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Registered number: 09399479
Trade Price Tyres Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
BG Accountancy Services Ltd
Independent Certified Practising Accountants
120 Queens Hill Crescent
Newport
NP20 5HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09399479
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,000 25,000
Tangible Assets 5 66,285 58,323
91,285 83,323
CURRENT ASSETS
Stocks 6 120,000 110,000
Cash at bank and in hand 52,802 44,583
172,802 154,583
Creditors: Amounts Falling Due Within One Year 7 (58,162 ) (50,564 )
NET CURRENT ASSETS (LIABILITIES) 114,640 104,019
TOTAL ASSETS LESS CURRENT LIABILITIES 205,925 187,342
Creditors: Amounts Falling Due After More Than One Year 8 (102,770 ) (110,500 )
NET ASSETS 103,155 76,842
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 102,155 75,842
SHAREHOLDERS' FUNDS 103,155 76,842
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Antonio Borg
Director
30/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Trade Price Tyres Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09399479 . The registered office is Unit 1 Albany Trading Estate, Albany Street, Newport, Gwent, NP20 5NQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% written down value
Motor Vehicles 15% written down value
Computer Equipment 15% written down value
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
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4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Net Book Value
As at 30 April 2024 25,000
As at 1 May 2023 25,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 35,990 48,328 9,103 93,421
Additions 9,659 - 10,000 19,659
As at 30 April 2024 45,649 48,328 19,103 113,080
Depreciation
As at 1 May 2023 12,928 17,385 4,785 35,098
Provided during the period 4,908 4,641 2,148 11,697
As at 30 April 2024 17,836 22,026 6,933 46,795
Net Book Value
As at 30 April 2024 27,813 26,302 12,170 66,285
As at 1 May 2023 23,062 30,943 4,318 58,323
6. Stocks
2024 2023
£ £
Stock 120,000 110,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 18,299 15,982
Other taxes and social security 4,002 1,889
VAT 6,413 3,245
Director's loan account 29,448 29,448
58,162 50,564
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 7,730
Directors loan account 102,770 102,770
102,770 110,500
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years - 7,730
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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