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REGISTERED NUMBER: 05902063 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

DISCOUNT TYRE DIRECT LIMITED

DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DISCOUNT TYRE DIRECT LIMITED

COMPANY INFORMATION
For The Year Ended 31 August 2023







DIRECTORS: Mr G M Rogers
Mrs B Rogers
Mr R Kelleway





SECRETARY: Mr N Belton FCCA MA (Hons)





REGISTERED OFFICE: The Old Market House
72 High Street
STEYNING
West Sussex
BN44 3RD





REGISTERED NUMBER: 05902063 (England and Wales)





ACCOUNTANTS: Beltons Public Accountants Ltd
The Old Market House
72 High Street
Steyning
West Sussex
BN44 3RD

DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 42,862 56,947
42,862 56,947

CURRENT ASSETS
Stocks 6 103,139 94,529
Debtors 7 89,687 83,990
Investments 8 354,937 354,937
Cash at bank 351,534 233,195
899,297 766,651
CREDITORS
Amounts falling due within one year 9 259,862 241,074
NET CURRENT ASSETS 639,435 525,577
TOTAL ASSETS LESS CURRENT
LIABILITIES

682,297

582,524

PROVISIONS FOR LIABILITIES 10,289 11,373
NET ASSETS 672,008 571,151

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 672,006 571,149
SHAREHOLDERS' FUNDS 672,008 571,151

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

BALANCE SHEET - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:




Mr G M Rogers - Director



Mrs B Rogers - Director


DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2023

1. STATUTORY INFORMATION

Discount Tyre Direct 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, 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 - 25% on reducing balance
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - at variable rates 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 balance sheet date.


DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 740,000
AMORTISATION
At 1 September 2022
and 31 August 2023 740,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 69,559 26,990 62,535 5,064 164,148
Additions 527 - - - 527
Disposals (1,993 ) (4,641 ) - - (6,634 )
At 31 August 2023 68,093 22,349 62,535 5,064 158,041
DEPRECIATION
At 1 September 2022 42,888 23,474 37,030 3,809 107,201
Charge for year 6,789 1,040 6,376 314 14,519
Eliminated on disposal (1,951 ) (4,590 ) - - (6,541 )
At 31 August 2023 47,726 19,924 43,406 4,123 115,179
NET BOOK VALUE
At 31 August 2023 20,367 2,425 19,129 941 42,862
At 31 August 2022 26,671 3,516 25,505 1,255 56,947

6. STOCKS
2023 2022
£    £   
Stocks 103,139 94,529

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 76,132 71,099
Other debtors 13,555 12,891
89,687 83,990

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 354,937 354,937

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 172,470 189,112
Taxation and social security 83,152 47,714
Other creditors 4,240 4,248
259,862 241,074

DISCOUNT TYRE DIRECT LIMITED (REGISTERED NUMBER: 05902063)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 August 2023

10. OTHER FINANCIAL COMMITMENTS

There were no capital, secured or other financial commitments at the year end.