Ye Corner Tyres Ltd - Accounts to registrar (filleted) - small 23.1.2

Ye Corner Tyres Ltd - Accounts to registrar (filleted) - small 23.1.2

YE CORNER TYRES LTD - Company Information

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REGISTERED NUMBER: 10354876 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2022

for

Ye Corner Tyres Ltd
Ye Corner Tyres Ltd (Registered number: 10354876)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ye Corner Tyres Ltd

Company Information
for the Year Ended 30 September 2022







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
Greenhill House
26 Greenhill Crescent
Watford
Hertfordshire
WD18 8JA
Page 1
Ye Corner Tyres Ltd (Registered number: 10354876)

Balance Sheet
30 September 2022

30.9.22 30.9.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,581 38,893

CURRENT ASSETS
Stocks 125,000 95,000
Debtors 5 1,983 280
Cash in hand - 170
126,983 95,450
CREDITORS
Amounts falling due within one year 6 113,738 50,928
NET CURRENT ASSETS 13,245 44,522
TOTAL ASSETS LESS CURRENT
LIABILITIES
63,826
83,415

CREDITORS
Amounts falling due after more than
one year
7
63,420
82,250
NET ASSETS 406 1,165

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 405 1,164
406 1,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 notes form part of these financial statements

Page 2 continued...
Ye Corner Tyres Ltd (Registered number: 10354876)

Balance Sheet - continued
30 September 2022


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 29 June 2023 and were signed by:





H Hussini - Director


The notes form part of these financial statements

Page 3
Ye Corner Tyres Ltd (Registered number: 10354876)

Notes to the Financial Statements
for the Year Ended 30 September 2022

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.

Page 4 continued...
Ye Corner Tyres Ltd (Registered number: 10354876)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

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.

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 4 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2021 57,153 15,600 72,753
Additions - 20,784 20,784
At 30 September 2022 57,153 36,384 93,537
DEPRECIATION
At 1 October 2021 23,853 10,007 33,860
Charge for year 3,330 5,766 9,096
At 30 September 2022 27,183 15,773 42,956
NET BOOK VALUE
At 30 September 2022 29,970 20,611 50,581
At 30 September 2021 33,300 5,593 38,893

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Trade debtors 1,983 280

Page 5 continued...
Ye Corner Tyres Ltd (Registered number: 10354876)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Bank loans and overdrafts 26,837 2,289
Trade creditors 6,294 11,452
Taxation and social security 7,963 6,160
Other creditors 72,644 31,027
113,738 50,928

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.9.22 30.9.21
£    £   
Bank loans 39,455 55,132
Trade creditors 23,965 27,118
63,420 82,250

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 39,455 55,132

Page 6