Tyres Life UK Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11243309 (England and Wales)

Tyres Life UK Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 December 2023

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs Z M Korel

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

11243309 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyres Life UK Ltd for the year ended 31 December 2023 which comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Tyres Life UK Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyres Life UK Ltd and state those matters that we have agreed to state to the director of Tyres Life UK Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyres Life UK Ltd and its director for our work or for this report.

It is your duty to ensure that Tyres Life UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tyres Life UK Ltd. You consider that Tyres Life UK Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tyres Life UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

8 March 2024

FIXED ASSETS

Property, plant and equipment

4

59,340

72,749

CURRENT ASSETS

Inventories

2,470,859

3,541,513

Debtors

5

2,095,332

1,134,890

Cash at bank and in hand

44,585

222,021

4,610,776

4,898,424

CREDITORS

Amounts falling due within one year

6

7,128,692

7,285,103

NET CURRENT LIABILITIES

(2,517,916

)

(2,386,679

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,458,576

)

(2,313,930

)

CREDITORS

Amounts falling due after more than one year

7

13,317

168,550

NET LIABILITIES

(2,471,893

)

(2,482,480

)

CAPITAL AND RESERVES

Called up share capital

8

101,000

101,000

Retained earnings

9

(2,572,893

)

(2,583,480

)

SHAREHOLDERS' FUNDS

(2,471,893

)

(2,482,480

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 March 2024 and were signed by:

Mrs Z M Korel - Director

1.	STATUTORY INFORMATION

Tyres Life UK 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.

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.

Turnover

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

Turnover is derived from the ordinary trading activities of the business and is recognised when the customers take delivery of their goods.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

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

It is valued on first in first out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2023

11,812

16,785

78,015

106,612

Additions

2,227

660

3,685

6,572

Disposals

-

-

(7,285

)

(7,285

)

At 31 December 2023

14,039

17,445

74,415

105,899

DEPRECIATION

At 1 January 2023

4,585

4,539

24,739

33,863

Charge for year

2,302

3,227

10,627

16,156

Eliminated on disposal

-

-

(3,460

)

(3,460

)

At 31 December 2023

6,887

7,766

31,906

46,559

NET BOOK VALUE

At 31 December 2023

7,152

9,679

42,509

59,340

At 31 December 2022

7,227

12,246

53,276

72,749

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,993,773

1,068,406

Other debtors

101,559

66,484

2,095,332

1,134,890

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

995,923

816,827

Trade creditors

1,444,941

1,269,211

Taxation and social security

287,249

171,280

Other creditors

4,400,579

5,027,785

7,128,692

7,285,103

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

13,317

168,550

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100,000

Ordinary

£1

101,000

101,000

9.

RESERVES

Retained

earnings

£

At 1 January 2023

(2,583,480

)

Profit for the year

10,587

At 31 December 2023

(2,572,893

)

10.	RELATED PARTY DISCLOSURES

Included in other creditors are amounts due to key management personnel at balance sheet date of £55,392 (2022: £55,392). No interest is charged on this balance and it is repayable on demand.

Included in other creditors are amounts due to a shareholder at balance sheet date of £491,720 (2022: £957,262). No interest is charged on this balance and it is repayable on demand.

Transactions/balances with companies under common control:

2023

2022

£

£

Sales

24,546

104,004

Purchases

1,050,485

964,746

Trade debtors

29,733

242

Trade creditors

982,840

175,662

Loan balance owed to related party

3,823,074

3,920,400

Loan balance owed from related party

5,500

-