Company registration number 09725607 (England and Wales)
MAXAM TIRE SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MAXAM TIRE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Chen Huang
Zhaoling Yu
Secretary
Intertrust (UK) Limited
Company number
09725607
Registered office
Ts2 Pinewood Business Park Coleshill Road
Solihull
West Midlands
B37 7HG
MAXAM TIRE SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
MAXAM TIRE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the Company for the year under review was for the distribution of off-the-road tyres.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Chen Huang
Zhaoling Yu
Post reporting date events

There are no events after the reporting period date requiring adjustment or disclosure in the Financial statements.

 

Going concern

The directors have reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the Company has adopted the going concern basis in preparing the financial statements.

Future developments

The Company will continue to operate in the same manner.

 

Principal risks and uncertainties

The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the Company's business performance and risk management processes.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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.

MAXAM TIRE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
Zhaoling Yu
Director
22 November 2024
MAXAM TIRE SOLUTIONS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Revenue
1,064,788
203,193
Administrative expenses
(696,203)
(198,719)
Profit before taxation
368,585
4,474
Tax on profit
4
(90,706)
(5,780)
Profit/(loss) for the financial year
277,879
(1,306)

There are no other comprehensive income or expenses other than those included in the profit or loss for the current and prior years and therefore a separate statement of comprehensive income is not presented.

The notes on pages 6 to 8 form part of these financial statements.

MAXAM TIRE SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
5
400,330
3,884,407
Cash and cash equivalents
304,670
172,621
705,000
4,057,028
Current liabilities
6
(171,874)
(3,801,781)
Net current assets
533,126
255,247
Equity
Called up share capital
7
1
1
Retained earnings
8
533,125
255,246
Total equity
533,126
255,247

For the financial year ended 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors' acknowledge their responsibilities for:

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 of the Companies Act 2006.

 

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Zhaoling Yu
Director
Company registration number 09725607 (England and Wales)

The notes on pages 6 to 8 form part of these financial statements.

MAXAM TIRE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2022
1
256,552
256,553
Year ended 31 December 2022:
Loss and total comprehensive income
-
(1,306)
(1,306)
Balance at 31 December 2022
1
255,246
255,247
Year ended 31 December 2023:
Profit and total comprehensive income
-
277,879
277,879
Balance at 31 December 2023
1
533,125
533,126

The notes on pages 6 to 8 form part of these financial statements.

MAXAM TIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information

MAXAM TIRE SOLUTIONS LIMITED (the "Company") is a private company limited by shares registered in England and Wales, incorporated on 10 August 2015, domiciled and registered in the UK. The registered office is Ts2 Pinewood Business Park Coleshill Road, Solihull, West Midlands, B37 7HG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

 

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":

1.2
Revenue

Turnover represents net invoiced sales of services, excluding value added tax.

1.3

Trade and other payables

Trade payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

1.4

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.

2
Operating profit

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

2023
2022
£
£
Operating income
1,064,788
203,193
Wages and salaries
(132,228)
(6,552)
Administrative expenses
(865,730)
(184,478)
Profit or loss on foreign exchange
301,755
(7,689)
368,585
4,474
3
Employees

The average number of employees, excluding directors during the current financial year was 12 (2022:12).

MAXAM TIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
90,706
5,780
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
-
0
67,200
Corporation tax recoverable
-
0
1,870
Amounts owed by group undertakings
377,317
3,590,803
Other receivables
21,555
193,011
Prepayments and accrued income
1,458
31,523
400,330
3,884,407
6
Current liabilities
2023
2022
£
£
Trade payables
53,662
30,988
Amounts owed to group undertakings
-
0
3,551,844
Corporation tax
90,701
-
0
Employee benefits payable
27,511
218,949
171,874
3,801,781
7
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Retained earnings
2023
2022
£
£
At the beginning of the year
255,246
256,552
Profit/(loss) for the year
277,879
(1,306)
At the end of the year
533,125
255,246
MAXAM TIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Events after the reporting date

There are no significant events after reporting date which could have had a material effect on the state of affairs of the Company as at 31 December 2023 that has not been adequately provided for or disclosed in the financial statements.

10
Related party transactions
Balances with related parties

The intercompany balances owed by/(to) the company consists of:

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Maxam Tire International Limited
-
-
-
3,526,704
Maxam Tire International S.A.R.L
-
321,927
-
-
Maxam Tire North America Inc.
-
-
-
25,137
Maxam Tire Solutions Co. Limited
377,319
279,426
-
-
Sailun Tire Americas Inc.
-
2,077,844
-
-
Seatex Rubber Limited
-
911,603
-
-
11
Ultimate controlling party

The company is a 100% owned subsidiary of Maxam Tire International Limited., a Hong Kong corporation. Maxam Tire Solutions Limited and Maxam Tire International Limited are part of an international group, controlled by Sailun Group Co. Ltd, a Chinese publically listed corporation.

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