Top Gear Tyre Centre Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06399242 (England and Wales)

Financial Statements for the Year Ended 30 October 2024

for

Top Gear Tyre Centre Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms A Jones

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

06399242 (England and Wales)

ACCOUNTANTS:

Cobham Murphy

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

279,008

287,081

279,008

287,081

CURRENT ASSETS

Stocks

36,154

26,310

Debtors

6

106,026

610,564

Cash at bank and in hand

300,002

257,393

442,182

894,267

CREDITORS

Amounts falling due within one year

7

91,435

143,783

NET CURRENT ASSETS

350,747

750,484

TOTAL ASSETS LESS CURRENT
LIABILITIES

629,755

1,037,565

PROVISIONS FOR LIABILITIES

8,365

10,322

NET ASSETS

621,390

1,027,243

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

621,380

1,027,233

SHAREHOLDERS' FUNDS

621,390

1,027,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 19 March 2025 and were signed by:

Ms A Jones - Director

1.	STATUTORY INFORMATION

Top Gear Tyre Centre 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.

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.

Significant judgements and estimates

There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the sale of tyres, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the sales are complete.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

No depreciation charged

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 10% 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

Directors loans, inter company loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31 October 2023

and 30 October 2024

65,000

AMORTISATION

At 31 October 2023

and 30 October 2024

65,000

NET BOOK VALUE

At 30 October 2024

-

At 30 October 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 31 October 2023

245,792

277,178

522,970

Additions

-

4,281

Disposals

-

(24,367

)

(24,367

)

At 30 October 2024

245,792

257,092

502,884

DEPRECIATION

At 31 October 2023

-

235,889

Charge for year

-

12,028

Eliminated on disposal

-

(24,041

)

(24,041

)

At 30 October 2024

-

223,876

NET BOOK VALUE

At 30 October 2024

245,792

33,216

279,008

At 30 October 2023

245,792

41,289

287,081

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

30.10.23

£

Other debtors

106,026

610,564

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

30.10.23

£

Trade creditors

4,940

10,240

Taxation and social security

67,095

63,606

Other creditors

19,400

69,937

91,435

143,783

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.10.24

30.10.23

£

Within one year

7,940

-

Between one and five years

9,264

-

17,204

-

9.	RELATED PARTY DISCLOSURES

Included in creditors as at 30th October 2024 is £15,497 owed to a related party. The loan is repayable on demand and interest free.