Iverson Tyres Limited 31/03/2023 iXBRL

Iverson Tyres Limited 31/03/2023 iXBRL

IVERSON TYRES LIMITED - Company Information

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0 0 0 31/03/2023 2023-03-31 false false false false false false false false false true true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 2681058 2022-04-01 2023-03-31 2681058 2023-03-31 2681058 2021-04-01 2022-03-31 2681058 2022-03-31 2681058 2021-03-31 2681058 bus:RegisteredOffice 2022-04-01 2023-03-31 2681058 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 2681058 bus:Director1 2022-04-01 2023-03-31 2681058 core:WithinOneYear 2022-03-31 2681058 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 2681058 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 2681058 core:ShareCapital 2023-03-31 2681058 core:ShareCapital 2022-03-31 2681058 core:ShareCapital 2021-03-31 2681058 core:RetainedEarningsAccumulatedLosses 2021-03-31 2681058 bus:SmallEntities 2022-04-01 2023-03-31 2681058 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 2681058 bus:FullAccounts 2022-04-01 2023-03-31 2681058 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 2681058 bus:EntityNoLongerTradingButTradedInPast 2022-04-01 2023-03-31 2681058 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 2681058
Iverson Tyres Limited
Unaudited filleted financial statements
31 March 2023
Iverson Tyres Limited
Contents
Directors and other information
Accountants report
Balance sheet
Statement of changes in equity
Notes to the financial statements
Iverson Tyres Limited
Directors and other information
Directors Mr D J Gardner
Company number 2681058
Registered office 2 Tolherst Court
Turkey Mill Business Park
Ashford Road, Maidstone
Kent
ME14 5SF
Business address 2 Penn Road
Beaconsfield
Buckinghamshire
HP9 2PE
Accountants Couch Bright King & Co
2 Tolherst Court
Turkey Mill Business Park
Ashford Road, Maidstone
Kent
ME14 5SF
Iverson Tyres Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Iverson Tyres Limited
Year ended 31st March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iverson Tyres Limited for the year ended 31st March 2023 which comprise the Balance Sheet, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Couch Bright King & Co
Chartered Accountants
2 Tolherst Court
Turkey Mill Business Park
Ashford Road, Maidstone
Kent
ME14 5SF
19th December 2023
Iverson Tyres Limited
Balance sheet
31st March 2023
2023 2022
Note £ £ £ £
Intangible assets - -
Current assets
Debtors 5 50,100 705,134
_________ _________
50,100 705,134
Creditors: amounts falling due
within one year 6 - ( 655,034)
_________ _________
Net current assets 50,100 50,100
_________ _________
Total assets less current liabilities 50,100 50,100
_________ _________
Net assets 50,100 50,100
_________ _________
Capital and reserves
Called up share capital 50,100 50,100
_________ _________
Shareholders funds 50,100 50,100
_________ _________
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:
Mr D J Gardner
Director
Company registration number: 2681058
Iverson Tyres Limited
Statement of changes in equity
Year ended 31st March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1st April 2021 50,100 1,669,884 2,955,856
Profit for the year 279,170 279,170
_________ _________ _________
Total comprehensive income for the year - 279,170 279,170
User defined investments by and distributions to owners movement 1 - ( 1,949,054) ( 3,184,926)
_________ _________ _________
Total investments by and distributions to owners - ( 1,949,054) ( 3,184,926)
_________ _________ _________
At 31st March 2022 and 1st April 2022 50,100 - 50,100
Profit for the year - -
_________ _________ _________
Total comprehensive income for the year - - -
_________ _________ _________
At 31st March 2023 50,100 - 50,100
_________ _________ _________
Iverson Tyres Limited
Notes to the financial statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 2 Tolherst Court, Turkey Mill Business Park, Ashford Road, Maidstone, Kent, ME14 5SF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with applicable Accounting Standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements are prepared on a basis other than going concern as the trade and assets of the company were sold on the 30th November 2021.
Group Accounts
The company is a wholly owned subsidiary of Iverson Group Holding Limited, which is exempt by virtue of Section 399 (2A) of the Companies Act 2006 from the requirement to prepare group accounts. These financial statements are the companies separate financial statements.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 33 ).
5. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 50,100 664,958
Other debtors - 40,176
_________ _________
50,100 705,134
_________ _________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 282,275
Corporation tax - 68,096
Social security and other taxes - 17,470
Other creditors - 287,193
_________ _________
- 655,034
_________ _________
7. Related party transactions
During the year the company made a distribution of £15,232 to Iverson Group Holdings Limited, its parent company which owns 100% of the share capital.