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REGISTERED NUMBER: 06978507 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

S AND M TYRES HOLDINGS LIMITED

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 11

Consolidated Income Statement 15

Consolidated Other Comprehensive Income 16

Consolidated Balance Sheet 17

Company Balance Sheet 19

Consolidated Statement of Changes in Equity 20

Company Statement of Changes in Equity 21

Consolidated Cash Flow Statement 22

Notes to the Consolidated Cash Flow Statement 23

Notes to the Consolidated Financial Statements 25


S AND M TYRES HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs S D Whittemore
R J Whittemore





SECRETARY: R J Whittemore





REGISTERED OFFICE: EG Wholesale
Elite House
Star Road, Partridge Green
Horsham
West Sussex
RH13 8RA





REGISTERED NUMBER: 06978507 (England and Wales)





AUDITORS: GBJ LLP
Statutory Auditor
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their strategic report of the company and the group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The group's principle activity is selling tyres; we sell to the public and local businesses through sixteen fast-fit centres that trade as Elite Garages. We wholesale tyres to the motor trade across southern England as EG Wholesale.

In addition we operate nine petrol stations in West Sussex, Surrey, Hampshire and Cornwall and a supermarket which trades as Morrisons Local in Shaftesbury.

REVIEW OF BUSINESS
We consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole being turnover and gross margin. The business monitors its stock levels, cash reserves and its debtor, creditor KPI's.

The products that we deal in are closely related to the price of oil and the exchange rate of the dollar, these factors along with interest rates and the effect of our competitors are the major risks and uncertainties we face.

The volume of fuel that we sold this year was down 11% against last year. Margin improved from 10.8% to 12.3%. Shop sales increased 21% year on year helped in part by the increase in vaping products sold. Gross margin increased by 3% reflected in the increase in cost of sales inflation.

The tyre business turnover increased by some 16% in the year, Gross margin only increased 2% year on year. Labour continued to increase and was 14% higher than last year. Overall gross margin increased to 13.9% from 11.8%.

Our total turnover for the year increased to £74m (2023 - £71.0m) an increase of 4.2% and our gross profit increased to £9.8m (2023 - £8.1m) a rise of 22%.

The group's policy is to consult and discuss with employees matters likely to affect employees interest.
Information about matters of concern to employees is given via information emails and bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial ,economic and environmental factors affecting the company performance.

Like all businesses we are continually reviewing our impact on the environment and seek advice from several environmental consultants to improve our environmental impact.

SECTION 172(1) STATEMENT
This section serves as our S172 statement and should be read in conjunction with the whole Strategic Report. S172 Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the group's employees and other stakeholders including the impact of its activities on the community, the environment and the group's reputation when making decisions. The directors consider that acting in good faith and fairly between stakeholders is most likely to promote the success of the group. Our principal stakeholders are engaged with on a regular basis.

DISABLED EMPLOYEES
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors regularly engage with all stakeholders including customers, suppliers and other business partners. This enables the directors to enhance market focus, improve decision making and promote the long-term success of the group more effectively, and includes:

- regular engagement with major customers;
- regular meetings with major suppliers to ensure we are supporting their efforts to bring products to market at fair prices, with rigorous quality control and high levels of availability;
- regular contact with our bankers and professional advisers to discuss our strategy and performance;
- regular reviews with employees of their role in the business and how it contributes to the overall business performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks and uncertainties in our business are affected by international exchange rates, commodity prices, Oil prices, domestic and foreign inflation and shipping costs. The business is subject to changing technological advances in the sale of Petrol and Diesel to the growth of electric vehicles. Changes in the level of competition from other tyre sellers and petrol retailers will also have a bearing.

OBJECTIVES AND POLICIES
The group does not actively use financial instruments as part of its financial risk management. The group's policy is to finance working capital through the use of loan advances. The group is exposed to the usual credit and cash flow risk associated with selling on credit. The Directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of the group's financial position or results for the year.

PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of the instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility by management of credit facilities.

Trade debtors are managed in respect of credit and cash flow risk by the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

It is the group's policy to ensure settlement of supplier invoices in accordance with the stated terms. The business manages the liquidity risk by ensuring that there are sufficient funds available for operations.

FUTURE DEVELOPMENTS
Expansion of the business will continue to be a key focus across all revenue streams.

POSITION OF THE GROUP AT THE YEAR END
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

ON BEHALF OF THE BOARD:




R J Whittemore - Director


25 October 2024

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mrs S D Whittemore
R J Whittemore

STREAMLINED ENERGY AND CARBON REPORTING
Environmental Matters and Streamlined Energy and Carbon Reporting (SECR)
The company takes environmental matters seriously and continues to improve its impact on the local and wider environment.
From 1 August 2019 we are required to report under new SECVR regulations which provides increased transparency on our energy efficiency and emissions as a business.

Reporting methodology
This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019).

Government Emissions Factor Database 2023 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/02/2023 - 31/01/2024.

This report applies the FY2023 activity rates for generator usage and grey fleet travel to adjust for data inaccuracies during collection over the reporting period. S&M Tyres recognise SECR data collection and monitoring as an ongoing commitment within the business and are actively working to improve internal data collection and monitoring practices.

Restatements have been applied to FY2023 figures to include tenant electricity consumption within S&M Tyres Limited’s portfolio, reporting an additional 16,847 kWh. This added disclosure is a testament to S&M Tyres Limited's transparency around its operations and environmental impact. S&M Tyres Limited recognises this as an area for enhanced monitoring and is reviewing sub-metering rollouts to improve data visibility.

Estimations were undertaken to cover missing billing periods for properties directly invoiced to S&M Tyres Limited. These were calculated at the meter level on a kWh/day pro-rata basis. All estimations equated to 0.68% of reported consumption.

S&M Tyres Limited generates solar energy onsite through solar arrays installed during FY2024. The
arrays have generated 10,079 kWh of renewable electricity in addition to the total consumed grid supplied electricity.

Market-based emissions have been evaluated using supplier-specific emission factors. The supplier contract evidenced over the reporting period with EDF is Renewable Energy Guarantee of Origin (REGO)-backed. Thus, the electricity consumed by S&M Tyres Limited over the reporting period has a net environmental impact of zero gCO2/kWh.

An intensity metric has been calculated using total tCO2e figures and the selected performance indicator agreed with S&M Tyres Limited for the relevant report period: Total turnover FY2024: £74.00m (FY2023: £71.04m)

SECR Highlights

Year-on-year changes
- Natural Gas & Other Fuels emissions have increased by 24.38%.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

- Electricity emissions have increased by 7.98% year-on-year.
- Transport emissions have increased by 9.16% year-on-year.
- Total emissions per £m Turnover have increased by 4.48% year-on-year

Energy Saving Projects: Highlights
- Refrigeration upgrades
- Heat Loss Management
- Solar Energy Initiative

Table 1: Energy Source Breakdown for Total Location-Based Emissions


Natural Gas
&Other Fuels

Electricity

Transport

Total
FY2024 Carbon & Energy Consumption
kWh 31,396 1,595,821 2,801,746 4,428,962
tCO2e 5.76 328.37 630.13 964.25
FY2023 Carbon & Energy Consumption*
kWh 25,277 1,572,526 2,501,932 4,099,736
tCO2e 4.63 304.10 577.25 885.97
YOY
percentagechange
(tCO2e)


+24.38%


+7.98%


+9.16%


+8.84%

Table 2: Emission Intensity Breakdown for Total Location-Based Emissions


Natural Gas
&Other Fuels

Electricity

Transport

Total
Carbon Intensity Metric
FY2024 tCO2e
perTurnover (£m)

0.08

4.44

8.52

13.03
FY2023 tCO2e
perTurnover (£m)

0.07

4.28

8.13

12.47
YOY
percentagechange
(tCO2e)


+19.40%


+3.66%


+4.79%


+4.48%

N.B. The reported Scope 1, 2 and 3 emissions and intensity metrics in Tables 1 and 2 have been rounded to two decimal places, and any year on-year comparison calculations have been carried out using complete, unrounded figures.

Executive Summary

SECR disclosures are mandatory for listed and large unlisted UK companies with reporting cycles beginning on or after 1st April 2019.

This report summarises S&M Tyres Limited’s (S&M Tyres) energy usage, associated emissions, energy efficiency actions and energy performance under the government policy Streamlined Energy & Carbon Reporting (SECR). This is implemented by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Under the legislation, S&M Tyres must disclose its energy consumption, emissions, intensity metrics and all energy efficiency improvements implemented for all UK operations.


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

S&M Tyres is a UK-incorporated business. An operational boundary has been applied for the purposes of the reporting.

0.68% of consumption data used for SECR has been estimated to achieve 100% data coverage, decreasing from the FY2023 estimation level of 4.20%.

Reporting Year: February 2023 - January 2024

S&M Tyres Scope 1 direct and Scope 3 indirect emissions (combustion of natural gas, other fuels and transportation fuels) for this reporting year are 635.89 tCO2e, resulting from the direct combustion of 2,833,142 kWh of fuel. This represents a carbon increase of 9.28% from last year, ending January 2023.

Scope 2 indirect emissions (purchased electricity) for this reporting year are 328.37 tCO2e, resulting from 1,595,821 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon increase of 7.98% from last year, ending January 2023.

S&M Tyres' operations have an intensity metric of 13.03 tCO2e per £m turnover for this reporting year. This represents an increase in the operational carbon intensity of 4.48% from last year, ending January 2023.

Annual Reporting Figures: Consumption and Location-Based Emissions

The following tables show the consumption and associated emissions for the financial years ending January 2024 and January 2023 for all operations.Total consumption and location-based emissions are reported in Tables 4 and 5.

Scope 1 consumption and emissions include direct combustion of natural gas, other fuels, and fuels used fortransportation operations, such as company vehicle fleets.

Scope 2 consumption and emissions cover indirect emissions related to the consumption of purchased electricity and self generated solar electricity in day-to-day business operations.

Scope 3 consumption and emissions cover emissions from sources not directly owned by S&M Tyres, i.e., grey fleet business travel undertaken in employee-owned vehicles only.

Table 3: S&M Tyres Limited Total Emissions* Intensity Metric

Intensity Metric Location-based Market-based
FY2024 FY2023 FY2024 FY2023
Total Turnover
(£m)

74.00

71.04

74.00

71.04
All Scopes
tCO2eper Turnover
(£m)


13.03


12.47


8.59


N/A
Percentage change +4.48% N/A

* Market-based emissions were not reported in the prior period, and as
such, there are no figures available for comparison.


Table 4: S&M Tyres Limited FY2024 Total Energy Consumption (kWh).

FY2024 Consumption kWh FY2023 Consumption kWh
Utility and Scope UK UK
Scope 1 Total 2,766,370 2,460,528

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

Natural Gas and Other
Fuels(Scope 1)

31,396

25,277
Transportation(Scope 1) 2,734,974 2,435,251
Scope 2 Total 1,595,821 1,572,526
Grid-Supplied Electricity(Scope 2) 1,585,741 1,572,526
Self-Generated Electricity(Scope
2)

10,079

0
Scope 3 Total 66,772 66682
Transportation(Scope 3) 66,772 66682
Total 4,428,962 4,099,736

Table 5: S&M Tyres Limited FY2024 Total Location-based Emissions (tCO2e).

FY2024 Emissions tCO2e FY2023 Emissions tCO2e
Utility and Scope UK UK
Scope 1 Total 620.87 566.50
Natural Gas and Other
Fuels(Scope 1)

5.76

4.63
Transportation(Scope 1) 615.11 561.87
Scope 2 Total 328.37 304.10
Grid-Supplied Electricity(Scope 2) 328.37 304.10
Scope 3 Total 15.02 15.38
Transportation(Scope 3) 15.02 15.38
Total 964.25 885.97

Annual Reporting Figures: Year-on-Year Changes

S&M Tyres Limited has grown year-on-year with an increase in turnover of £2.96m. This has led to more business travel over the period, resulting in a 9.16% increase in transport emissions year-on-year.

In addition, more employees have used office spaces over the reporting period, contributing to a 24.38% increase in natural gas and other fuel emissions year on-year and a 7.98% increase in electricity emissions year-on-year.

Annual Reporting Figures: Voluntary Market-Based Emissions

This is S&M Tyres’ first year of dual reporting using location-based and market-based emissions factors. Market-based emissions demonstrate the carbon reduction achieved by renewable electricity procurement. See the appendix for the market-based methodology. Total market-based emissions are reported in Table 6.

Table 6: S&M Tyres Limited Total Market-Based* Emissions (tCO2).

FY2024 Emissions tCO2 FY2023 Emissions tCO2
Utility and Scope UK UK
Grid-Supplied Electricity(Scope 2) 0.00 N/A
Total Scope 2 0.00 N/A

Market-based emissions were not reported on in the prior period, and as such, there are no figures available for comparison.

Energy Efficiency Narrative

Energy Efficiency Improvements
S&M Tyres is committed to year-on-year improvements in its operational energy

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

Measures ongoing and undertaken through FY2024:

Refrigeration Upgrades
As refrigeration units reach the end of their lifecycle, S&M Tyres continues its policy of replacing them with the most energy-efficient models available. This minimises energy consumption in refrigerated environments, supporting broader energy saving objectives.

Heat Loss Mitigation
S&M Tyres is proactively addressing heat loss across its facilities. S&M Tyres aims to
reduce energy wastage and improve overall heating efficiency by reviewing and
upgrading insulation and other heat-preserving systems.

Solar Energy Initiative
Following the solar feasibility surveys conducted last year, solar assets have been successfully installed at the Partridge site. These solar panels have generated 10,079 kWh of renewable electricity so far, contributing to S&M Tyres' goal of reducing reliance on grid-supplied energy and lowering emissions.
Measures prioritised for implementation in FY2025:

Fleet Upgrades
S&M Tyres plans to continue modernising its fleet into FY2025, replacing older vehicles with morefuel-efficient models. These upgrades are a key component of S&M Tyres’ long-term strategy to reduce fuel consumption, lower operational costs, and minimise carbon emissions.

Infrastructure Enhancements
Further infrastructure improvements are planned, including additional upgrades to site meters. These upgrades will ensure precise, real-time monitoring of energy consumption across all sites, allowing for ongoing identification of inefficiencies and the implementation of effective energy-saving measures.

DISCLOSURE IN THE STRATEGIC REPORT
Details of items required under Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Report Regulations) 2008 are provided in the Strategic Report on pages 2 and 3.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, GBJ LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Whittemore - Director


25 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S AND M TYRES HOLDINGS LIMITED


Opinion
We have audited the financial statements of S And M Tyres Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S AND M TYRES HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages nine and ten, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S AND M TYRES HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We enquired of management concerning the Group's policies and procedures relating to:
- the identification, evaluation and compliance with laws and regulations;
- the detection and response to the risks of fraud; and
- the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.

The Group is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006, tax legislation, anti-bribery legislation, GDPR and employment law.

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation to:
- journal entries that increased revenues or that reclassified costs from the income statement to the balance sheet
- stock existence, completeness and valuation
- potential management bias in determining accounting estimates
- transactions with related parties.

It is the audit partner's assessment that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

We obtained an understanding of the Group's operations, including the nature of its revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We also considered the effectiveness of the Group's control environment to identify and prevent any irregularities and fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S AND M TYRES HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan Hillier (Senior Statutory Auditor)
for and on behalf of GBJ LLP
Statutory Auditor
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

25 October 2024

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £ £ £

TURNOVER 3 74,002,013 71,038,876

Cost of sales 64,200,463 62,872,145
GROSS PROFIT 9,801,550 8,166,731

Administrative expenses 7,406,027 6,811,163
2,395,523 1,355,568

Other operating income 4 511,145 491,559
OPERATING PROFIT 6 2,906,668 1,847,127

Income from other participating interests 454,941 1,285,519
Interest receivable and similar income 7 30,058 5,459
484,999 1,290,978
3,391,667 3,138,105

Interest payable and similar expenses 8 180,210 93,917
PROFIT BEFORE TAXATION 3,211,457 3,044,188

Tax on profit 9 723,321 419,534
PROFIT FOR THE FINANCIAL YEAR 2,488,136 2,624,654
Profit attributable to:
Owners of the parent 2,488,136 2,624,654

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 2,488,136 2,624,654


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,488,136

2,624,654

Total comprehensive income attributable to:
Owners of the parent 2,488,136 2,624,654

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 414,440 -
Tangible assets 12 16,887,549 15,577,745
Investments 13
Interest in joint venture
Share of gross assets 8,345,137 8,788,863
Share of gross liabilities (5,324,051 ) (5,972,718 )
3,021,086 2,816,145
Other investments 8,239 8,239
20,331,314 18,402,129

CURRENT ASSETS
Stocks 14 5,250,157 4,577,050
Debtors 15 6,583,431 4,564,695
Cash at bank and in hand 6,650 545,477
11,840,238 9,687,222
CREDITORS
Amounts falling due within one year 16 13,500,754 11,715,119
NET CURRENT LIABILITIES (1,660,516 ) (2,027,897 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,670,798

16,374,232

CREDITORS
Amounts falling due after more than one
year

17

(1,956,195

)

(2,148,975

)

PROVISIONS FOR LIABILITIES 19 (452,946 ) (451,736 )
NET ASSETS 16,261,657 13,773,521

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 16,261,557 13,773,421
SHAREHOLDERS' FUNDS 16,261,657 13,773,521


The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





R J Whittemore - Director


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 529,440 -
Tangible assets 12 13,826,286 12,402,077
Investments 13 986,769 986,769
15,342,495 13,388,846

CURRENT ASSETS
Debtors 15 744,229 -

CREDITORS
Amounts falling due within one year 16 3,645,451 3,221,307
NET CURRENT LIABILITIES (2,901,222 ) (3,221,307 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,441,273

10,167,539

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 12,441,173 10,167,439
SHAREHOLDERS' FUNDS 12,441,273 10,167,539

Company's profit for the financial year 2,273,734 1,337,585

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





R J Whittemore - Director


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 February 2022 100 11,148,767 11,148,867

Changes in equity
Total comprehensive income - 2,624,654 2,624,654
Balance at 31 January 2023 100 13,773,421 13,773,521

Changes in equity
Total comprehensive income - 2,488,136 2,488,136
Balance at 31 January 2024 100 16,261,557 16,261,657

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 February 2022 100 8,829,854 8,829,954

Changes in equity
Total comprehensive income - 1,337,585 1,337,585
Balance at 31 January 2023 100 10,167,439 10,167,539

Changes in equity
Total comprehensive income - 2,273,734 2,273,734
Balance at 31 January 2024 100 12,441,173 12,441,273

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,283,094 2,826,731
Interest paid (180,210 ) (93,917 )
Tax paid (289,776 ) (189,999 )
Net cash from operating activities 1,813,108 2,542,815

Cash flows from investing activities
Purchase of intangible fixed assets (473,267 ) -
Purchase of tangible fixed assets (2,102,287 ) (1,041,486 )
Sale of tangible fixed assets 42,657 118,189
Interest received 30,058 5,459
Dividends received 250,000 -
Net cash from investing activities (2,252,839 ) (917,838 )

Cash flows from financing activities
Loan repayments in year (311,769 ) (202,745 )
Amount introduced by directors 21,456 -
Amount withdrawn by directors (19,414 ) 76,248
Net cash from financing activities (309,727 ) (126,497 )

(Decrease)/increase in cash and cash equivalents (749,458 ) 1,498,480
Cash and cash equivalents at
beginning of year

2

545,477

(953,003

)

Cash and cash equivalents at end of
year

2

(203,981

)

545,477

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit before taxation 3,211,457 3,044,188
Depreciation charges 808,210 715,941
Loss/(profit) on disposal of fixed assets 444 (519 )
Finance costs 180,210 93,917
Finance income (484,999 ) (1,290,978 )
3,715,322 2,562,549
Increase in stocks (673,107 ) (531,985 )
Increase in trade and other debtors (2,017,505 ) (861,947 )
Increase in trade and other creditors 1,258,384 1,658,114
Cash generated from operations 2,283,094 2,826,731

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£ £
Cash and cash equivalents 6,650 545,477
Bank overdrafts (210,631 ) -
(203,981 ) 545,477
Year ended 31 January 2023
31.1.23 1.2.22
£ £
Cash and cash equivalents 545,477 5,850
Bank overdrafts - (958,853 )
545,477 (953,003 )


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.23 Cash flow At 31.1.24
£ £ £
Net cash
Cash at bank and in hand 545,477 (538,827 ) 6,650
Bank overdrafts - (210,631 ) (210,631 )
545,477 (749,458 ) (203,981 )
Debt
Debts falling due within 1 year (248,292 ) (61,221 ) (309,513 )
Debts falling due after 1 year (2,148,975 ) 192,780 (1,956,195 )
(2,397,267 ) 131,559 (2,265,708 )
Total (1,851,790 ) (617,899 ) (2,469,689 )

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

S And M Tyres Holdings 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 January 2024.

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £2,273,734 (2023: £1,337,585).

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessor are operating or finance leases.
These decisions depend on an assessment of whether the risks and rewards of ownership have
been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the group's tangible assets. Factors
taken into consideration in reaching such a decision include the economic viability and expected
future financial performance of the asset and where it is a component of a larger cash-generating
unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty:

- Trade debtors (see note 13)

Determine the recoverability of trade receivables via regular review in the light of the available
economic information specific to each receivable with specific provisions recognised for balances
considered to be irrecoverable.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover represents amounts receivable for the sale of motor vehicle parts, accessories, forecourt goods and the repair of motor vehicles, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised by the group as and when the entity satisfies a performance obligation and the significant risks and rewards of ownership have been transferred to the customer.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Straight line method over 10 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the assets against the recoverable amount.

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 for fuel stock. Tyre stock is valued using the average cost method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its recoverable amount being the higher of value in use and fair value less costs to sell, the impairment loss is recognised immediately in profit or loss.


S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are losses relating to financial liabilities are included in the Statement of Comprehensive Income. Finance presented as such in the Statement of Financial Position. Finance costs and gains or costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.

Financial instruments that are derivatives are valued at each period end, and the movement in value is taken to the Statement of Comprehensive Income.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
The group's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and when fair value was determined. non-monetary items measured at fair value are measured using the exchange rate

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.

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.

The group receives income from operating leases. Receipts are credited to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Going concern
In preparing the financial statements the directors are required to assess the group's ability to continue to trade as a going concern for the foreseeable future.

The directors have reviewed the cash flow forecasts and based their assessment therefore believe that the group will have sufficient financing in place to ensure cash flow requirements are satisfied and that there are no material uncertainties. As such, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure to settle the obligation, taking into account relevant risk and uncertainties.

When payments are eventually made, they are charged to the provision carried in the statement of Financial Position.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£ £
Sale of goods 58,553,415 66,284,343
Rendering of services 15,448,598 4,754,533
74,002,013 71,038,876

4. OTHER OPERATING INCOME
2024 2023
£ £
Rents received 511,145 491,559

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 9,279,270 8,393,463
Social security costs 853,630 767,840
Other pension costs 257,393 235,746
10,390,293 9,397,049

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Retail and workshops 296 276
Administration and support 17 10
Other departments 2 2
315 288

The average number of employees by undertakings that were proportionately consolidated during the year was 315 (2023 - 288 ) .

2024 2023
£ £
Directors' remuneration 735,325 697,929
Directors' pension contributions to money purchase schemes 14,046 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 474,190 400,065
Pension contributions to money purchase schemes 14,046 -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 110,209 123,589
Depreciation - owned assets 749,382 715,942
Loss/(profit) on disposal of fixed assets 444 (519 )
Goodwill amortisation 58,827 -
Auditors' remuneration 16,850 16,430
Auditors' remuneration for non audit work 500 -

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Deposit account interest 30,058 5,459

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest - 2,219
Bank loan interest 180,210 91,698
180,210 93,917

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 722,111 221,743

Deferred tax 1,210 197,791
Tax on profit 723,321 419,534

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 February 2023 117,500
Additions 473,267
At 31 January 2024 590,767
AMORTISATION
At 1 February 2023 117,500
Amortisation for year 58,827
At 31 January 2024 176,327
NET BOOK VALUE
At 31 January 2024 414,440
At 31 January 2023 -

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


11. INTANGIBLE FIXED ASSETS - continued

Group

During the year under review, the group acquired Denmead Tyre Services Limited, a company registered in England and Wales. Denmead Tyre Services Limited accounts are made up to 31 December 2023 and have been consolidated into S and M Tyre Holdings Limited group accounts.

Company
Goodwill
£
COST
Additions 588,267
At 31 January 2024 588,267
AMORTISATION
Amortisation for year 58,827
At 31 January 2024 58,827
NET BOOK VALUE
At 31 January 2024 529,440

12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 13,887,467 1,795,244 2,863,792 1,547,561 20,094,064
Additions 1,528,483 - 251,684 322,120 2,102,287
Disposals - - - (207,544 ) (207,544 )
At 31 January 2024 15,415,950 1,795,244 3,115,476 1,662,137 21,988,807
DEPRECIATION
At 1 February 2023 1,627,807 561,059 1,704,442 623,011 4,516,319
Charge for year 104,274 92,885 278,574 273,649 749,382
Eliminated on disposal - - - (164,443 ) (164,443 )
At 31 January 2024 1,732,081 653,944 1,983,016 732,217 5,101,258
NET BOOK VALUE
At 31 January 2024 13,683,869 1,141,300 1,132,460 929,920 16,887,549
At 31 January 2023 12,259,660 1,234,185 1,159,350 924,550 15,577,745

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£
COST
At 1 February 2023 13,646,647
Additions 1,528,483
At 31 January 2024 15,175,130
DEPRECIATION
At 1 February 2023 1,244,570
Charge for year 104,274
At 31 January 2024 1,348,844
NET BOOK VALUE
At 31 January 2024 13,826,286
At 31 January 2023 12,402,077

13. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£ £ £ £
Shares in group undertakings - - 100 100
Participating interests 3,021,086 2,816,145 986,669 986,669
Other investments not loans 8,239 8,239 - -
3,029,325 2,824,384 986,769 986,769

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


13. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Interest in
joint
venture
£
COST
At 1 February 2023 2,816,145
Share of profit/(loss) 204,941
At 31 January 2024 3,021,086
NET BOOK VALUE
At 31 January 2024 3,021,086
At 31 January 2023 2,816,145

Investments (neither listed nor unlisted) were as follows:
2024 2023
£ £
Group Tyre (UK) Limited 8,239 8,239
Company
Shares in Interest in
group joint
undertakings venture Totals
£ £ £
COST
At 1 February 2023
and 31 January 2024 100 986,669 986,769
NET BOOK VALUE
At 31 January 2024 100 986,669 986,769
At 31 January 2023 100 986,669 986,769


14. STOCKS

Group
2024 2023
£ £
Stocks 5,250,157 4,577,050

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 4,075,076 3,849,993 - -
Other debtors 2,353,930 4,395 744,229 -
Directors' loan accounts 24,323 23,092 - -
Prepayments 130,102 687,215 - -
6,583,431 4,564,695 744,229 -

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 18) 520,144 248,292 - -
Trade creditors 8,327,600 7,583,872 - -
Amounts owed to group undertakings - - 3,642,951 3,219,147
Tax 639,578 207,243 - -
Social security and other taxes 400,251 351,806 - -
VAT 781,798 827,924 - -
Other creditors 825,580 737,136 - -
Defined contributions pension 45,586 53,831 - -
Directors' loan accounts 3,273 - - -
Accrued expenses 1,956,944 1,705,015 2,500 2,160
13,500,754 11,715,119 3,645,451 3,221,307

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£ £
Bank loans (see note 18) 1,956,195 2,148,975

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 210,631 -
Bank loans 309,513 248,292
520,144 248,292
Amounts falling due between one and two years:
Bank loans - 1-2 years 309,513 248,293
Amounts falling due between two and five years:
Bank loans - 2-5 years 928,539 744,876
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 718,143 1,155,806

Group

Bank borrowings
Barclays loan is denominated in sterling with an interest rate of 2.05% above BoE base rate, and the final instalment is due to be paid on 1 December 2026. The carrying amount at year end is £524,344 (2023: £573,196).

Barclays loan is denominated in sterling with a nominal interest rate of 1.95% above BoE base rate, and the final instalment is due to be paid on 10 July 2028. The carrying amount at year end is £767,268 (2023: £797,740).

Barclays loan is denominated in sterling with a nominal interest rate of 1.65% above BoE base rate. and the final instalment is due to be paid on 23 July 2025. The carrying amount at year end is £406,265 (2023: £429,871).

Barclays loan is denominated in sterling with a nominal interest rate of 2.55% above BoE base rate, and the final instalment is due to be paid on 5 March 2026. The carrying amount at year end is £567,831 (2023: £596,460).

Bank loans are secured by fixed and floating charges via inter-company cross guarantees.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax 452,946 451,736

Group
Deferred tax
£
Balance at 1 February 2023 451,736
Capital allowances timing 1,210
Balance at 31 January 2024 452,946

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

No. Class: Nominal 2024 2023
value: £    £   
82 Ordinary 'A' £1 82 82
1 Ordinary 'B' £1 1 1
17 Ordinary 'C' £1 17 17

100 100

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions:
Ordinary A shares have full rights to voting and are entitled to a dividend if declared on this class of share.

Ordinary B shares have the following rights, preferences and restrictions:
Ordinary B shares have full rights to voting and are entitled to a dividend if declared on this class of share.

Ordinary C shares have the following rights, preferences and restrictions:
Ordinary C shares have full rights to voting and are entitled to a dividend if declared on this class of share.

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


21. RESERVES

Group
Retained
earnings
£

At 1 February 2023 13,773,421
Profit for the year 2,488,136
At 31 January 2024 16,261,557

Company
Retained
earnings
£

At 1 February 2023 10,167,439
Profit for the year 2,273,734
At 31 January 2024 12,441,173


22. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £257,393 (2023: £235,746).

Contributions totalling £45,586 (2023: £58,831) were payable to the scheme at the end of the year and are included in creditors.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

R J Whittemore

At the balance sheet date the amount owed by R J Whittemore to the company was £24,323 (2023: £4,910).

S D Whittemore

At the balance sheet date S D Whittemore was owed £3,273 by the company (2023: £18,183 owed to).

S AND M TYRES HOLDINGS LIMITED (REGISTERED NUMBER: 06978507)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


24. RELATED PARTY DISCLOSURES

Group Tyre (UK) Limited
(Associate)

S and M Tyres Limited has a 10% interest in Group Tyre (UK) Limited. During the year purchases of £148,556 (2023: £129,479) were made from Group Tyre (UK) Limited. At the balance sheet date the amount due to Group Tyre (UK) Limited was £1,819 (2023: £5,391). At the balance sheet date, the amount due from Group Tyre (UK) Limited was £6,000 (2023: £nil).

Group Tyre Wholesale Limited
(Joint venture)

S and M Tyres Holdings Limited has a 50% interest in Group Tyre Wholesale Limited. During the year sales totalling £191,046 (2023: £363,931) and purchases totalling £790,254 (2023: £1,061,986) were made between the two companies. At the balance sheet date the amount due from Group Tyre Wholesale Limited was £44,275 (2023: £36,974). At the balance sheet date the amount due to Group Tyre Wholesale Limited was £277,525 (2023: £186,471).

Whittemore Holdings Limited
(Related party)

Whittemore Holdings is under the same common control as S and M Tyres Holdings Limited. At the balance sheet date, the company owed S and M Tyres Limited £1,722,413 (2023: £nil). This amount is included within other debtors, is interest free and repayable on demand.

There are no key management personnel other than the directors.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J Whittemore.