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MALCO TYRE SPECIALISTS LTD

Registered Number
09759593
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

MALCO TYRE SPECIALISTS LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Director

Mr M McGuire

Registered Address

Milburn House Hexham Business Park
Burn Lane
Hexham
NE46 3RU

Registered Number

09759593 (England and Wales)
MALCO TYRE SPECIALISTS LTD
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets312,81616,367
12,81616,367
Current assets
Stocks53,00041,647
Debtors4251,656230,591
Cash at bank and on hand155,059248,754
459,715520,992
Creditors amounts falling due within one year5(263,135)(298,339)
Net current assets (liabilities)196,580222,653
Total assets less current liabilities209,396239,020
Provisions for liabilities6(3,204)(4,000)
Net assets206,192235,020
Capital and reserves
Called up share capital100100
Profit and loss account206,092234,920
Shareholders' funds206,192235,020
The financial statements were approved and authorised for issue by the Director on 9 June 2025, and are signed on its behalf by:
Mr M McGuire
Director
Registered Company No. 09759593
MALCO TYRE SPECIALISTS LTD
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles25
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 October 2324,9151,04925,964
Additions-625625
At 30 September 2424,9151,67426,589
Depreciation and impairment
At 01 October 239,1874109,597
Charge for year3,9322444,176
At 30 September 2413,11965413,773
Net book value
At 30 September 2411,7961,02012,816
At 30 September 2315,72863916,367
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables246,348230,591
Other debtors5,308-
Total251,656230,591
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables174,957209,157
Taxation and social security17,71518,611
Other creditors67,53368,020
Accrued liabilities and deferred income2,9302,551
Total263,135298,339
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.
6.Provisions for liabilities
Provisions are made where an event has taken place that the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made if the amount of the obligation. Provisions are charged as an expense to the profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2024

2023

££
Net deferred tax liability (asset)3,2044,000
Total3,2044,000