REGISTERED NUMBER: 05320619 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

KB Tyres (N E) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K Burlinson

J C A Charlton

REGISTERED OFFICE:

The Former British Coal Transport Depot

Philadelphia Lane

Newbottle

Houghton Le Spring

Tyne and Wear

DH4 4ES

REGISTERED NUMBER:

05320619 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Intangible assets

4

312

2,812

Tangible assets

5

296,826

296,074

297,138

298,886

CURRENT ASSETS

Stocks

82,895

51,636

Debtors

6

53,303

129,393

Cash at bank and in hand

9,008

7,786

145,206

188,815

CREDITORS

Amounts falling due within one year

7

339,145

376,981

NET CURRENT LIABILITIES

(193,939

)

(188,166

)

TOTAL ASSETS LESS CURRENT LIABILITIES

103,199

110,720

CREDITORS

Amounts falling due after more than one year

8

(44,731

)

(69,830

)

PROVISIONS FOR LIABILITIES

(29,830

)

(21,781

)

NET ASSETS

28,638

19,109

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

28,636

19,107

SHAREHOLDERS' FUNDS

28,638

19,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:

J C A Charlton - Director

1.	STATUTORY INFORMATION

KB Tyres (N E) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis,which assumes that the company will continue in operational existence for the foreseeable future, which the director considers appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

50,000

AMORTISATION

At 1 January 2024

47,188

Amortisation for year

2,500

At 31 December 2024

49,688

NET BOOK VALUE

At 31 December 2024

312

At 31 December 2023

2,812

5.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2024

187,924

34,204

139,934

Additions

-

16,333

8,198

At 31 December 2024

187,924

50,537

148,132

DEPRECIATION

At 1 January 2024

9,359

1,196

78,115

Charge for year

3,758

1,011

13,565

At 31 December 2024

13,117

2,207

91,680

NET BOOK VALUE

At 31 December 2024

174,807

48,330

56,452

At 31 December 2023

178,565

33,008

61,819

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

7,222

70,600

15,653

455,537

Additions

-

-

-

24,531

At 31 December 2024

7,222

70,600

15,653

480,068

DEPRECIATION

At 1 January 2024

4,959

57,469

8,365

159,463

Charge for year

339

3,284

1,822

23,779

At 31 December 2024

5,298

60,753

10,187

183,242

NET BOOK VALUE

At 31 December 2024

1,924

9,847

5,466

296,826

At 31 December 2023

2,263

13,131

7,288

296,074

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

18,933

34,450

53,383

DEPRECIATION

At 1 January 2024

5,327

27,808

33,135

Charge for year

2,721

1,661

4,382

At 31 December 2024

8,048

29,469

37,517

NET BOOK VALUE

At 31 December 2024

10,885

4,981

15,866

At 31 December 2023

13,606

6,642

20,248

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

48,165

124,189

Other debtors

5,138

5,204

53,303

129,393

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

27,583

34,307

Hire purchase contracts (see note 9)

4,073

4,073

Trade creditors

122,882

229,158

Taxation and social security

73,983

20,298

Other creditors

110,624

89,145

339,145

376,981

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

40,006

60,507

Hire purchase contracts (see note 9)

4,725

9,323

44,731

69,830

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

4,073

4,073

Between one and five years

4,725

9,323

8,798

13,396

Non-cancellable

operating leases

2024

2023

£

£

Within one year

6,690

6,690

Between one and five years

6,040

12,729

12,730

19,419

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

67,589

94,814

Hire purchase contracts

8,798

13,396

76,387

108,210

The bank loans are secured on the assets of the business.

Hire purchase contracts are secured on the assets to which they relate.