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REGISTERED NUMBER: 00921415 (England and Wales)















Tyre Renewals Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






Tyre Renewals Limited (Registered number: 00921415)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Tyre Renewals Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: R N Dix
Mrs J Dix
M J Rees
L A Dix
G J Dix



REGISTERED OFFICE: Torbay Road
Ansford
Castle Cary
Somerset
BA7 7DT



REGISTERED NUMBER: 00921415 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
37 High Street
Castle Cary
Somerset
BA7 7AP



INCORPORATED ON: 6 November 1967

Tyre Renewals Limited (Registered number: 00921415)

Abridged Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 284 284
Tangible assets 6 1,937,135 1,958,644
1,937,419 1,958,928

CURRENT ASSETS
Stocks 50,602 63,855
Debtors 1,330,076 1,312,468
Cash at bank 4,074,681 2,474,078
5,455,359 3,850,401
CREDITORS
Amounts falling due within one year 1,272,648 1,253,667
NET CURRENT ASSETS 4,182,711 2,596,734
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,120,130

4,555,662

CREDITORS
Amounts falling due after more than one
year

-

(23,614

)

PROVISIONS FOR LIABILITIES (355,000 ) (270,000 )
NET ASSETS 5,765,130 4,262,048

CAPITAL AND RESERVES
Called up share capital 8,200 8,200
Retained earnings 5,756,930 4,253,848
SHAREHOLDERS' FUNDS 5,765,130 4,262,048

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

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

Tyre Renewals Limited (Registered number: 00921415)

Abridged Statement of Financial Position - continued
31 October 2023


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:





R N Dix - Director


Tyre Renewals Limited (Registered number: 00921415)

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

1. STATUTORY INFORMATION

Tyre Renewals 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

At the time of approving the financial statements the directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets
Trademarks are not amortised since these have been stated at nominal value in the financial statements.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and over life of lease
Plant and machinery etc - 25% on reducing balance and 10% 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.

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 statement of financial position date.


Tyre Renewals Limited (Registered number: 00921415)

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

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 35 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022
and 31 October 2023 284
NET BOOK VALUE

At 31 October 2023 284
At 31 October 2022 284

These consist of the trademarks for the names 'Bison' and 'Haulmark' tyre designs, and the trademark 'Startrack' for rubber granules.


Tyre Renewals Limited (Registered number: 00921415)

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

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 5,604,158
Additions 407,397
Disposals (45,896 )
At 31 October 2023 5,965,659
DEPRECIATION
At 1 November 2022 3,645,514
Charge for year 412,105
Eliminated on disposal (29,095 )
At 31 October 2023 4,028,524
NET BOOK VALUE
At 31 October 2023 1,937,135
At 31 October 2022 1,958,644

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 November 2022 425,985
Transfer to ownership (214,086 )
At 31 October 2023 211,899
DEPRECIATION
At 1 November 2022 310,784
Charge for year 22,290
Transfer to ownership (194,584 )
At 31 October 2023 138,490
NET BOOK VALUE
At 31 October 2023 73,409
At 31 October 2022 115,201

7. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 23,613 84,113

Finance leases and hire purchase contracts are secured by a fixed charge over the specific financed assets.

Tyre Renewals Limited (Registered number: 00921415)

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

8. ULTIMATE CONTROLLING PARTY

The company was controlled during the current and previous period by one of its directors, R N Dix, by virtue of the fact that he owns the majority of the company's issued share capital.