Registration number:
Ian Jones Tyres Ltd.
trading as
for the
Year Ended 31 December 2024
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Company Information
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Directors |
Mr Ian Arthur Jones Mrs Margaret Ivy Jones Mr Craig Bagley |
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Company secretary |
Miss Nicola Davies |
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Registered office |
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Accountants |
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Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
(Registration number: 03722878)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
6 |
6 |
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Retained earnings |
554,630 |
499,493 |
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Shareholders' funds |
554,636 |
499,499 |
For the financial 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.
Directors' responsibilities:
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
(Registration number: 03722878)
Balance Sheet as at 31 December 2024
(continued)
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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......................................... |
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
The principal place of business is:
Unit 2
18 Headbrook
Kington
Herefordshire
HR5 3DZ
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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2 |
Accounting policies (continued) |
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tax
The tax expense for the period comprises current and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Deferred tax is recognised on all 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. 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 substantially enacted by the end of the reporting period.
Tangible assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
20% of cost per annum |
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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2 |
Accounting policies (continued) |
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Motor vehicles |
20% of written down value per annum |
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Fixtures and fittings |
20% of written down value per annum |
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Computer equipment |
33% of cost per annum |
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Leasehold property improvements |
10% of cost per annum |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20% cost per annum |
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Software |
33% of cost per annum |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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Intangible assets |
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Goodwill |
Software
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Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
- |
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Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
( |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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6 |
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6 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of financial commitments not included in the balance sheet concerning pensions is £14,521 (2023 - £9,094).
Ian Jones Tyres Ltd.
trading as Ian Jones Tyres Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)
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Related party transactions |
Mr I Jones and Mrs M Jones, directors and shareholders, charged the company rent of £72,000 (2023 £56,000) for use of the premises in Kington and Clyro for the year ended 31 December 2024.
The above transactions were in the normal course of business and were conducted on an at arms length basis