SP 11 April 2025 Page 1
TYRE CENTRE LTD Registered number: 07423524 Balance sheet As at 30 September 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 15,607 |  | 19,932
|  |  | 15,607 |  | 19,932
Current assets |  |  |  |  |
Stocks |  | 17,965 |  | 20,142 |
Debtors: amounts falling due within one year | 6 | 113,775 |  | 154,067 |
Cash at bank and in hand | 7 | 21,931 |  | 1,839 |
|  | 153,671 |  | 176,048 |
Creditors: amounts falling due within one year | 8 | (195,581) |  | (227,310) |
Net current liabilities |  |  | (41,910) |  | (51,262)
Total assets less current liabilities |  |  | (26,303) |  | (31,330)
Net liabilities |  |  | (26,303) |  | (31,330)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | (26,305) |  | (31,332)
|  |  | (26,303) |  | (31,330)
Page 2
TYRE CENTRE LTD Registered number: 07423524 Balance sheet (continued) As at 30 September 2024 The director considers 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 director acknowledges his 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 statement of comprehensive income 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 11 April 2025.
Hayat Khan
Director
The notes on pages 4 to 9 form part of these financial statements. Page 3
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024
1. | General information
Tyre Centre Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration of 07423524. The address of the registered office is 102-104 Emily Street, Highgate, Birmingham, West Midlands, B12 0XJ. The principal activity of the company in the year under review was that of the wholesale of tyres. The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 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 financial statements has been prepared on a going concern basis which assumes that the company will continue to receive support from creditors and the director as and when required. Page 4
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024 2.Accounting policies (continued)
| 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.
| 2.4 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 15% Straight Line
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 5
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024 2.Accounting policies (continued)
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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 2 (2023 - 4).
4. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | - | -
Page 6
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024 4.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,027 | 14,720
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%) | 955 | 2,797
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 822 | 360
| Utilisation of tax losses | (1,777) | (3,157)
| Total tax charge for the year | - | -
Page 7
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024
5. | Tangible fixed assets
|  | Motor vehicles
|  | £
| Cost or valuation |
| At 1 October 2023 | 28,832
| At 30 September 2024 | 28,832
| Depreciation |
| At 1 October 2023 | 8,900
| Charge for the year on owned assets | 4,325
| At 30 September 2024 | 13,225
| Net book value |
| At 30 September 2024 | 15,607
| At 30 September 2023 | 19,932
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 113,775 | 154,067
|  | 113,775 | 154,067
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 21,931 | 1,839
|  | 21,931 | 1,839
Page 8
TYRE CENTRE LTD Notes to the financial statements For the Year Ended 30 September 2024
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 28,343 | 31,529
| Other taxation and social security | 2,806 | 12,256
| Other creditors | 150,432 | 163,525
| Accruals and deferred income | 14,000 | 20,000
|  | 195,581 | 227,310
9. | Related party transactions
| Hayat Khan is a director and shareholder of the company. During the period the director received loans of £13,093 from the company. As at the balance sheet date, the company owed the director £107,432 (2023: £120,525) which is shown in other creditors due within one year. The above balances are payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet. Hayat Khan is also a director and shareholder of H Khan Properties Limited. During the year the company received loans of £39,580 from H Khan Properties Limited. At the balance sheet date, the company was owed £114,195 (2023: £153,775) by H Khan Properties Limited which is shown in other debtors due within one year. The above balance is payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance.
Page 9