IRIS Accounts Production v24.3.2.46 01517549 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015175492023-03-31015175492024-03-31015175492023-04-012024-03-31015175492022-03-31015175492022-04-012023-03-31015175492023-03-3101517549ns15:EnglandWales2023-04-012024-03-3101517549ns14:PoundSterling2023-04-012024-03-3101517549ns10:Director12023-04-012024-03-3101517549ns10:Director22023-04-012024-03-3101517549ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101517549ns10:SmallEntities2023-04-012024-03-3101517549ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101517549ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101517549ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101517549ns10:FullAccounts2023-04-012024-03-3101517549ns10:OrdinaryShareClass12023-04-012024-03-3101517549ns10:Director32023-04-012024-03-3101517549ns10:RegisteredOffice2023-04-012024-03-3101517549ns5:CurrentFinancialInstruments2024-03-3101517549ns5:CurrentFinancialInstruments2023-03-3101517549ns5:Non-currentFinancialInstruments2024-03-3101517549ns5:Non-currentFinancialInstruments2023-03-3101517549ns5:ShareCapital2024-03-3101517549ns5:ShareCapital2023-03-3101517549ns5:RetainedEarningsAccumulatedLosses2024-03-3101517549ns5:RetainedEarningsAccumulatedLosses2023-03-3101517549ns5:PlantMachinery2023-04-012024-03-3101517549ns5:MotorVehicles2023-04-012024-03-3101517549ns5:ComputerEquipment2023-04-012024-03-3101517549ns5:PlantMachinery2023-03-3101517549ns5:MotorVehicles2023-03-3101517549ns5:ComputerEquipment2023-03-3101517549ns5:PlantMachinery2024-03-3101517549ns5:MotorVehicles2024-03-3101517549ns5:ComputerEquipment2024-03-3101517549ns5:PlantMachinery2023-03-3101517549ns5:MotorVehicles2023-03-3101517549ns5:ComputerEquipment2023-03-3101517549ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3101517549ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3101517549ns5:DeferredTaxation2024-03-3101517549ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 01517549 (England and Wales)

















DISCOUNT TYRES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DISCOUNT TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr F J Barnett
Mr J G Barnett
Mr C Maurice





REGISTERED OFFICE: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY





REGISTERED NUMBER: 01517549 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 135,640 138,118

CURRENT ASSETS
Stocks 5 84,283 71,735
Debtors 6 59,850 91,009
Cash at bank 44,475 27,296
188,608 190,040
CREDITORS
Amounts falling due within one year 7 171,827 181,024
NET CURRENT ASSETS 16,781 9,016
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,421

147,134

CREDITORS
Amounts falling due after more than one
year

8

66,131

167,131

PROVISIONS FOR LIABILITIES 9 15,392 -

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 70,798 (20,097 )
SHAREHOLDERS' FUNDS 70,898 (19,997 )
152,421 147,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:




Mr F J Barnett - Director



Mr J G Barnett - Director


DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Discount Tyres Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 7.5% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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


DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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
The directors are of the opinion it is appropriate to prepare the accounts on a going concern basis. The company has continued to meet its obligations since the balance sheet date. The directors have agreed adequate facilities with the company bankers and appropriate payment terms with all major creditors. The directors have also pledged their continued support for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 191,559 32,414 11,313 235,286
Additions 7,231 2,500 7,105 16,836
At 31 March 2024 198,790 34,914 18,418 252,122
DEPRECIATION
At 1 April 2023 66,352 24,429 6,387 97,168
Charge for year 14,513 2,101 2,700 19,314
At 31 March 2024 80,865 26,530 9,087 116,482
NET BOOK VALUE
At 31 March 2024 117,925 8,384 9,331 135,640
At 31 March 2023 125,207 7,985 4,926 138,118

DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. STOCKS
2024 2023
£    £   
Stocks 84,283 71,735

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,613 18,609
Other debtors and prepayments 39,237 72,400
59,850 91,009

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 125,176 144,157
Tax 2,326 -
Social security and other taxes 10,842 11,120
VAT 26,107 20,669
Other creditors and accruals 7,376 5,078
171,827 181,024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Directors' loan accounts 66,131 167,131

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,392 -

Deferred
tax
£   
Accelerated capital allowances 15,392
Balance at 31 March 2024 15,392

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

DISCOUNT TYRES LIMITED (REGISTERED NUMBER: 01517549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY DISCLOSURES

F J Barnett and J G Barnett
Company directors
At the year end, the directors were owed £66,131 (2023 - £167,131)
No interest is payable on the loan and there are no agreed repayment terms.

During the year the company entered into the following transactions with the J G Barnett:

Rent charged from related party£52,500

Discount Wholesale Tyres (Hemel) Limited
A company in which both F J Barnett and J G Barnett are shareholders.
During the year the company entered into the following transactions with Discount Tyres Limited:

Sales to related party£1,868
Management charges to related party£30,000
Purchases from related party£6,819

Amount owed from related party at the balance sheet date £Nil (2023 - £39,831).
No interest is payable on the loan and there are no agreed repayment terms.