On Site Tyres (Eaton Socon) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05214188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

ON SITE TYRES (EATON SOCON) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R Stockley

SECRETARY:

Mrs T Stockley

REGISTERED OFFICE:

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

REGISTERED NUMBER:

05214188 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

25,822

31,127

25,823

31,128

CURRENT ASSETS

Stocks

19,965

19,669

Debtors

6

89,329

73,050

Cash at bank

63,915

49,928

173,209

142,647

CREDITORS

Amounts falling due within one year

7

110,548

100,578

NET CURRENT ASSETS

62,661

42,069

TOTAL ASSETS LESS CURRENT LIABILITIES

88,484

73,197

CREDITORS

Amounts falling due after more than one year

8

-

(12,000

)

PROVISIONS FOR LIABILITIES

(5,268

)

(5,915

)

NET ASSETS

83,216

55,282

CAPITAL AND RESERVES

Called up share capital

97

114

Other reserves

103

86

Retained earnings

83,016

55,082

SHAREHOLDERS' FUNDS

83,216

55,282

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 15 May 2024 and were signed by:

Mr R Stockley - Director

1.	STATUTORY INFORMATION

On Site Tyres (Eaton Socon) 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.

Revenue

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

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. The following criteria must also be met before revenue is recognised:

Supply of goods

Revenue is recognised when goods are delivered and supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten 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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

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 6 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2022

and 31 October 2023

60,000

AMORTISATION

At 1 November 2022

and 31 October 2023

59,999

NET BOOK VALUE

At 31 October 2023

1

At 31 October 2022

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2022

103,142

Additions

2,195

At 31 October 2023

105,337

DEPRECIATION

At 1 November 2022

72,015

Charge for year

7,500

At 31 October 2023

79,515

NET BOOK VALUE

At 31 October 2023

25,822

At 31 October 2022

31,127

Included within plant and machinery are assets held under hire purchase agreements. The net book value of these assets amounted to £Nil at 31 October 2023 (2022: £14,292) and depreciation of £Nil (2022: £4,764) was charged for the year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

88,839

71,669

Other debtors

490

1,381

89,329

73,050

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

-

4,970

Trade creditors

67,653

48,736

Taxation and social security

23,514

21,512

Other creditors

19,381

25,360

110,548

100,578

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

-

12,000

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023

2022

£

£

Mr R Stockley

Balance outstanding at start of year

-

1,834

Amounts repaid

-

(1,834

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above interest free loan was repaid in January 2022.

10.	RELATED PARTY DISCLOSURES

The director provided the company with a interest free loans during the period and at the 31 October 2023 £2,895 (2022 £7,926) was owed.