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Company registration number: 01845924

Walrow Tyre Services Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Walrow Tyre Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Walrow Tyre Services Limited

(Registration number: 01845924)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,365

11,010

Current assets

 

Stocks

5

2,315

2,236

Debtors

6

83,029

93,364

Cash at bank and in hand

 

438,383

353,536

 

523,727

449,136

Creditors: Amounts falling due within one year

7

(49,487)

(49,551)

Net current assets

 

474,240

399,585

Total assets less current liabilities

 

483,605

410,595

Provisions for liabilities

 

Deferred tax liabilities

 

(811)

(811)

Net assets

 

482,794

409,784

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

482,694

409,684

Total equity

 

482,794

409,784

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 30 July 2024 .
 


S R Keedwell
Director

   
 

Walrow Tyre Services Limited

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

1

General information

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

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

The principal place of business is:
Commerce Way
Highbridge
Somerset
TA9 4AG

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Going concern

The directors have assessed the ability of the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Key sources of estimation uncertainty

The directors have made an assessment that the company is a going concern and have prepared the financial statements on this basis. This assessment considered future trading and the cash position of the company.

Turnover recognition

Turnover represents amounts receivable for goods and services net of VAT. Turnover from the sale of goods is recognised when the goods are despatched. Income generated from services is recognised once the services are completed.

 

Walrow Tyre Services Limited

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

Tax

The current 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 on timing differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

Depreciation of tangible assets

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

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% 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.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

 

Walrow Tyre Services Limited

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

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 comprises direct materials. 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.

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.

Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Reserves

Profit and loss account includes all current and prior period profits and losses.

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

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

 

Walrow Tyre Services Limited

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

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

2,324

3,300

48,493

54,117

At 31 October 2023

2,324

3,300

48,493

54,117

Depreciation

At 1 November 2022

1,519

3,279

38,309

43,107

Charge for the year

115

5

1,525

1,645

At 31 October 2023

1,634

3,284

39,834

44,752

Carrying amount

At 31 October 2023

690

16

8,659

9,365

At 31 October 2022

805

21

10,184

11,010

5

Stocks

2023
£

2022
£

Stocks

2,315

2,236

6

Debtors

Current

2023
£

2022
£

Trade debtors

8,048

10,383

Amounts owed by group undertakings and undertakings in
which the company has a participating interest

72,820

60,682

Prepayments

952

279

Other debtors

1,209

22,020

 

83,029

93,364

 

Walrow Tyre Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Trade creditors

 

10,213

12,993

Taxation and social security

 

6,887

4,633

Corporation tax

 

-

8,842

Other creditors

 

32,387

23,083

 

49,487

49,551

8

Related party transactions

Summary of transactions with related parties

The company has not entered in to any material transactions with related parties that have not been concluded under normal market conditions.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is S R Keedwell (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is S R Keedwell (Holdings) Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 July 2024 was Simon Morrison FCA, who signed for and on behalf of Bishop Fleming LLP.