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COMPANY REGISTRATION NUMBER: 04820400
Tyres N Tubes North West Limited
Filleted Unaudited Financial Statements
30 November 2024
Tyres N Tubes North West Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
972
5,972
Tangible assets
6
134,597
130,932
---------
---------
135,569
136,904
Current Assets
Stocks
64,460
61,000
Debtors
7
349,474
307,164
Cash at bank and in hand
87,195
47,561
---------
---------
501,129
415,725
Creditors: amounts falling due within one year
8
440,376
384,843
---------
---------
Net Current Assets
60,753
30,882
---------
---------
Total Assets Less Current Liabilities
196,322
167,786
Creditors: amounts falling due after more than one year
9
20,364
40,974
Provisions
Taxation including deferred tax
32,208
31,262
---------
---------
Net Assets
143,750
95,550
---------
---------
Capital and Reserves
Called up share capital
200
200
Profit and loss account
143,550
95,350
---------
--------
Shareholders Funds
143,750
95,550
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tyres N Tubes North West Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:
Mr C N Sutton
Director
Company registration number: 04820400
Tyres N Tubes North West Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pembroke House, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents the value of work done during the year, exclusive of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
10% - 20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase including delivery.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactional value and subsequently measured at their settlement value. Prepayments and deferred income do not constitute basic financial instruments.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Intangible assets
Goodwill
Licence rights
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
45,000
972
45,972
--------
----
--------
Amortisation
At 1 December 2023
40,000
40,000
Charge for the year
5,000
5,000
--------
----
--------
At 30 November 2024
45,000
45,000
--------
----
--------
Carrying amount
At 30 November 2024
972
972
--------
----
--------
At 30 November 2023
5,000
972
5,972
--------
----
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
158,294
229,692
12,132
400,118
Additions
13,477
29,034
88
42,599
---------
---------
--------
---------
At 30 November 2024
171,771
258,726
12,220
442,717
---------
---------
--------
---------
Depreciation
At 1 December 2023
100,967
160,327
7,892
269,186
Charge for the year
13,700
24,585
649
38,934
---------
---------
--------
---------
At 30 November 2024
114,667
184,912
8,541
308,120
---------
---------
--------
---------
Carrying amount
At 30 November 2024
57,104
73,814
3,679
134,597
---------
---------
--------
---------
At 30 November 2023
57,327
69,365
4,240
130,932
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 November 2024
43,175
--------
At 30 November 2023
34,671
--------
7. Debtors
2024
2023
£
£
Trade debtors
347,849
302,920
Other debtors
1,625
4,244
---------
---------
349,474
307,164
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,962
19,781
Trade creditors
246,448
242,455
Corporation tax
60,759
37,656
Social security and other taxes
39,168
31,778
Other creditors
81,039
53,173
---------
---------
440,376
384,843
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,039
20,374
Other creditors
13,325
20,600
--------
--------
20,364
40,974
--------
--------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
17,670
11,433
Later than 1 year and not later than 5 years
13,325
20,600
--------
--------
30,995
32,033
--------
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
32,208
31,262
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
32,208
31,262
--------
--------
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
436,670
350,481
---------
---------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
360,811
357,088
---------
---------
Financial assets measured at amortised cost comprise of trade debtors and bank and cash balances. Financial liabilities measured at amortised cost comprise of trade creditors, accruals, overdrawn bank balances, directors loan account, hire purchase balances and other creditors.
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M R C Sutton
( 663)
28,834
( 28,312)
( 141)
Mr & Mrs Sutton
( 28,299)
51,542
( 42,312)
( 19,069)
--------
--------
--------
--------
( 28,962)
80,376
( 70,624)
( 19,210)
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M R C Sutton
2,645
24,692
( 28,000)
( 663)
Mr & Mrs Sutton
( 30,340)
45,103
( 43,062)
( 28,299)
--------
--------
--------
--------
( 27,695)
69,795
( 71,062)
( 28,962)
--------
--------
--------
--------
The balance brought forward of £2,645 shown above relates to an overdrawn loan account in respect of Mr M R C Sutton who is a director of the company. Interest is charged on the loan at 2%. The loan is repaid during the year ended 30 November 2023.
14. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.