BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the wholesale and retailing of motor vehicle, lorry and agricultural tyres and associated services relating to this activity. 27 August 2024 NI061018 2024-03-31 NI061018 2023-03-31 NI061018 2022-03-31 NI061018 2023-04-01 2024-03-31 NI061018 2022-04-01 2023-03-31 NI061018 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI061018 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI061018 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI061018 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI061018 uk-bus:Director1 2023-04-01 2024-03-31 NI061018 uk-bus:Director2 2023-04-01 2024-03-31 NI061018 uk-bus:Director3 2023-04-01 2024-03-31 NI061018 uk-bus:Director4 2023-04-01 2024-03-31 NI061018 uk-bus:Director5 2023-04-01 2024-03-31 NI061018 uk-bus:CompanySecretary1 2023-04-01 2024-03-31 NI061018 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI061018 uk-bus:Agent1 2023-04-01 2024-03-31 NI061018 uk-core:ShareCapital 2024-03-31 NI061018 uk-core:ShareCapital 2023-03-31 NI061018 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI061018 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI061018 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI061018 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI061018 uk-bus:FRS102 2023-04-01 2024-03-31 NI061018 uk-core:Goodwill 2023-04-01 2024-03-31 NI061018 uk-core:Buildings 2023-04-01 2024-03-31 NI061018 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI061018 uk-bus:Audited 2023-04-01 2024-03-31 NI061018 uk-core:Goodwill 2023-03-31 NI061018 uk-core:Goodwill 2024-03-31 NI061018 uk-core:CurrentFinancialInstruments 2024-03-31 NI061018 uk-core:CurrentFinancialInstruments 2023-03-31 NI061018 uk-core:WithinOneYear 2024-03-31 NI061018 uk-core:WithinOneYear 2023-03-31 NI061018 uk-core:OtherMiscellaneousReserve 2023-03-31 NI061018 uk-core:OtherMiscellaneousReserve 2023-04-01 2024-03-31 NI061018 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI061018 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI061018 uk-core:OtherDeferredTax 2024-03-31 NI061018 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI061018 uk-core:OtherMiscellaneousReserve 2024-03-31 NI061018 uk-core:ParentEntities 2023-04-01 2024-03-31 NI061018 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI061018
 
 
Murray Tyres Limited
 
Financial Statements
 
for the financial year ended 31 March 2024
Murray Tyres Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Dominic Murray
John Murray
Paul Murray
Rory Murray
Michael Murray
 
 
Company Secretary Siobhan Keating
 
 
Company Registration Number NI061018
 
 
Registered Office and Business Address 95 - 105 Church Street
Portadown
Co. Armagh
BT62 3DB
Northern Ireland
 
 
Independent Auditors MG accountants
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
 
 
Bankers Danske Bank
  45-48 High Street
  Portadown
  Co. Armagh
  BT62 1LB
  United Kingdom
 
   
Solicitors RM Cullen & Son
  16-20 Edward Street
  Portadown
  Co. Armagh
  BT62 3NL
  United Kingdom



Murray Tyres Limited
Company Registration Number: NI061018
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 7 435,960 452,405
───────── ─────────
 
Current Assets
Stocks 8 126,017 179,457
Debtors 9 3,127,520 3,710,665
Cash and cash equivalents 553,833 906,373
───────── ─────────
3,807,370 4,796,495
───────── ─────────
Creditors: amounts falling due within one year 10 (2,157,363) (2,615,671)
───────── ─────────
Net Current Assets 1,650,007 2,180,824
───────── ─────────
Total Assets less Current Liabilities 2,085,967 2,633,229
 
Provisions for liabilities 12 (46,657) (48,152)
───────── ─────────
Net Assets 2,039,310 2,585,077
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 2,039,210 2,584,977
───────── ─────────
Equity attributable to owners of the company 2,039,310 2,585,077
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 27 August 2024 and signed on its behalf by
           
           
           
________________________________          
Dominic Murray          
Director          
           



Murray Tyres Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Murray Tyres Limited is a company limited by shares incorporated in Northern Ireland
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Revenue Recognition
Revenue is recognised when goods have been delivered, and where necessary, proof of delivery has been received.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Leasehold Improvements - 5% Straight line
  Land - 0% Straight line
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 25% reducing balance
  Motor vehicles - 25% reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises the average price of goods purchased by calculating the unit cost on the initial cost price and the reorder cost price. Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company contributes to pension schemes for key employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
In applying the company‘s accounting policies the directors are required to make significant judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors‘ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The items in the financial statements where these judgements and estimates have been made include:

(i) Determining and reassessing the residual values and useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and physical condition of the assets.

(ii) Recoverability of debtors
Short term debtors are measured at transaction price, less any impairment. Estimates are made in respect to the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

(iii) Stock Valuation
The company operate a perpetual stock control system with bespoke software which records the number of tyres held, make, size, age and purchase price. The purchase price on the stock listing may be adjusted as the system will update prices to an average cost price when reorders of the same product are updated to the system. This average price is used to value unit stock existing at the year end. Full provision is made for obsolete and slow-moving stock.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by MG accountants.
The Auditor's Report was signed by Martin Grimley (Senior Statutory Auditor) for and on behalf of MG accountants on 27th August 2024.
 
       
5. Employees
 
The average monthly number of employees, including directors, during the financial year was 16, (2023 - 24).
 
  2024 2023
  Number Number
 
Directors 4 4
Full Time 12 20
  ───────── ─────────
  16 24
  ═════════ ═════════
       
6. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2023 250,000 250,000
  ───────── ─────────
 
At 31 March 2024 250,000 250,000
  ───────── ─────────
Amortisation
 
At 31 March 2024 250,000 250,000
  ───────── ─────────
Net book value
At 31 March 2024 - -
  ═════════ ═════════

               
7. Tangible assets
  Leasehold Land Plant and Fixtures, Motor Total
  Improvements   machinery fittings and vehicles  
        equipment    
  £ £ £ £ £ £
Cost
At 1 April 2023 226,160 91,021 49,664 210,213 212,749 789,807
Additions - - 5,020 21,000 36,500 62,520
Disposals - - - - (29,900) (29,900)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 226,160 91,021 54,684 231,213 219,349 822,427
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 56,540 - 13,632 171,774 95,456 337,402
Charge for the financial year 11,308 - 10,869 14,859 37,289 74,325
On disposals - - - - (25,260) (25,260)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 67,848 - 24,501 186,633 107,485 386,467
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 158,312 91,021 30,183 44,580 111,864 435,960
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 169,620 91,021 36,032 38,439 117,293 452,405
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

       
8. Stocks 2024 2023
  £ £
 
Tyres & Related accessories 126,017 179,457
  ═════════ ═════════
       
9. Debtors 2024 2023
  £ £
 
Trade debtors 155,062 175,359
Amounts owed by related parties 2,865,186 3,422,338
Other debtors - 100,501
Directors' current accounts (Note 14) 101,189 -
Prepayments and accrued income 6,083 12,467
  ───────── ─────────
  3,127,520 3,710,665
  ═════════ ═════════
       
10. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 171,199 693,973
Amounts owed to group undertakings 1,573,708 1,256,505
Taxation  (Note 11) 283,752 641,892
Directors' current accounts 386 9,952
Other creditors 2,018 849
Accruals 126,300 12,500
  ───────── ─────────
  2,157,363 2,615,671
  ═════════ ═════════
       
11. Taxation 2024 2023
  £ £
 
Creditors:
VAT 176,876 570,188
Corporation tax 27,765 38,132
PAYE / NI 79,111 33,572
  ───────── ─────────
  283,752 641,892
  ═════════ ═════════
         
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 48,152 48,152 51,091
Charged to profit and loss (1,495) (1,495) (2,939)
  ───────── ───────── ─────────
At financial year end 46,657 46,657 48,152
  ═════════ ═════════ ═════════
       
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
During the year the company rented the business premises from a director for £ 8,400.

The related party is Murray Tyres Wholesale Limited incorporated and operating in Northern Ireland. Mr Dominic Murray is a shareholder and director in that company. The balance outstanding from the related party at 31 March 2024 is stated in note 8. Transactions with the related party during the year, on an arms length basis include sales of £541,396 and purchases of £799,172.
   
14. Directors' advances, credits and guarantees
 
During the year the company made loans to directors. The balance at 31 March 2024 was £101,189.
   
15. Parent company
 
The company regards Murray Tyres (Holdings) Limited as its parent company.