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Registered number: 11810523
PRIMEX TYRES UK LTD
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11810523
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,674 2,231
Tangible Assets 5 18,390 24,520
20,064 26,751
CURRENT ASSETS
Stocks 6 544,057 494,182
Debtors 7 526,954 450,258
Cash at bank and in hand 274,289 198,772
1,345,300 1,143,212
Creditors: Amounts Falling Due Within One Year 8 (1,321,816 ) (1,085,845 )
NET CURRENT ASSETS (LIABILITIES) 23,484 57,367
TOTAL ASSETS LESS CURRENT LIABILITIES 43,548 84,118
Creditors: Amounts Falling Due After More Than One Year 9 (99 ) (99 )
NET ASSETS 43,449 84,019
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 43,349 83,919
SHAREHOLDERS' FUNDS 43,449 84,019
Page 1
Page 2
For the year ending 31 December 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 Kalin Kalev
Director
09/06/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRIMEX TYRES UK LTD is a private company, limited by shares, incorporated in England & Wales, registered number 11810523 . The registered office is Woodcote House, Apartment 39 Updown Hill , Haywards Heath , RH16 4GQ.
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 - Other Intangible
Other intangible assets are .... 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 25% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 25% Reducing balance
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
3 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 3,966
As at 31 December 2024 3,966
Amortisation
As at 1 January 2024 1,735
Provided during the period 557
As at 31 December 2024 2,292
Net Book Value
As at 31 December 2024 1,674
As at 1 January 2024 2,231
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 3,610 40,357 633 44,600
As at 31 December 2024 3,610 40,357 633 44,600
Depreciation
As at 1 January 2024 2,177 17,656 247 20,080
Provided during the period 358 5,675 97 6,130
As at 31 December 2024 2,535 23,331 344 26,210
Net Book Value
As at 31 December 2024 1,075 17,026 289 18,390
As at 1 January 2024 1,433 22,701 386 24,520
6. Stocks
2024 2023
£ £
Materials 544,057 494,182
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 492,031 399,256
Prepayments and accrued income 12,859 20,690
Rent deposit 20,619 28,549
Director's loan account 1,445 1,763
526,954 450,258
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,167,618 974,001
Corporation tax - (7,385 )
Other taxes and social security 1,735 855
VAT 148,664 114,608
Net wages 3,799 3,759
Accruals and advance income - 7
1,321,816 1,085,845
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
NEST 99 99
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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