Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302024-05-012023-11-3021false2023-04-01No description of principal activity18truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04533065 2023-04-01 2023-11-30 04533065 2022-04-01 2023-03-31 04533065 2023-11-30 04533065 2023-03-31 04533065 2022-04-01 04533065 1 2023-04-01 2023-11-30 04533065 d:CompanySecretary1 2023-04-01 2023-11-30 04533065 d:Director1 2023-04-01 2023-11-30 04533065 d:Director1 2023-11-30 04533065 d:Director2 2023-04-01 2023-11-30 04533065 d:Director2 2023-11-30 04533065 d:Director3 2023-04-01 2023-11-30 04533065 d:Director3 2023-11-30 04533065 d:Director4 2023-04-01 2023-11-30 04533065 d:Director4 2023-11-30 04533065 d:Director5 2023-04-01 2023-11-30 04533065 d:Director5 2023-11-30 04533065 d:RegisteredOffice 2023-04-01 2023-11-30 04533065 c:PlantMachinery 2023-04-01 2023-11-30 04533065 c:PlantMachinery 2023-11-30 04533065 c:PlantMachinery 2023-03-31 04533065 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2023-11-30 04533065 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-04-01 2023-11-30 04533065 c:MotorVehicles 2023-04-01 2023-11-30 04533065 c:MotorVehicles 2023-11-30 04533065 c:MotorVehicles 2023-03-31 04533065 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2023-11-30 04533065 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-04-01 2023-11-30 04533065 c:FurnitureFittings 2023-04-01 2023-11-30 04533065 c:FurnitureFittings 2023-11-30 04533065 c:FurnitureFittings 2023-03-31 04533065 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2023-11-30 04533065 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2023-04-01 2023-11-30 04533065 c:ComputerEquipment 2023-04-01 2023-11-30 04533065 c:ComputerEquipment 2023-11-30 04533065 c:ComputerEquipment 2023-03-31 04533065 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2023-11-30 04533065 c:ComputerEquipment c:LeasedAssetsHeldAsLessee 2023-04-01 2023-11-30 04533065 c:OwnedOrFreeholdAssets 2023-04-01 2023-11-30 04533065 c:LeasedAssetsHeldAsLessee 2023-04-01 2023-11-30 04533065 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2023-11-30 04533065 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 04533065 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 04533065 c:CurrentFinancialInstruments 2023-11-30 04533065 c:CurrentFinancialInstruments 2023-03-31 04533065 c:Non-currentFinancialInstruments 2023-11-30 04533065 c:Non-currentFinancialInstruments 2023-03-31 04533065 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 04533065 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 04533065 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 04533065 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 04533065 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 04533065 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 04533065 c:ShareCapital 2023-11-30 04533065 c:ShareCapital 2023-03-31 04533065 c:SharePremium 2023-11-30 04533065 c:SharePremium 2023-03-31 04533065 c:RetainedEarningsAccumulatedLosses 2023-11-30 04533065 c:RetainedEarningsAccumulatedLosses 2023-03-31 04533065 d:OrdinaryShareClass1 2023-04-01 2023-11-30 04533065 d:OrdinaryShareClass1 2023-11-30 04533065 d:OrdinaryShareClass1 2023-03-31 04533065 d:OrdinaryShareClass2 2023-04-01 2023-11-30 04533065 d:OrdinaryShareClass2 2023-11-30 04533065 d:OrdinaryShareClass2 2023-03-31 04533065 d:OrdinaryShareClass3 2023-04-01 2023-11-30 04533065 d:OrdinaryShareClass3 2023-11-30 04533065 d:OrdinaryShareClass3 2023-03-31 04533065 d:FRS102 2023-04-01 2023-11-30 04533065 d:AuditExempt-NoAccountantsReport 2023-04-01 2023-11-30 04533065 d:FullAccounts 2023-04-01 2023-11-30 04533065 d:PrivateLimitedCompanyLtd 2023-04-01 2023-11-30 04533065 c:WithinOneYear 2023-11-30 04533065 c:WithinOneYear 2023-03-31 04533065 c:BetweenOneFiveYears 2023-11-30 04533065 c:BetweenOneFiveYears 2023-03-31 04533065 4 2023-04-01 2023-11-30 04533065 c:AcceleratedTaxDepreciationDeferredTax 2023-11-30 04533065 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04533065 c:TaxLossesCarry-forwardsDeferredTax 2023-11-30 04533065 c:TaxLossesCarry-forwardsDeferredTax 2023-03-31 04533065 c:RetirementBenefitObligationsDeferredTax 2023-11-30 04533065 c:RetirementBenefitObligationsDeferredTax 2023-03-31 04533065 c:OtherDeferredTax 2023-11-30 04533065 c:OtherDeferredTax 2023-03-31 04533065 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-04-01 2023-11-30 04533065 e:PoundSterling 2023-04-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04533065









4X4 TYRES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2023

 
4X4 TYRES LIMITED
 
 
COMPANY INFORMATION


Directors
L D Hadley (resigned 30 November 2023)
D L Thompson (resigned 30 November 2023)
J R Cowles (appointed 1 December 2023)
W J F Goring (appointed 1 December 2023)
G Mitchell (appointed 1 May 2024)




Company secretary
W J F Goring



Registered number
04533065



Registered office
Micheldever Station
Winchester

Hampshire

England

SO21 3AP




Accountants
Donald Reid Limited

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
4X4 TYRES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 15

 
4X4 TYRES LIMITED
REGISTERED NUMBER: 04533065

BALANCE SHEET
AS AT 30 NOVEMBER 2023

30 November
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
108,323
372,827

Tangible assets
 5 
49,167
71,216

  
157,490
444,043

Current assets
  

Stocks
 6 
91,580
518,767

Debtors: amounts falling due within one year
 7 
373,009
303,793

Cash at bank and in hand
 8 
483,095
327,699

  
947,684
1,150,259

Creditors: amounts falling due within one year
 9 
(1,333,365)
(892,732)

Net current (liabilities)/assets
  
 
 
(385,681)
 
 
257,527

Total assets less current liabilities
  
(228,191)
701,570

Creditors: amounts falling due after more than one year
 10 
-
(37,721)

  

Net (liabilities)/assets
  
(228,191)
663,849


Capital and reserves
  

Called up share capital 
 13 
326
326

Share premium account
  
23,527
23,527

Profit and loss account
  
(252,044)
639,996

  
(228,191)
663,849


Page 1

 
4X4 TYRES LIMITED
REGISTERED NUMBER: 04533065
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 November 2024.




W J F Goring
Director

The notes on pages 3 to 15 form part of these financial statements.
Page 2

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

1.


General information

4X4 Tyres Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 04533065. The registered office address is Micheldever Station, Winchester, Hants, England, SO21 3AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Reporting period

The financial statements were prepared for a 8 month period from 1 April 2023 to 30 November 2023. The comparative financial statements were prepared for a 12 month period. The directors believe 30 November to be a more appropriate year end date to align with the change in ownership of the company. As a result, the comparative figures (including the related notes), are not entirely comparable. The change of accounting reference date, as approved by the board of directors, was filed with the Registrar of Companies.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
During the period, the company voted dividends of £500,000 
(31 March 2023: £Nil). After the period end, the company was acquired by Micheldever Tyre Services Limited (see note 18). As a result of this change in ownership, the company incurred a number of exceptional costs in the period in order to align with the accounting policies and estimates of the group of which the company is now part. The inclusion of these exceptional costs has resulted in the company showing a net liability position at 30 November 2023. The directors are satisfied that the dividend distributions made in the period were made out of available distributable reserves. In the absence of exceptional costs, company performance has continued to improve since the period end, and the company continues to meet its debts as they fall due. 

Page 3

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 8

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 21 (2023 - 18).

Page 9

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

4.


Intangible assets






Development expenditure

£



Cost


At 1 April 2023
593,317



At 30 November 2023

593,317



Amortisation


At 1 April 2023
220,490


Charge for the period on owned assets
64,504


Impairment charge
200,000



At 30 November 2023

484,994



Net book value



At 30 November 2023
108,323



At 31 March 2023
372,827



Page 10

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
112,415
20,229
17,711
36,291
186,646


Additions
-
-
-
500
500


Disposals
-
(20,229)
(3,680)
-
(23,909)



At 30 November 2023

112,415
-
14,031
36,791
163,237



Depreciation


At 1 April 2023
66,948
7,164
8,392
32,926
115,430


Charge for the period on owned assets
4,661
-
1,429
1,645
7,735


Charge for the period on financed assets
-
2,438
-
-
2,438


Disposals
-
(9,602)
(1,931)
-
(11,533)



At 30 November 2023

71,609
-
7,890
34,571
114,070



Net book value



At 30 November 2023
40,806
-
6,141
2,220
49,167



At 31 March 2023
45,467
13,065
9,319
3,365
71,216


6.


Stocks

30 November
31 March
2023
2023
£
£

Work in progress (goods to be sold)
91,580
518,767

91,580
518,767


Stocks are stated after provisions for impairments of £375,000 (31 March 2023: £9,300).

Page 11

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

7.


Debtors

30 November
31 March
2023
2023
£
£


Trade debtors
129,132
152,176

Amounts owed by group undertakings
244
-

Prepayments and accrued income
142,064
145,048

Deferred taxation
101,569
6,569

373,009
303,793



8.


Cash and cash equivalents

30 November
31 March
2023
2023
£
£

Cash at bank and in hand
483,095
327,699

483,095
327,699



9.


Creditors: Amounts falling due within one year

30 November
31 March
2023
2023
£
£

Other loans
124,686
123,132

Trade creditors
1,010,787
494,505

Other taxation and social security
106,024
160,491

Obligations under finance lease and hire purchase contracts
-
3,805

Other creditors
72,360
49,139

Accruals and deferred income
19,508
61,660

1,333,365
892,732


Page 12

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

10.


Creditors: Amounts falling due after more than one year

30 November
31 March
2023
2023
£
£

Other loans
-
27,780

Net obligations under finance leases and hire purchase contracts
-
9,941

-
37,721



11.


Loans


Analysis of the maturity of loans is given below:


30 November
31 March
2023
2023
£
£

Amounts falling due within one year

Other loans
124,686
123,132


124,686
123,132

Amounts falling due 1-2 years

Other loans
-
27,780


-
27,780



124,686
150,912


Page 13

 
4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

12.


Deferred taxation






2023
2023


£

£






At beginning of year
6,569
(16,409)


Credited to profit or loss
95,000
22,978



At end of year
101,569
6,569

The deferred tax asset is made up as follows:

30 November
31 March
2023
2023
£
£


Accelerated capital allowances
13,447
13,447

Tax losses carried forward
(87,198)
(87,198)

Timing differences on capitalised development costs
67,754
67,754

Other timing differences
(95,572)
(572)

(101,569)
(6,569)


13.


Share capital

30 November
31 March
2023
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
225 (2023 - 225) Ordinary B shares of £1.00 each
225
225
65 (2022 -65) Ordinary G shares of £0.01 each
1
1

326

326



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £8,521 (31 March 2023 - £8,995). Contributions totalling £2,282 (31 March 2023 - £2,289) were payable to the fund at the balance sheet date and are included in creditors.

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4X4 TYRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

15.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 November
31 March
2023
2023
£
£


Not later than 1 year
40,574
56,508

Later than 1 year and not later than 5 years
52,260
78,971

92,834
135,479


16.


Related party transactions

The company has taken advantage of the exemption from disclosing transactions with other members of the group. 


17.


Post balance sheet events

On 1 December 2023, the company was sold to Micheldever Tyre Services Limited who took control of the company. 


18.


Controlling party

The controlling party during the period was Leap Holdings (UK) Limited.
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