Company registration number 04370705 (England and Wales)
MR TYRE (MOTOR SPORT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MR TYRE (MOTOR SPORT) LIMITED
COMPANY INFORMATION
Directors
A G Williams
P R Dyas
D Jeffs
Secretary
J Davy
Company number
04370705
Registered office
2 Station Road
Lichfield
WS13 6HX
Accountants
PKF Smith Cooper Limited
158 Edmund Street
Birmingham
West Midlands
B3 2HB
MR TYRE (MOTOR SPORT) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MR TYRE (MOTOR SPORT) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
578,203
598,842
Current assets
Stocks
1,040,951
1,234,401
Debtors
4
3,953,178
3,832,572
Cash at bank and in hand
71,104
159,704
5,065,233
5,226,677
Creditors: amounts falling due within one year
5
(1,437,695)
(1,638,445)
Net current assets
3,627,538
3,588,232
Total assets less current liabilities
4,205,741
4,187,074
Creditors: amounts falling due after more than one year
6
(180,183)
(205,535)
Provisions for liabilities
(25,105)
(25,105)
Net assets
4,000,453
3,956,434
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
12
4,000,353
3,956,334
Total equity
4,000,453
3,956,434

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MR TYRE (MOTOR SPORT) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
A G Williams
Director
Company Registration No. 04370705
MR TYRE (MOTOR SPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Mr Tyre (Motor Sport) Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is 2 Station Road, Lichfield, WS13 6HX. The company registration number is 04370705.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
20% on cost
Plant and machinery
15% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of Comprehensive Income.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises purchase price.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Statement of comprehensive income. Reversals of impairment losses are also recognised in the Statement of comprehensive income.

 

 

MR TYRE (MOTOR SPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.6
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

 

Financial assets are measured at transaction cost and assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 

Financial liabilities, including bank overdrafts, corporation tax and other creditors, are recognised at transaction price.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

MR TYRE (MOTOR SPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 6).

3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
340,573
59,990
44,011
433,483
878,057
Additions
-
0
14,270
-
0
44,713
58,983
Disposals
-
0
-
0
-
0
(34,225)
(34,225)
At 31 December 2023
340,573
74,260
44,011
443,971
902,815
Depreciation
At 1 January 2023
-
0
38,136
28,538
212,541
279,215
Depreciation charged in the year
-
0
3,814
2,321
60,803
66,938
Eliminated in respect of disposals
-
0
-
0
-
0
(21,541)
(21,541)
At 31 December 2023
-
0
41,950
30,859
251,803
324,612
Carrying amount
At 31 December 2023
340,573
32,310
13,152
192,168
578,203
At 31 December 2022
340,573
21,854
15,473
220,942
598,842

The net book value of tangible fixed assets included above in respect of assets held under hire purchase contracts are £nil (2022 - £36,089).

4
Debtors
2023
2022
£
£
Trade debtors
127,667
127,392
Other debtors
3,825,511
3,705,180
3,953,178
3,832,572

Included within other debtors is £75,000 (2022: £600,000) due from a director of the business. Further information is disclosed in the notes to these financial statements.

MR TYRE (MOTOR SPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,351
23,732
Trade creditors
938,187
1,102,478
Corporation tax
28,314
120,000
Other taxation and social security
45,747
16,037
Other creditors
400,096
376,198
1,437,695
1,638,445

The bank loan is secured over the assets to which it relates.

Other creditors include amounts due under hire purchase contracts of £nil (2022 - £13,488) which are secured over the relevant assets.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
180,183
205,535

The bank loan is secured over the assets to which it relates.

7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
8
Financial commitments, guarantees and contingent liabilities

A group VAT registration is in force. The company is jointly and severally liable for the amount of VAT owed by Mr Tyre Limited. At the balance sheet date, this amounted to £514,589 (2022 - £408,224).

MR TYRE (MOTOR SPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Related party transactions
Transactions with related parties

During the year Lichco charged Mr Tyre (Motor Sport) Limited for consultancy services in the sum of £180,000 (2022 - £197,263). Mr PR Dyas, a partner in Lichco, is a director and shareholder in Mr Tyre (Motor Sport) Limited. The amount outstanding due to Lichco at the year-end was £370,000 (2022 - £340,000) and is included within other creditors.

 

During the year; payments and repayments were made from Mr Tyre Limited, a company in which Mr AG Williams is a director. Services charged amounted to £486,199 (2022 - £439,307). The amount outstanding from Mr Tyre Limited at the year-end was £3,485,438 (2022 - £2,989,889) and is included within other debtors.

10
Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contributions payable by the Company to the fund and amounted to £5,212 (2022: £4,722). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.

11
Directors' transactions

At the year end a balance of £75,000 (2022: £600,000), included within other debtors, was due from a director. The company advanced £nil (2022: £450,000) and received £525,000 (2022: £45,000) in repayments. The maximum overdrawn balance was £600,000 (2022: £645,000). The loans held no conditions and no interest was charged on this overdrawn balance.

12
Ultimate controlling party

Mr A Williams is the ultimate controlling party by virtue of his shareholding in the business.

13
Reserves

This reserve records all current and prior period retained profits and losses.

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