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REGISTERED NUMBER: NI019153 (Northern Ireland)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

PHILIP WHITE TYRES LIMITED

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHILIP WHITE TYRES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Liam White



SECRETARY: Karen Loye



REGISTERED OFFICE: Station Road Industrial Estate
Loughall Road
Armagh
Co. Armagh
BT61 7NP



REGISTERED NUMBER: NI019153 (Northern Ireland)



ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH



BANKERS: Ulster Bank
Danesfort
Stranmillis Road
Belfast
BT9 5UB

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Balance Sheet
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,753,013 1,707,268
1,753,013 1,707,268

CURRENT ASSETS
Stocks 1,436,037 1,346,320
Debtors 6 1,416,185 1,699,609
Cash at bank 405,918 558,871
3,258,140 3,604,800
CREDITORS
Amounts falling due within one year 7 3,067,952 3,487,296
NET CURRENT ASSETS 190,188 117,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,943,201

1,824,772

CREDITORS
Amounts falling due after more than one
year

8

502,460

345,952
NET ASSETS 1,440,741 1,478,820

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 59,440 59,440
Revaluation reserve 9 366,182 432,429
Retained earnings 1,005,119 976,951
SHAREHOLDERS' FUNDS 1,440,741 1,478,820

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Balance Sheet - continued
31 MARCH 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 director and authorised for issue on 28 March 2024 and were signed by:





Liam White - Director


PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Philip White Tyres Limited is a private company, limited by shares , registered in Northern Ireland. 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.

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 - Over 50 years
Long leasehold property - Over the lease term
Plant and machinery - 15-25% Straight line

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.

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.

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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 34 (2022 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 89,345
AMORTISATION
At 1 April 2022
and 31 March 2023 89,345
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022 1,180,000 2,730,761 702,799 4,613,560
Additions - 217,784 42,621 260,405
Disposals - (9,500 ) (19,795 ) (29,295 )
At 31 March 2023 1,180,000 2,939,045 725,625 4,844,670
DEPRECIATION
At 1 April 2022 84,562 2,302,828 518,902 2,906,292
Charge for year 23,597 129,263 53,552 206,412
Eliminated on disposal - (9,500 ) (11,547 ) (21,047 )
At 31 March 2023 108,159 2,422,591 560,907 3,091,657
NET BOOK VALUE
At 31 March 2023 1,071,841 516,454 164,718 1,753,013
At 31 March 2022 1,095,438 427,933 183,897 1,707,268

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 1,268,278 1,486,518
Other debtors 147,907 213,091
1,416,185 1,699,609

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 948,284 1,220,791
Other loans 41,916 57,946
Hire purchase contracts 93,921 42,074
Trade creditors 1,848,375 2,036,118
Social security and other taxes 36,477 46,106
VAT 51,562 55,629
Other creditors 47,417 28,632
3,067,952 3,487,296

The bank loans and overdrafts are secured by fixed and floating charges over the company's property and other assets. Hire purchase liabilities are secured on the assets concerned.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans - 1-2 years 18,000 68,453
Bank loans - 2-5 years 54,000 199,056
Bank loans more 5 yr 213,698 -
Hire purchase contracts 216,762 78,443
502,460 345,952

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 213,698 -

The bank loans and overdrafts are secured by fixed and floating charges over the company's property and other assets. Hire purchase liabilities are secured on the assets concerned.

PHILIP WHITE TYRES LIMITED (REGISTERED NUMBER: NI019153)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. RESERVES
Revaluation
reserve
£   
At 1 April 2022 432,429
Translation adjustment (66,247 )

At 31 March 2023 366,182

10. RELATED PARTY DISCLOSURES

Included within other loans of £41,916 is an amount of £4,990 representing loans from family members of the director.

11. ULTIMATE CONTROLLING PARTY

Subsequent to the year-end the share capital of the company was acquired by Philip White Tyres (Holdings) Limited, a company registered in Northern Ireland and controlled by Mr Liam White.