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REGISTERED NUMBER: 08170450 (England and Wales)















ENDYKE TYRES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


ENDYKE TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N A Bush
T A Bush
B C Bush
A A Michaels
A R Michaels



REGISTERED OFFICE: Station Yard
Horncastle
Lincolnshire
LN9 5AQ



REGISTERED NUMBER: 08170450 (England and Wales)



SENIOR STATUTORY AUDITOR: Adrian Reynolds BA FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 101,520 137,431
101,521 137,432

CURRENT ASSETS
Stocks 182,429 205,613
Debtors 6 285,349 419,017
Cash at bank and in hand 99,443 65,276
567,221 689,906
CREDITORS
Amounts falling due within one year 7 170,036 373,218
NET CURRENT ASSETS 397,185 316,688
TOTAL ASSETS LESS CURRENT LIABILITIES 498,706 454,120

PROVISIONS FOR LIABILITIES 10,847 16,692
NET ASSETS 487,859 437,428

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 477,859 427,428
SHAREHOLDERS' FUNDS 487,859 437,428

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





N A Bush - Director


ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Endyke Tyres 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 amounts paid in connection with the acquisition of businesses in 2012, is being amortised 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.

Acquisition costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Tangible fixed assets are held under the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset into use.

Depreciation is charged annually on the historical cost less residual values, over the expected useful economic life of the asset, or, if held under a finance lease, over the shorter of the expected useful life or the lease term, using the straight line method.

Depreciation is provided at the following annual rates:

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

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.

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 25 (2022 - 28 ) .

ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 300,000 27,421 327,421
AMORTISATION
At 1 January 2023
and 31 December 2023 300,000 27,420 327,420
NET BOOK VALUE
At 31 December 2023 - 1 1
At 31 December 2022 - 1 1

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 490,212
Additions 2,849
At 31 December 2023 493,061
DEPRECIATION
At 1 January 2023 352,781
Charge for year 38,760
At 31 December 2023 391,541
NET BOOK VALUE
At 31 December 2023 101,520
At 31 December 2022 137,431

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 65,283 287,700
Amounts owed by group undertakings 121,943 -
Other debtors 98,123 131,317
285,349 419,017

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 59,731
Trade creditors 29,483 91,885
Amounts owed to group undertakings - 91,012
Taxation and social security 73,042 72,096
Other creditors 67,511 58,494
170,036 373,218

ENDYKE TYRES LIMITED (REGISTERED NUMBER: 08170450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. SECURED DEBTS

There is a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill in relation to the the RBS Invoice Finance facility.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adrian Reynolds BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the statement of financial position is £271,875 (2022: £344,375).

12. ULTIMATE CONTROLLING PARTY

The Ultimate Parent Company is B A Bush & Son which consolidates Endyke Tyres Limited into their accounts.

The ultimate controlling party of the parent Company, B A Bush & Son Limited, is Nigel Bush who owns 51% of the issued share capital.