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REGISTERED NUMBER: 04503396 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED

Company Information
for the year ended 31 August 2023







DIRECTORS: P A Dancer
S Dancer
D Dancer
J Dancer
M Dancer





SECRETARY: S Dancer





REGISTERED OFFICE: Winterstoke Road
Weston Super Mare
North Somerset
BS24 9AA





REGISTERED NUMBER: 04503396 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Formula First Tyre-Exhaust & Auto Centre
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 Formula First Tyre-Exhaust & Auto Centre Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Formula First Tyre-Exhaust & Auto Centre 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 Formula First Tyre-Exhaust & Auto Centre Limited and state those matters that we have agreed to state to the Board of Directors of Formula First Tyre-Exhaust & Auto Centre 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 Formula First Tyre-Exhaust & Auto Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Formula First Tyre-Exhaust & Auto Centre 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 Formula First Tyre-Exhaust & Auto Centre Limited. You consider that Formula First Tyre-Exhaust & Auto Centre 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 Formula First Tyre-Exhaust & Auto Centre 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.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


11 March 2024

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,000 24,000
Tangible assets 5 298,409 175,634
310,409 199,634

CURRENT ASSETS
Stocks 51,619 49,836
Debtors 6 52,470 52,767
Cash at bank and in hand 450,498 505,301
554,587 607,904
CREDITORS
Amounts falling due within one year 7 407,158 423,219
NET CURRENT ASSETS 147,429 184,685
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,838

384,319

CREDITORS
Amounts falling due after more than one
year

8

(22,500

)

(32,500

)

PROVISIONS FOR LIABILITIES 10 (73,550 ) (30,474 )
NET ASSETS 361,788 321,345

CAPITAL AND RESERVES
Called up share capital 11 10 10
Retained earnings 361,778 321,335
SHAREHOLDERS' FUNDS 361,788 321,345

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.

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

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 8 March 2024 and were signed on its behalf by:





P A Dancer - Director


FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Formula First Tyre-Exhaust & Auto Centre 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 represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when goods are supplied and services are rendered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

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.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% 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.

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, loans from banks and other third parties.

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 the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

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.


FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and lease
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 31 ) .

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 60,000
AMORTISATION
At 1 September 2022 36,000
Amortisation for year 12,000
At 31 August 2023 48,000
NET BOOK VALUE
At 31 August 2023 12,000
At 31 August 2022 24,000

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 14,000 398,579 54,353 466,932
Additions 130,023 22,173 12,164 164,360
At 31 August 2023 144,023 420,752 66,517 631,292
DEPRECIATION
At 1 September 2022 - 272,616 18,682 291,298
Charge for year - 29,627 11,958 41,585
At 31 August 2023 - 302,243 30,640 332,883
NET BOOK VALUE
At 31 August 2023 144,023 118,509 35,877 298,409
At 31 August 2022 14,000 125,963 35,671 175,634

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,644 27,560
Other debtors 21,826 25,207
52,470 52,767

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 197,478 249,798
Taxation and social security 195,945 158,412
Other creditors 3,735 5,009
407,158 423,219

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,500 32,500

Within bank loans is a government supported bounce back loan.

The Formula 1st Retirment Benefits Scheme has a debenture charge dated December 2008 over all the present and future assets of the company.

9. LEASING AGREEMENTS
At the year end the company was committed to making operating lease payments totalling £123,145 (2022: £189,794).

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 73,550 30,474

Deferred
tax
£   
Balance at 1 September 2022 30,474
Accelerated capital allowances 43,076
Balance at 31 August 2023 73,550

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6 A Ordinary £1 6 6
2 B Ordinary £1 2 2
2 C Ordinary £1 2 2
10 10

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE
LIMITED (REGISTERED NUMBER: 04503396)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

11. CALLED UP SHARE CAPITAL - continued

The shares in each class carry equal voting rights to those of every other class.

The rights of the class A shares upon winding up or disposal of the company are to be capped at their current value as at the date of a written resolution dated 26 November 2003. Class A shares will have first call on the assets of the company in the event of a winding up or disposal.

Class B shares will have rights over surplus assets upon winding up or disposal once the rights of the class A shares have been satisfied.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the directors owed £348 (2022: £348). During the year £0 (2022: £320,182) was advanced and £0 (2022: £320,182) was repaid.

13. CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.