Savoy Tyres Limited 01165017 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the retail of tyres, undertaking MOTs and the provision of general garage services. Digita Accounts Production Advanced 6.30.9574.0 true true true 01165017 2023-04-01 2024-03-31 01165017 2024-03-31 01165017 bus:OrdinaryShareClass1 2024-03-31 01165017 core:RetainedEarningsAccumulatedLosses 2024-03-31 01165017 core:RevaluationReserve 2024-03-31 01165017 core:ShareCapital 2024-03-31 01165017 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01165017 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 01165017 core:CurrentFinancialInstruments 2024-03-31 01165017 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01165017 core:Non-currentFinancialInstruments 2024-03-31 01165017 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01165017 core:Goodwill 2024-03-31 01165017 core:FurnitureFittings 2024-03-31 01165017 core:LandBuildings 2024-03-31 01165017 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 01165017 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01165017 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 01165017 core:MotorVehicles 2024-03-31 01165017 1 2024-03-31 01165017 2 2024-03-31 01165017 3 2024-03-31 01165017 bus:SmallEntities 2023-04-01 2024-03-31 01165017 bus:Audited 2023-04-01 2024-03-31 01165017 bus:FilletedAccounts 2023-04-01 2024-03-31 01165017 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01165017 bus:RegisteredOffice 2023-04-01 2024-03-31 01165017 bus:Director1 2023-04-01 2024-03-31 01165017 bus:Director3 2023-04-01 2024-03-31 01165017 bus:Director4 2023-04-01 2024-03-31 01165017 bus:Director6 2023-04-01 2024-03-31 01165017 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01165017 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01165017 core:Goodwill 2023-04-01 2024-03-31 01165017 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 01165017 core:FurnitureFittings 2023-04-01 2024-03-31 01165017 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01165017 core:LandBuildings 2023-04-01 2024-03-31 01165017 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 01165017 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01165017 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 01165017 core:MotorVehicles 2023-04-01 2024-03-31 01165017 1 2023-04-01 2024-03-31 01165017 2 2023-04-01 2024-03-31 01165017 3 2023-04-01 2024-03-31 01165017 countries:EnglandWales 2023-04-01 2024-03-31 01165017 2023-03-31 01165017 core:Goodwill 2023-03-31 01165017 core:FurnitureFittings 2023-03-31 01165017 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 01165017 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01165017 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01165017 core:MotorVehicles 2023-03-31 01165017 2022-04-01 2023-03-31 01165017 2023-03-31 01165017 bus:OrdinaryShareClass1 2023-03-31 01165017 core:RetainedEarningsAccumulatedLosses 2023-03-31 01165017 core:RevaluationReserve 2023-03-31 01165017 core:ShareCapital 2023-03-31 01165017 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01165017 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01165017 core:CurrentFinancialInstruments 2023-03-31 01165017 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01165017 core:Non-currentFinancialInstruments 2023-03-31 01165017 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01165017 core:FurnitureFittings 2023-03-31 01165017 core:LandBuildings 2023-03-31 01165017 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 01165017 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01165017 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01165017 core:MotorVehicles 2023-03-31 01165017 1 2023-03-31 01165017 2 2023-03-31 01165017 3 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01165017

Savoy Tyres Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Savoy Tyres Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 12

 

Savoy Tyres Limited

Company Information

Directors

Mr Harry Maurice Palmer

Mrs Paula Jane Palmer

Mr Paul Palmer

Mr Thomas Paul Palmer

Registered office

Savoy Road
Ings Road Estate
Hull
East Riding of Yorks
HU8 0TY

Solicitors

Andrew Jackson
Essex House
Manor Street
HULL
HU1 1XH

Auditors

Hardwicks Accountants Limited
Chartered Accountants
Rotherham
South Yorkshire
S66 1EH

 

Savoy Tyres Limited

(Registration number: 01165017)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,704,755

3,747,146

Current assets

 

Stocks

6

493,217

488,662

Debtors

7

439,163

251,501

Cash at bank and in hand

 

258,248

342,834

 

1,190,628

1,082,997

Creditors: Amounts falling due within one year

8

(2,409,395)

(2,140,801)

Net current liabilities

 

(1,218,767)

(1,057,804)

Total assets less current liabilities

 

2,485,988

2,689,342

Creditors: Amounts falling due after more than one year

8

(1,060,836)

(1,289,164)

Provisions for liabilities

(101,024)

(82,120)

Net assets

 

1,324,128

1,318,058

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

345,714

345,714

Retained earnings

978,314

972,244

Shareholders' funds

 

1,324,128

1,318,058

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr Paul Palmer
Director

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy Road
Ings Road Estate
Hull
East Riding of Yorks
HU8 0TY

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 16 September 2024 was Nicholas Hardwick, who signed for and on behalf of Hardwicks Accountants Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

1% straight line

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Motor vehicles

Between 20% and 25% reducing balance & straight line basis

Fixtures and fittings

Between 7% and 25% reducing balance & straight line basis

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 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:

Asset class

Amortisation method and rate

Lease premium

15 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 105 (2023 - 98).

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Lease premium
 £

Cost or valuation

At 1 April 2023

40,000

At 31 March 2024

40,000

Amortisation

At 1 April 2023

40,000

At 31 March 2024

40,000

Carrying amount

At 31 March 2024

-

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Cost or valuation

At 1 April 2023

2,788,187

435,000

99,255

1,209,251

Additions

-

-

-

40,782

Disposals

-

-

-

-

At 31 March 2024

2,788,187

435,000

99,255

1,250,033

Depreciation

At 1 April 2023

-

15,106

95,230

783,548

Charge for the year

-

1,162

1,019

86,873

Eliminated on disposal

-

-

-

-

At 31 March 2024

-

16,268

96,249

870,421

Carrying amount

At 31 March 2024

2,788,187

418,732

3,006

379,612

At 31 March 2023

2,788,187

419,894

4,025

425,703

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

576,899

5,108,592

Additions

94,289

135,071

Disposals

(144,254)

(144,254)

At 31 March 2024

526,934

5,099,409

Depreciation

At 1 April 2023

467,562

1,361,446

Charge for the year

48,109

137,163

Eliminated on disposal

(103,955)

(103,955)

At 31 March 2024

411,716

1,394,654

Carrying amount

At 31 March 2024

115,218

3,704,755

At 31 March 2023

109,337

3,747,146

Included within the net book value of land and buildings above is £2,788,187 (2023 - £2,788,187) in respect of freehold land and buildings, £418,732 (2023 - £419,894) in respect of long leasehold land and buildings and £3,006 (2023 - £4,025) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 15 August 2010 by an independent valuer. . The name and qualification of the independent valuer are Mr S R Blood BSC(hons) MRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,438,174 (2023 - £2,438,174).

6

Stocks

2024
£

2023
£

Other inventories

493,217

488,662

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

debtors

2024
£

2023
£

Trade debtors

365,402

198,438

Other debtors

59,211

34,502

Prepayments

14,550

18,561

439,163

251,501

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

326,287

412,843

Trade creditors

 

1,354,074

1,041,664

Taxation and social security

 

324,436

275,852

Accruals and deferred income

 

74,414

42,016

Other creditors

 

330,184

368,426

 

2,409,395

2,140,801

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,060,836

1,289,164

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

950,536

1,194,157

Hire purchase contracts

110,300

95,007

1,060,836

1,289,164

Current loans and borrowings

 

Savoy Tyres Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Bank borrowings

243,622

266,955

Hire purchase contracts

82,665

145,888

326,287

412,843

Bank borrowings

Borrowings from Handelsbanken is denominated in GBP with a nominal interest rate of % margin over Bank of England base rate%, and the final instalment is due on 23 September 2031. The carrying amount at year end is £1,054,961 (2023 - £1,207,846).

The borrowings are secured by a debenture on the assets of the company.

Borrowings from Hitachi is denominated in GBP with a nominal interest rate of % margin over Bank of England base rate%, and the final instalment is due on 14 April 2025. The carrying amount at year end is £55,864 (2023 - £107,434).

Borrowings from Funding Circle is denominated in GBP with a nominal interest rate of % margin above Bank of England base rate%, and the final instalment is due on 15 July 2025. The carrying amount at year end is £83,333 (2023 - £145,833).