REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
S AND M TYRES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
S AND M TYRES LIMITED |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 11 |
Income Statement | 15 |
Other Comprehensive Income | 16 |
Balance Sheet | 17 |
Statement of Changes in Equity | 18 |
Notes to the Financial Statements | 19 |
S AND M TYRES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Sterling House |
27 Hatchlands Road |
Redhill |
Surrey |
RH1 6RW |
SOLICITORS: |
36-48 Queen Street |
Horsham |
West Sussex |
RH13 5AD |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The company'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. |
FAIR REVIEW OF THE BUSINESS |
We consider the key financial performance indicators are those that communicate the financial performance and strength of the company 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 company'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 company's employees and other stakeholders including the impact of its activities on the community, the environment and the company'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 company. Our principal stakeholders are engaged with on a regular basis. |
DISABLED EMPLOYEES |
The company 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 company'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 LIMITED (REGISTERED NUMBER: 01207887) |
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 company 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 company does not actively use financial instruments as part of its financial risk management. The company's policy is to finance working capital through the use of loan advances. The company 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 company'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 company'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 COMPANY AT 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: |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
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. |
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 LIMITED (REGISTERED NUMBER: 01207887) |
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 LIMITED (REGISTERED NUMBER: 01207887) |
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 LIMITED (REGISTERED NUMBER: 01207887) |
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 LIMITED (REGISTERED NUMBER: 01207887) |
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 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 of the profit or loss of the company 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 LIMITED (REGISTERED NUMBER: 01207887) |
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
S AND M TYRES LIMITED |
Opinion |
We have audited the financial statements of S and M Tyres Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 January 2024 and of its 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 company 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 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 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 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 Company'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 Company 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 company'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 Company'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 Company'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 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. |
for and on behalf of |
Statutory Auditor |
Sterling House |
27 Hatchlands Road |
Redhill |
Surrey |
RH1 6RW |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,571,790 | 1,457,983 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
3,112,993 | 1,955,001 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
S and M Tyres Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of S and M Tyres Holdings Limited as at 31 January 2024 and these financial statements may be obtained from EG Wholesale, Elite House, Star Road, Partridge Green, West Sussex, RH13 8RA. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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 company'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 15) |
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 LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE 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 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: |
Amortisation method and rate - 100% in year of acquisition |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
The company'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 company 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. |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
In preparing the financial statements the directors are required to assess the company'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 company 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. |
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. |
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. |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Bank interest receivable |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Loan interest |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
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 |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Group relief | (3,292 | ) | (437 | ) |
Deferred tax | 1,210 | 197,791 |
Total tax charge | 723,321 | 419,534 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of 1 each |
Final |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
12. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
13. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Group Tyre (UK) Limited |
- see note 25 | 8,239 | 8,239 |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
Included in stock is an amount of £379,603 (2023: £406,632) in respect of consignment stock in the hands of third parties. |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 24,323 | 23,092 |
Prepayments |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 18) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 781,798 | 827,924 |
Other creditors |
Defined contributions pension | 45,586 | 53,831 |
Directors' loan accounts | 3,273 | - |
Accrued expenses |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
18. | LOANS |
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. |
19. | LEASING AGREEMENTS |
At the 31 January 2024 the company had future minimum lease payments under non-cancellable operating leases as follows: |
2024 | 2023 |
£ | £ |
Land and buildings |
Within 1 year | 59,000 | 104,299 |
Between 2 and 5 years | 236,000 | 284,833 |
In more than 5 years | 118,000 | 26,000 |
413,000 | 415,132 |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 452,946 | 451,736 |
Deferred tax |
£ |
Balance at 1 February 2023 |
Capital allowances timing | 1,210 |
Balance at 31 January 2024 |
S AND M TYRES LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | 1 | 100 | 100 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
23. | PENSION COMMITMENTS |
The company 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. |
24. | TRANSACTIONS WITH DIRECTORS |
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 LIMITED (REGISTERED NUMBER: 01207887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
25. | 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). |
S and M Tyres Holdings Limited |
(Parent company) |
At the balance sheet date, S and M Tyres Holdings Limited owed the company £3,642,951 (2023: £3,219,147). This loan is interest free and repayable on demand. |
Whittemore Holdings Limited |
(Related party) |
Whittemore Holdings is under the same common control as S and M Tyres 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 of the company. |
S and M Tyres Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
26. | ULTIMATE CONTROLLING PARTY |
The controlling party is S and M Tyres Holdings Limited. |
The ultimate controlling party is |
The address of the parent company is EG Wholesale, Elite House, Star Road, Partridge Green, West Sussex, RH13 8RA. The consolidated accounts are available from Companies House. |