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REGISTERED NUMBER: 08996025 (England and Wales)
















Financial Statements

for the Year Ended 31 May 2023

for

Chris Mullins Tyres (South West) Limited
Trading as
Chris Mullins Tyres

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Report of the Accountants 2

Statement of Income and Retained Earnings 3

Balance Sheet 4

Notes to the Financial Statements 6


Chris Mullins Tyres (South West) Limited
Trading as Chris Mullins Tyres

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J A Price
C I Mullins





REGISTERED OFFICE: Unit 1
325 Bristol Road
Gloucester
Glos
GL2 5DN





REGISTERED NUMBER: 08996025 (England and Wales)





ACCOUNTANTS: GCSD Accountants Limited
701 Stonehouse Park
Sperry Way
Stonehouse
Gloucestershire
GL10 3UT

Chris Mullins Tyres (South West) Limited
Trading as Chris Mullins Tyres

Report of the Accountants to the Directors of
Chris Mullins Tyres (South West) 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 and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements and state those matters that we have agreed to state to the Board of Directors, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the Company 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. You consider that the Company 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 the Company. 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.






GCSD Accountants Limited


6 February 2024

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Statement of Income and
Retained Earnings
for the Year Ended 31 May 2023

2023 2022
Notes £    £   

TURNOVER 2,207,494 1,992,022

Cost of sales 1,871,184 1,669,570
GROSS PROFIT 336,310 322,452

Administrative expenses 219,794 191,856
116,516 130,596

Other operating income - 209
OPERATING PROFIT 4 116,516 130,805

Interest receivable and similar income 314 24
116,830 130,829

Interest payable and similar expenses 1,443 4,017
PROFIT BEFORE TAXATION 115,387 126,812

Tax on profit 31,908 26,923
PROFIT FOR THE FINANCIAL YEAR 83,479 99,889

Retained earnings at beginning of year 45,326 29,237

Dividends (86,000 ) (83,800 )

RETAINED EARNINGS AT END OF YEAR 42,805 45,326

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 18,000 36,000
Tangible assets 6 75,836 96,137
93,836 132,137

CURRENT ASSETS
Stocks 106,240 92,048
Debtors 7 102,323 92,210
Cash at bank and in hand 245,897 333,333
454,460 517,591
CREDITORS
Amounts falling due within one year 8 495,968 473,737
NET CURRENT (LIABILITIES)/ASSETS (41,508 ) 43,854
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,328

175,991

CREDITORS
Amounts falling due after more than
one year

9

-

(122,727

)

PROVISIONS FOR LIABILITIES (9,423 ) (7,838 )
NET ASSETS 42,905 45,426

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Balance Sheet - continued
31 May 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 42,805 45,326
SHAREHOLDERS' FUNDS 42,905 45,426

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:




C I Mullins - Director



J A Price - Director


Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

Chris Mullins Tyres (South West) 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, 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.
Short leasehold - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 15 (2022 - 13 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 34,355 32,929
Goodwill amortisation 18,000 18,000

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 180,000
AMORTISATION
At 1 June 2022 144,000
Charge for year 18,000
At 31 May 2023 162,000
NET BOOK VALUE
At 31 May 2023 18,000
At 31 May 2022 36,000

6. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 203,433 123,456 13,082 10,041 350,012
Additions - 4,388 7,500 2,166 14,054
At 31 May 2023 203,433 127,844 20,582 12,207 364,066
DEPRECIATION
At 1 June 2022 135,587 104,829 3,433 10,026 253,875
Charge for year 20,343 9,165 4,117 730 34,355
At 31 May 2023 155,930 113,994 7,550 10,756 288,230
NET BOOK VALUE
At 31 May 2023 47,503 13,850 13,032 1,451 75,836
At 31 May 2022 67,846 18,627 9,649 15 96,137

Chris Mullins Tyres (South West) Limited (Registered number: 08996025)
Trading as Chris Mullins Tyres

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 80,610 72,934
Other debtors 21,713 19,276
102,323 92,210

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 40,909
Trade creditors 361,477 311,931
Taxation and social security 65,218 57,891
Other creditors 69,273 63,006
495,968 473,737

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 122,727

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 48,597 36,500
Between one and five years 168,179 146,000
In more than five years 73,000 109,500
289,776 292,000