G W Tyres (Wakefield) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05168678 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

G W TYRES (WAKEFIELD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Margaret Wood

Mrs E L Davies

R Davies

REGISTERED OFFICE:

6 Woods Court

Flanshaw Way

Wakefield

West Yorkshire

WF2 9LR

REGISTERED NUMBER:

05168678 (England and Wales)

ACCOUNTANTS:

Brosnans

Chartered Accountants

Birkby House

Bailiff Bridge

Brighouse

West Yorkshire

HD6 4JJ

FIXED ASSETS

Tangible assets

4

168,256

120,742

CURRENT ASSETS

Stocks

275,847

208,161

Debtors

5

650,165

636,462

Cash at bank and in hand

24,311

149,883

950,323

994,506

CREDITORS

Amounts falling due within one year

6

(618,155

)

(662,992

)

NET CURRENT ASSETS

332,168

331,514

TOTAL ASSETS LESS CURRENT LIABILITIES

500,424

452,256

CREDITORS

Amounts falling due after more than one year

7

(33,667

)

(3,605

)

PROVISIONS FOR LIABILITIES

(9,332

)

(11,329

)

NET ASSETS

457,425

437,322

CAPITAL AND RESERVES

Called up share capital

8

1,250

1,250

Retained earnings

456,175

436,072

SHAREHOLDERS' FUNDS

457,425

437,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 27 July 2022 and were signed on its behalf by:

Mrs E L Davies - Director

1.	STATUTORY INFORMATION

G W Tyres (Wakefield) Limited 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 (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Plant and machinery etc

-

25% on cost and 15% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

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 13 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

466,673

Additions

95,389

Disposals

(17,250

)

At 31 May 2022

544,812

DEPRECIATION

At 1 June 2021

345,931

Charge for year

47,875

Eliminated on disposal

(17,250

)

At 31 May 2022

376,556

NET BOOK VALUE

At 31 May 2022

168,256

At 31 May 2021

120,742

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

606,873

575,055

Other debtors

43,292

61,407

650,165

636,462

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

19,908

14,418

Trade creditors

562,451

563,163

Taxation and social security

26,262

68,042

Other creditors

9,534

17,369

618,155

662,992

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

33,667

3,605

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

1,250

1,250