REGISTERED NUMBER: SC149065 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Collins Tyre Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Collins

SECRETARY:

Mrs S A Collins

REGISTERED OFFICE:

42 Beith Road

Johnstone

PA5 8YE

REGISTERED NUMBER:

SC149065 (Scotland)

ACCOUNTANTS:

Gerber Landa & Gee

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

FIXED ASSETS

Tangible assets

4

163,146

189,509

CURRENT ASSETS

Stocks

27,794

32,172

Debtors

5

52,693

66,221

Cash at bank and in hand

243,914

191,764

324,401

290,157

CREDITORS

Amounts falling due within one year

6

311,936

336,731

NET CURRENT ASSETS/(LIABILITIES)

12,465

(46,574

)

TOTAL ASSETS LESS CURRENT LIABILITIES

175,611

142,935

CREDITORS

Amounts falling due after more than one year

7

(7,090

)

(21,157

)

PROVISIONS FOR LIABILITIES

(6,568

)

(10,665

)

NET ASSETS

161,953

111,113

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

156,953

106,113

SHAREHOLDERS' FUNDS

161,953

111,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

P Collins - Director

1.	STATUTORY INFORMATION

Collins Tyre Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

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

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.

Land and buildings

-

14% on cost and 2% on cost

Plant and machinery etc

-

33% on cost, 25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

220,721

175,752

396,473

Additions

-

3,523

3,523

Disposals

-

(16,999

)

(16,999

)

At 31 March 2025

220,721

162,276

382,997

DEPRECIATION

At 1 April 2024

83,178

123,786

206,964

Charge for year

4,235

25,651

29,886

Eliminated on disposal

-

(16,999

)

(16,999

)

At 31 March 2025

87,413

132,438

219,851

NET BOOK VALUE

At 31 March 2025

133,308

29,838

163,146

At 31 March 2024

137,543

51,966

189,509

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

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

31,349

DEPRECIATION

At 1 April 2024

7,837

Charge for year

7,838

At 31 March 2025

15,675

NET BOOK VALUE

At 31 March 2025

15,674

At 31 March 2024

23,512

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

43,179

65,231

Other debtors

9,514

990

52,693

66,221

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts (see note 8)

4,067

4,067

Trade creditors

236,362

253,094

Taxation and social security

51,260

39,767

Other creditors

10,247

29,803

311,936

336,731

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,667

11,667

Hire purchase contracts (see note 8)

5,423

9,490

7,090

21,157

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

4,067

4,067

Between one and five years

5,423

9,490

9,490

13,557

Non-cancellable

operating leases

31.3.25

31.3.24

£

£

Within one year

4,261

4,261

Between one and five years

3,551

7,812

7,812

12,073

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

P Collins

Balance outstanding at start of year

-

-

Amounts advanced

10,144

-

Amounts repaid

(1,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,144

-

10.	RELATED PARTY DISCLOSURES