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REGISTERED NUMBER: 02592923 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FOREST OF DEAN TYRES LIMITED

FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOREST OF DEAN TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: W C Davies





REGISTERED OFFICE: Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA





BUSINESS ADDRESS: Nash Morgan Building
Parkend Road
Whitecroft
Lydney
Gloucestershire
GL15 4QF





REGISTERED NUMBER: 02592923 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 654,569 661,352

CURRENT ASSETS
Stocks 137,878 114,145
Debtors 5 234,801 225,830
Cash at bank 484,443 361,883
857,122 701,858
CREDITORS
Amounts falling due within one year 6 668,097 643,435
NET CURRENT ASSETS 189,025 58,423
TOTAL ASSETS LESS CURRENT
LIABILITIES

843,594

719,775

PROVISIONS FOR LIABILITIES 80,694 80,718
NET ASSETS 762,900 639,057

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 762,800 638,957
762,900 639,057

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

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

The director acknowledges his 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.

FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)

BALANCE SHEET - continued
31 AUGUST 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 director and authorised for issue on 15 March 2025 and were signed by:





W C Davies - Director


FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)

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

1. STATUTORY INFORMATION

Forest of Dean 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.

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.
Freehold property - 2% on reducing balance
Leasehold improvements - 5% on cost
Plant and machinery - 10% on reducing balance
Motor vehicles - 20% on reducing balance

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)

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

2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The following assets and liabilities are classified as basic financial instruments - trade debtors. trade creditors and director' loans.

Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash expected to be paid or received.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and Motor
property improvements machinery vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 448,867 27,089 418,747 177,613 1,072,316
Additions - - 5,305 38,390 43,695
At 31 August 2024 448,867 27,089 424,052 216,003 1,116,011
DEPRECIATION
At 1 September 2023 110,303 27,089 209,667 63,905 410,964
Charge for year 6,771 - 20,965 22,742 50,478
At 31 August 2024 117,074 27,089 230,632 86,647 461,442
NET BOOK VALUE
At 31 August 2024 331,793 - 193,420 129,356 654,569
At 31 August 2023 338,564 - 209,080 113,708 661,352

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 212,063 201,875
Other debtors 5,000 5,000
Prepayments 17,738 18,955
234,801 225,830

FOREST OF DEAN TYRES LIMITED (REGISTERED NUMBER: 02592923)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 445,730 410,800
Corporation Tax 96,374 55,098
Social security and other taxes 11,131 10,388
VAT 29,448 26,651
Other creditors 2,965 2,802
Directors' current accounts 75,919 129,464
Accrued expenses 6,530 8,232
668,097 643,435

7. SECURED DEBTS

The company has three registered mortgages at Companies House with National Westminster Bank PLC. These all contain a charge over the freehold and leasehold property and all moveable plant and equipment of the company.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
W C Davies
Balance outstanding at start of year (129,464 ) (153,685 )
Amounts advanced 167,352 136,221
Amounts repaid (113,807 ) (112,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (75,919 ) (129,464 )

No interest has been charged on the above balance and there are no set repayment terms.