Tt Auto Centres Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 08267874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Tt Auto Centres Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C Robinson

D F Arthurs

SECRETARY:

Mrs C Robinson

REGISTERED OFFICE:

A11 City Industrial Estate

Western Road

Hockley

Birmingham

West Midlands

B18 7QD

REGISTERED NUMBER:

08267874 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

FIXED ASSETS

Property, plant and equipment

5

1,340

1,740

CURRENT ASSETS

Inventories

6

7,291

9,023

Debtors

7

29,639

27,528

Cash at bank

1,823

291

38,753

36,842

CREDITORS

Amounts falling due within one year

8

173,313

143,171

NET CURRENT LIABILITIES

(134,560

)

(106,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(133,220

)

(104,589

)

CREDITORS

Amounts falling due after more than one year

9

22,181

30,688

NET LIABILITIES

(155,401

)

(135,277

)

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

12

(155,402

)

(135,278

)

SHAREHOLDERS' FUNDS

(155,401

)

(135,277

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 31 July 2023 and were signed on its behalf by:

D F Arthurs - Director

1.	STATUTORY INFORMATION

Tt Auto Centres 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 company's trading address is Church Road, Perry Barr, Birmingham.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that accounting standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At 31 December 2022, the company had net current liabilities of £134,560, however the directors are confident that the company will be able to operate within its agreed banking facilities in the forthcoming year.

The directors consider, in preparing these financial statements, that they have taken into account all information that could reasonably be expected to be available when considering whether the company is a going concern. As a result, the directors consider that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would arise should the company be unable to continue trading.

Turnover

Revenue 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 each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% 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.

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.

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.

Loans from directors

As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 4 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

and 31 December 2022

4,945

718

1,364

7,027

DEPRECIATION

At 1 January 2022

3,760

555

972

5,287

Charge for year

237

33

130

400

At 31 December 2022

3,997

588

1,102

5,687

NET BOOK VALUE

At 31 December 2022

948

130

262

1,340

At 31 December 2021

1,185

163

392

1,740

6.	INVENTORIES

31.12.22

31.12.21

£

£

Stocks

7,291

9,023

7.

DEBTORS

31.12.22

31.12.21

£

£

Amounts falling due within one year:

Trade debtors

1,982

1,798

Other debtors

23,151

21,023

Prepayments and accrued income

1,129

1,330

26,262

24,151

Amounts falling due after more than one year:

Other debtors

3,377

3,377

Aggregate amounts

29,639

27,528

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

8,490

8,272

Trade creditors

9,019

8,783

Tax

3,377

3,377

Social security and other taxes

43,839

35,701

Other creditors

797

600

Directors' current accounts

62,035

41,212

Accruals and deferred income

45,756

45,226

173,313

143,171

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans due after one year

8,710

30,688

Bank loans - 2-5 years

13,471

-

22,181

30,688

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

9,600

9,600

Between one and five years

8,000

17,600

17,600

27,200

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

earnings

£

At 1 January 2022

(135,278

)

Deficit for the year

(20,124

)

At 31 December 2022

(155,402

)

13.	CAPITAL COMMITMENTS

31.12.22

31.12.21

£

£

Contracted but not provided for in the

financial statements

-

-

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

Mrs C Robinson

Balance outstanding at start of year

13,507

13,507

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,507

13,507

The director's current account is unsecured and interest free with no specific repayment terms.

15.	RELATED PARTY DISCLOSURES

In the year under review, the company received loans from members of key management personnel and at the balance sheet date the company owed £62,035 (2021 - £41,212) in respect of these loans. These loans are unsecured and interest free with no specific repayment terms and is presented within creditors due within one year.