Company Registration No. SC592878 (Scotland)
TYRESCANNER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TYRESCANNER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
TYRESCANNER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
77,336
255,822
Investments
5
1
116,566
77,337
372,388
Current assets
Debtors
7
1,750
1,290,555
Cash at bank and in hand
26,012
4,077
27,762
1,294,632
Creditors: amounts falling due within one year
8
(5,698)
(19,179)
Net current assets
22,064
1,275,453
Total assets less current liabilities
99,401
1,647,841
Creditors: amounts falling due after more than one year
9
(321,941)
(1,573,607)
Provisions for liabilities
(19,334)
-
0
Net (liabilities)/assets
(241,874)
74,234
Capital and reserves
Called up share capital
10
250,000
250,003
Share premium account
11
-
0
503
Capital redemption reserve
12
3
-
0
Profit and loss reserves
(491,877)
(176,272)
Total equity
(241,874)
74,234

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TYRESCANNER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2022 and are signed on its behalf by:
Mr P  Jarman-Williams
Director
Company Registration No. SC592878
TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Tyrescanner Limited is a private company limited by shares incorporated in Scotland. The registered office is 6a Randolph Crescent, Edinburgh, EH3 7TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10% Straight Line
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
2
TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2021
311,409
Additions
86,838
Disposals
(298,686)
At 31 December 2021
99,561
Amortisation and impairment
At 1 January 2021
55,587
Amortisation charged for the year
33,312
Disposals
(66,674)
At 31 December 2021
22,225
Carrying amount
At 31 December 2021
77,336
At 31 December 2020
255,822
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
1
116,566
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2021 & 31 December 2021
116,566
Impairment
At 1 January 2021
-
Impairment losses
116,565
At 31 December 2021
116,565
Carrying amount
At 31 December 2021
1
At 31 December 2020
116,566

The directors have carried out an impairment review and deemed the carrying value of the investment in Tirescanner.com Inc. is impaired to nil.

TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Tyrescanner.com Limited
Level 13 Broadgate Tower, 20 Primrose Street, London, EC2A 2EW
Provision of management and operational support services
Ordinary
100.00
Tirescanner.com Inc.
2140 South Dupont Highway, Campden, County Of Kent 19934, United States
Operation of an online market place for tyres
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Tyrescanner.com Limited
26,517
120,746
Tirescanner.com Inc.
(1,361,481)
(1,202,058)
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
819
-
0
Other debtors
931
10,967
1,750
10,967
2021
2020
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
1,279,588
Total debtors
1,750
1,290,555
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
-
0
2,152
Other creditors
5,698
17,027
5,698
19,179
TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to associated undertakings
321,941
1,573,607
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
250,000
250,000
250,000
250,000
Growth Shares of 0.1p each
0
2,526
-
0
3
250,000
252,526
250,000
250,003

On 26 November 2021, the company purchased and subsequently cancelled 2,526 Growth shares at issue price. The value of which has been transferred from distributable reserves to the capital redemption reserve and corresponding reduction in share premium.

11
Share premium account
2021
2020
£
£
At the beginning of the year
503
503
Share capital reduction
(503)
-
0
At the end of the year
-
0
503
12
Capital redemption reserve
2021
2020
£
£
At the beginning of the year
-
0
-
0
Transfers
3
-
At the end of the year
3
-
0
13
Related party transactions
TYRESCANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13
Related party transactions
(Continued)
- 9 -

Included within creditors are the following amounts due to two companies in which M Welch is also a director of:

 

The Welch Group Limited: £301,613 (2020 - £1,534,905),

 

The Welch Group Consulting Limited: £nil (2020 - £38,703).

 

Also included within creditors are amounts due to FCP Property Ltd of £nil (2020 - £5,100), a company in which M Welch and P Jarman-Williams are also directors of. There are no fixed terms for repayment on any of these amounts.

 

The directors have carried out an impairment review on the investment and loan debtor relationship with the subsidiary Tirescanner.com Inc. They have determined that there is no current expectation of return on investment or repayment. As such both of these assets have been impaired to nil value as at the balance sheet date. The impairment loss charge in the period was £862,283.

 

The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

2021-12-312021-01-01false25 July 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr M WelchMr P Jarman-WilliamsSC5928782021-01-012021-12-31SC5928782021-12-31SC5928782020-12-31SC592878core:IntangibleAssetsOtherThanGoodwill2021-12-31SC592878core:IntangibleAssetsOtherThanGoodwill2020-12-31SC592878core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC592878core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31SC592878core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC592878core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-31SC592878core:CurrentFinancialInstruments2021-12-31SC592878core:CurrentFinancialInstruments2020-12-31SC592878core:ShareCapital2021-12-31SC592878core:ShareCapital2020-12-31SC592878core:SharePremium2021-12-31SC592878core:SharePremium2020-12-31SC592878core:CapitalRedemptionReserve2021-12-31SC592878core:CapitalRedemptionReserve2020-12-31SC592878core:RetainedEarningsAccumulatedLosses2021-12-31SC592878core:RetainedEarningsAccumulatedLosses2020-12-31SC592878core:ShareCapitalOrdinaryShares2021-12-31SC592878core:ShareCapitalOrdinaryShares2020-12-31SC592878core:SharePremium2020-12-31SC592878core:SharePremium2019-12-31SC592878core:CapitalRedemptionReservecore:RestatedAmount2020-12-31SC592878core:CapitalRedemptionReservecore:RestatedAmount2019-12-31SC592878bus:Director22021-01-012021-12-31SC592878core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-31SC592878core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-01-012021-12-31SC5928782020-01-012020-12-31SC592878core:IntangibleAssetsOtherThanGoodwill2020-12-31SC592878core:Subsidiary12021-01-012021-12-31SC592878core:Subsidiary22021-01-012021-12-31SC592878core:Subsidiary112021-01-012021-12-31SC592878core:Subsidiary222021-01-012021-12-31SC592878core:Subsidiary12021-12-31SC592878core:Subsidiary22021-12-31SC592878core:WithinOneYear2021-12-31SC592878core:WithinOneYear2020-12-31SC592878core:Non-currentFinancialInstruments2021-12-31SC592878core:Non-currentFinancialInstruments2020-12-31SC592878bus:OrdinaryShareClass12021-01-012021-12-31SC592878bus:OrdinaryShareClass22021-01-012021-12-31SC592878bus:OrdinaryShareClass12021-12-31SC592878bus:OrdinaryShareClass12020-12-31SC592878bus:OrdinaryShareClass12020-01-012020-12-31SC592878bus:OrdinaryShareClass22020-01-012020-12-31SC592878bus:OrdinaryShareClass22021-12-31SC592878bus:OrdinaryShareClass22020-12-31SC592878core:SharePremium2021-01-012021-12-31SC592878core:SharePremium2020-01-012020-12-31SC592878bus:PrivateLimitedCompanyLtd2021-01-012021-12-31SC592878bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC592878bus:FRS1022021-01-012021-12-31SC592878bus:AuditExempt-NoAccountantsReport2021-01-012021-12-31SC592878bus:Director12021-01-012021-12-31SC592878bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP