WHITCHURCH TYRE COMPANY LIMITED(THE)
Company registration number 01037251 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
30 April 2024
PAGES FOR FILING WITH REGISTRAR
WHITCHURCH TYRE COMPANY LIMITED(THE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WHITCHURCH TYRE COMPANY LIMITED(THE)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,720
43,279
Current assets
Stocks
16,463
15,542
Debtors
4
17,324
17,963
Cash at bank and in hand
47,764
35,558
81,551
69,063
Creditors: amounts falling due within one year
5
(42,419)
(35,246)
Net current assets
39,132
33,817
Total assets less current liabilities
78,852
77,096
Creditors: amounts falling due after more than one year
6
(11,317)
(21,269)
Provisions for liabilities
(411)
Net assets
67,124
55,827
Capital and reserves
Called up share capital
7
1,900
1,900
Capital redemption reserve
100
100
Profit and loss reserves
65,124
53,827
Total equity
67,124
55,827
WHITCHURCH TYRE COMPANY LIMITED(THE)
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr R H F Meads
Director
Company registration number 01037251 (England and Wales)
WHITCHURCH TYRE COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Whitchurch Tyre Company Limited(The) is a private company limited by shares incorporated in England and Wales. The registered office is Spring Hill, Wellington, Telford, Shropshire, TF1 3NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
15% pa reducing balance & 10 years straight line
Plant and machinery
25% pa reducing balance
Fixtures, fittings and equipment
25% pa reducing balance
Motor vehicles
25% pa reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
WHITCHURCH TYRE COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
WHITCHURCH TYRE COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
1
3
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
8,897
62,609
25,644
43,059
140,209
Additions
6,200
1,485
185
7,870
At 30 April 2024
8,897
68,809
27,129
43,244
148,079
Depreciation and impairment
At 1 May 2023
5,002
56,524
19,638
15,766
96,930
Depreciation charged in the year
692
2,296
1,599
6,842
11,429
At 30 April 2024
5,694
58,820
21,237
22,608
108,359
Carrying amount
At 30 April 2024
3,203
9,989
5,892
20,636
39,720
At 30 April 2023
3,895
6,085
6,006
27,293
43,279
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,536
7,283
Other debtors
10,788
10,680
17,324
17,963
WHITCHURCH TYRE COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,215
10,215
Trade creditors
27,238
17,790
Taxation and social security
2,222
4,183
Other creditors
2,744
3,058
42,419
35,246
The amount of £10,215 included in creditors due within one year (2023: £10,215) and £11,317 due after more than one year (2023: £21,269) is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,317
21,269
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,900
1,900
1,900
1,900
8
Related party transactions
During the year, rent of £5,915 (2023: £7,140) was paid to a director of the company.
During the year, a management charge of £9,000 (2023: £Nil) was paid to Teltyres (Telford) Ltd, a company in which the directors, A White and R Meads are also directors.
At the year-end, there was a balance owing from Teltyres (Telford) Ltd of £9,000 (2023: £9,000).