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Registration number: 13559828

M4 Tyres (Wiltshire) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

M4 Tyres (Wiltshire) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

M4 Tyres (Wiltshire) Ltd

(Registration number: 13559828)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,566

648

Current assets

 

Stocks

5

15,031

12,586

Debtors

6

4,409

1,603

Cash at bank and in hand

 

26,373

14,377

 

45,813

28,566

Creditors: Amounts falling due within one year

7

(19,517)

(20,852)

Net current assets

 

26,296

7,714

Net assets

 

31,862

8,362

Capital and reserves

 

Called up share capital

100

100

Retained earnings

31,762

8,262

Shareholders' funds

 

31,862

8,362

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

J Hayward-Schnitzer
Director

   
     

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hanger 88 Hullavington
Chippenham
Wiltshire
SN14 6GU
UK

These financial statements were authorised for issue by the Board on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

813

49

862

Additions

6,584

263

6,847

At 31 August 2023

7,397

312

7,709

Depreciation

At 1 September 2022

204

12

216

Charge for the year

1,849

78

1,927

At 31 August 2023

2,053

90

2,143

Carrying amount

At 31 August 2023

5,344

222

5,566

At 31 August 2022

610

38

648

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Stocks

2023
£

2022
£

Other inventories

15,031

12,586

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,091

1,078

Amounts owed by related parties

8

532

475

Other debtors

 

-

50

Prepayments

 

405

-

Deferred tax assets

1,381

-

 

4,409

1,603

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

7,641

4,547

Amounts due to related parties

8

1,084

1,200

Social security and other taxes

 

8,085

4,736

Other creditors

 

457

36

Accruals

 

2,250

10,333

 

19,517

20,852

8

Related party transactions

Loans to related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

-

475

475

Advanced

532

-

532

Repaid

-

(475)

(475)

At end of period

532

-

532

 

M4 Tyres (Wiltshire) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2022

Other related parties
£

Total
£

Advanced

3,175

3,175

Repaid

(2,700)

(2,700)

At end of period

475

475

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

1,200

-

1,200

Advanced

-

6,675

6,675

Repaid

(1,200)

(4,694)

(5,894)

At end of period

-

1,981

1,981

2022

Key management
£

Total
£

Advanced

1,250

1,250

Repaid

(50)

(50)

At end of period

1,200

1,200

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.