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REGISTERED NUMBER: 01265969 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Guildford Tyre Company Limited

Guildford Tyre Company Limited (Registered number: 01265969)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Guildford Tyre Company Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: C W L Sunderland
M C Sunderland





SECRETARY: M C Sunderland





REGISTERED OFFICE: 13-14 Woodbridge Meadows
Guildford
Surrey
GU1 1BA





REGISTERED NUMBER: 01265969 (England and Wales)





ACCOUNTANTS: Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Guildford Tyre Company Limited

The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors 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 Guildford Tyre Company Limited for the year ended 30 June 2023 which comprise the Profit and loss account, Balance Sheet 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 Board of Directors of Guildford Tyre Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Guildford Tyre Company Limited and state those matters that we have agreed to state to the Board of Directors of Guildford Tyre Company Limited, as a body, 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 Guildford Tyre Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Guildford Tyre Company Limited 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 Guildford Tyre Company Limited. You consider that Guildford Tyre Company Limited 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 Guildford Tyre Company Limited. 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.






Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY


25 September 2023

Guildford Tyre Company Limited (Registered number: 01265969)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,943,525 2,075,092
Investments 5 2 2
1,943,527 2,075,094

CURRENT ASSETS
Stocks 478,345 510,626
Debtors 6 419,618 382,661
Cash at bank and in hand 95,364 109
993,327 893,396
CREDITORS
Amounts falling due within one year 7 1,090,213 1,106,042
NET CURRENT LIABILITIES (96,886 ) (212,646 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,846,641 1,862,448

CREDITORS
Amounts falling due after more than one
year

8

365,343

426,444
NET ASSETS 1,481,298 1,436,004

CAPITAL AND RESERVES
Called up share capital 1,560 1,560
Capital redemption reserve 940 940
Retained earnings 1,478,798 1,433,504
SHAREHOLDERS' FUNDS 1,481,298 1,436,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

Guildford Tyre Company Limited (Registered number: 01265969)

Balance Sheet - continued
30 June 2023


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:





M C Sunderland - Director


Guildford Tyre Company Limited (Registered number: 01265969)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Guildford Tyre Company 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 (£).


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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the Company for a period of at least twelve months from the anticipated date of signing of the financial statements and are satisfied that the Company will be able to meet its liabilities as they fall due.

Turnover
Turnover represents the value of tyre and vehicle parts supplied together with repair and MOT services undertaken on vehicles during the period, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Assets are stated at cost and are capitalized where over £500.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Guildford Tyre Company Limited (Registered number: 01265969)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company make employee pension contributions under an Auto-Enrolment group scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Guildford Tyre Company Limited (Registered number: 01265969)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 43 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST
At 1 July 2022 621,306 1,199,010 593,995
Additions - - 3,407
Disposals - - -
At 30 June 2023 621,306 1,199,010 597,402
DEPRECIATION
At 1 July 2022 111,150 209,353 176,229
Charge for year 8,144 19,032 53,336
Eliminated on disposal - - -
At 30 June 2023 119,294 228,385 229,565
NET BOOK VALUE
At 30 June 2023 502,012 970,625 367,837
At 30 June 2022 510,156 989,657 417,766

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 744,933 113,998 114,761 3,388,003
Additions 11,807 2,674 - 17,888
Disposals - - (35,773 ) (35,773 )
At 30 June 2023 756,740 116,672 78,988 3,370,118
DEPRECIATION
At 1 July 2022 607,136 101,684 107,359 1,312,911
Charge for year 59,812 5,791 2,740 148,855
Eliminated on disposal - - (35,173 ) (35,173 )
At 30 June 2023 666,948 107,475 74,926 1,426,593
NET BOOK VALUE
At 30 June 2023 89,792 9,197 4,062 1,943,525
At 30 June 2022 137,797 12,314 7,402 2,075,092

Guildford Tyre Company Limited (Registered number: 01265969)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 2
NET BOOK VALUE
At 30 June 2023 2
At 30 June 2022 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Gatwick Tyre Co Limited
Registered office: 13-14 Woodbridge Meadows, Guildford, Surrey, GU1 1BA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 2 2

Cranleigh Tyre Co Limited
Registered office: 13-14 Woodbridge Meadows, Guildford, Surrey, GU1 1BA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 2 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 261,076 243,876
Other debtors 158,542 138,785
419,618 382,661

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts - 141,395
Trade creditors 693,356 705,510
Taxation and social security 187,440 121,492
Other creditors 209,417 137,645
1,090,213 1,106,042

Guildford Tyre Company Limited (Registered number: 01265969)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Other creditors 365,343 426,444

Amounts falling due in more than five years:

Repayable by instalments
Loan in excess 5 years 71,190 144,332

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.23 30.6.22
£    £   
Within one year 168,140 167,786
Between one and five years 520,861 588,567
In more than five years 1,274,321 1,365,432
1,963,322 2,121,785

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank overdraft - 141,395
Bank loans and mortgages 430,949 663,810
430,949 805,205

The bank overdraft, loans and mortgages are secured by a fixed and floating charge over the assets and property of the company.