Ye Corner Tyres Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10354876 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Ye Corner Tyres Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Hussini

REGISTERED OFFICE:

Unit 21a Tolpits Lane

Moor Park Industrial Estate

Watford

Hertfordshire

WD18 9SP

REGISTERED NUMBER:

10354876 (England and Wales)

ACCOUNTANTS:

Universal Accountancy Ltd

Park House

15-19 Greenhill Crescent

Watford

Hertfordshire

WD18 8PH

FIXED ASSETS

Tangible assets

4

38,893

49,134

CURRENT ASSETS

Stocks

95,000

72,000

Debtors

5

280

5,911

Cash at bank and in hand

170

9,485

95,450

87,396

CREDITORS

Amounts falling due within one year

6

50,928

121,247

NET CURRENT ASSETS/(LIABILITIES)

44,522

(33,851

)

TOTAL ASSETS LESS CURRENT LIABILITIES

83,415

15,283

CREDITORS

Amounts falling due after more than one year

7

82,250

14,876

NET ASSETS

1,165

407

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,164

406

1,165

407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 20 April 2022 and were signed by:

H Hussini - Director

1.	STATUTORY INFORMATION

Ye Corner Tyres Ltd 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.

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 the cost less estimated residual value of each asset over its estimated useful life.

Stocks

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

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

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 4 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2020

and 30 September 2021

57,153

15,600

72,753

DEPRECIATION

At 1 October 2020

16,409

7,210

23,619

Charge for year

7,444

2,797

10,241

At 30 September 2021

23,853

10,007

33,860

NET BOOK VALUE

At 30 September 2021

33,300

5,593

38,893

At 30 September 2020

40,744

8,390

49,134

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

280

221

Other debtors

-

5,690

280

5,911

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

2,289

51,782

Trade creditors

11,452

47,069

Taxation and social security

6,160

644

Other creditors

31,027

21,752

50,928

121,247

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans

55,132

13,749

Trade creditors

27,118

-

Other creditors

-

1,127

82,250

14,876

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

55,132

13,749