IRIS Accounts Production v24.3.2.46 05510333 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh055103332023-09-30055103332024-09-30055103332023-10-012024-09-30055103332022-09-30055103332022-10-012023-09-30055103332023-09-3005510333ns15:EnglandWales2023-10-012024-09-3005510333ns14:PoundSterling2023-10-012024-09-3005510333ns10:Director12023-10-012024-09-3005510333ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3005510333ns10:SmallEntities2023-10-012024-09-3005510333ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3005510333ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3005510333ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005510333ns10:FullAccounts2023-10-012024-09-300551033312023-10-012024-09-3005510333ns10:Director22023-10-012024-09-3005510333ns10:CompanySecretary12023-10-012024-09-3005510333ns10:RegisteredOffice2023-10-012024-09-3005510333ns5:CurrentFinancialInstruments2024-09-3005510333ns5:CurrentFinancialInstruments2023-09-3005510333ns5:Non-currentFinancialInstruments2024-09-3005510333ns5:Non-currentFinancialInstruments2023-09-3005510333ns5:ShareCapital2024-09-3005510333ns5:ShareCapital2023-09-3005510333ns5:RetainedEarningsAccumulatedLosses2024-09-3005510333ns5:RetainedEarningsAccumulatedLosses2023-09-3005510333ns5:NetGoodwill2023-10-012024-09-3005510333ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3005510333ns5:PlantMachinery2023-10-012024-09-3005510333ns5:NetGoodwill2023-09-3005510333ns5:NetGoodwill2024-09-3005510333ns5:NetGoodwill2023-09-3005510333ns5:PlantMachinery2023-09-3005510333ns5:PlantMachinery2024-09-3005510333ns5:PlantMachinery2023-09-3005510333ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3005510333ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3005510333ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-3005510333ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3005510333ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3005510333ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-30
REGISTERED NUMBER: 05510333 (England and Wales)

























Financial Statements

for the Year Ended 30 September 2024

for

Mike Wood Tyres Limited

Mike Wood Tyres Limited (Registered number: 05510333)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mike Wood Tyres Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mrs A L Lambourne
J W Lambourne





SECRETARY: Miss S L Lambourne





REGISTERED OFFICE: The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR





REGISTERED NUMBER: 05510333 (England and Wales)





ACCOUNTANTS: Mander Duffill
Chartered Accountants
The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR

Mike Wood Tyres Limited (Registered number: 05510333)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 140,012 121,582
140,012 121,582

CURRENT ASSETS
Stocks 82,700 88,212
Debtors 6 91,593 135,972
Cash at bank 54,157 58,034
228,450 282,218
CREDITORS
Amounts falling due within one year 7 322,646 348,196
NET CURRENT LIABILITIES (94,196 ) (65,978 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,816

55,604

CREDITORS
Amounts falling due after more than
one year

8

43,516

44,245
NET ASSETS 2,300 11,359

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 2,190 11,249
SHAREHOLDERS' FUNDS 2,300 11,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Mike Wood Tyres Limited (Registered number: 05510333)

Balance Sheet - continued
30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





Mrs A L Lambourne - Director


Mike Wood Tyres Limited (Registered number: 05510333)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Mike Wood 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 20% on reducing balance, 12.5% on reducing balance and 7.5% on reducing balance

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of manufacture or completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Mike Wood Tyres Limited (Registered number: 05510333)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 250,000
AMORTISATION
At 1 October 2023
and 30 September 2024 250,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Mike Wood Tyres Limited (Registered number: 05510333)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 317,486
Additions 29,361
At 30 September 2024 346,847
DEPRECIATION
At 1 October 2023 195,904
Charge for year 10,931
At 30 September 2024 206,835
NET BOOK VALUE
At 30 September 2024 140,012
At 30 September 2023 121,582

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023 15,500
Additions 24,995
At 30 September 2024 40,495
DEPRECIATION
At 1 October 2023 4,613
Charge for year 4,097
At 30 September 2024 8,710
NET BOOK VALUE
At 30 September 2024 31,785
At 30 September 2023 10,887

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 50,318 82,610
Other debtors 41,275 53,362
91,593 135,972

Mike Wood Tyres Limited (Registered number: 05510333)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 194,572 193,180
Other creditors 128,074 155,016
322,646 348,196

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Other creditors 43,516 44,245