IRIS Accounts Production v24.3.2.46 00278970 Board of Directors 1.4.23 29.3.24 29.3.24 distribution, retailing and servicing of tyres and other auto products in the replacement market. true true false true true false false false true false Ordinary voting 1.00000 Ordinary non-voting 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh002789702023-03-31002789702024-03-29002789702023-04-012024-03-29002789702022-03-31002789702022-04-012023-03-31002789702023-03-3100278970ns15:EnglandWales2023-04-012024-03-2900278970ns14:PoundSterling2023-04-012024-03-2900278970ns10:Director12023-04-012024-03-2900278970ns10:PrivateLimitedCompanyLtd2023-04-012024-03-2900278970ns10:FRS1022023-04-012024-03-2900278970ns10:Audited2023-04-012024-03-2900278970ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-2900278970ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-2900278970ns10:FullAccounts2023-04-012024-03-290027897012023-04-012024-03-2900278970ns10:OrdinaryShareClass12023-04-012024-03-2900278970ns10:OrdinaryShareClass22023-04-012024-03-2900278970ns10:Director22023-04-012024-03-2900278970ns10:Director32023-04-012024-03-2900278970ns10:CompanySecretary12023-04-012024-03-2900278970ns10:RegisteredOffice2023-04-012024-03-2900278970ns5:CurrentFinancialInstruments2024-03-2900278970ns5:CurrentFinancialInstruments2023-03-3100278970ns5:Non-currentFinancialInstruments2024-03-2900278970ns5:Non-currentFinancialInstruments2023-03-3100278970ns5:ShareCapital2024-03-2900278970ns5:ShareCapital2023-03-3100278970ns5:RevaluationReserve2024-03-2900278970ns5:RevaluationReserve2023-03-3100278970ns5:CapitalRedemptionReserve2024-03-2900278970ns5:CapitalRedemptionReserve2023-03-3100278970ns5:RetainedEarningsAccumulatedLosses2024-03-2900278970ns5:RetainedEarningsAccumulatedLosses2023-03-3100278970ns5:ShareCapital2022-03-3100278970ns5:RetainedEarningsAccumulatedLosses2022-03-3100278970ns5:RevaluationReserve2022-03-3100278970ns5:CapitalRedemptionReserve2022-03-3100278970ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100278970ns5:RevaluationReserve2022-04-012023-03-3100278970ns5:CapitalRedemptionReserve2022-04-012023-03-3100278970ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-2900278970ns5:RevaluationReserve2023-04-012024-03-2900278970ns5:CapitalRedemptionReserve2023-04-012024-03-290027897012023-04-012024-03-2900278970ns5:NetGoodwill2023-04-012024-03-2900278970ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-2900278970ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-2900278970ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3100278970ns5:OwnedAssets2023-04-012024-03-2900278970ns5:OwnedAssets2022-04-012023-03-3100278970ns5:NetGoodwill2022-04-012023-03-310027897012023-04-012024-03-290027897012022-04-012023-03-3100278970ns5:HirePurchaseContracts2023-04-012024-03-2900278970ns5:HirePurchaseContracts2022-04-012023-03-3100278970ns10:OrdinaryShareClass12022-04-012023-03-3100278970ns5:NetGoodwill2023-03-3100278970ns5:NetGoodwill2024-03-2900278970ns5:NetGoodwill2023-03-3100278970ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3100278970ns5:PlantMachinery2023-03-3100278970ns5:FurnitureFittings2023-03-3100278970ns5:MotorVehicles2023-03-3100278970ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-2900278970ns5:PlantMachinery2023-04-012024-03-2900278970ns5:FurnitureFittings2023-04-012024-03-2900278970ns5:MotorVehicles2023-04-012024-03-2900278970ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-2900278970ns5:PlantMachinery2024-03-2900278970ns5:FurnitureFittings2024-03-2900278970ns5:MotorVehicles2024-03-2900278970ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3100278970ns5:PlantMachinery2023-03-3100278970ns5:FurnitureFittings2023-03-3100278970ns5:MotorVehicles2023-03-3100278970ns5:CostValuation2023-03-3100278970ns5:Subsidiary12023-04-012024-03-2900278970ns5:Subsidiary112023-04-012024-03-2900278970ns5:Subsidiary12024-03-2900278970ns5:Subsidiary12023-03-3100278970ns5:Subsidiary22023-04-012024-03-29002789703ns5:Subsidiary22023-04-012024-03-2900278970ns5:Subsidiary22024-03-2900278970ns5:Subsidiary22023-03-3100278970ns5:Subsidiary32023-04-012024-03-2900278970ns5:Subsidiary352023-04-012024-03-2900278970ns5:Subsidiary32024-03-2900278970ns5:Subsidiary32023-03-3100278970ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-2900278970ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100278970ns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2024-03-2900278970ns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2023-03-3100278970ns5:BetweenOneFiveYearsns5:FinanceLeases2024-03-2900278970ns5:BetweenOneFiveYearsns5:FinanceLeases2023-03-3100278970ns5:FinanceLeases2024-03-2900278970ns5:FinanceLeases2023-03-3100278970ns5:WithinOneYear2024-03-2900278970ns5:WithinOneYear2023-03-3100278970ns5:BetweenOneFiveYears2024-03-2900278970ns5:BetweenOneFiveYears2023-03-3100278970ns5:MoreThanFiveYears2024-03-2900278970ns5:MoreThanFiveYears2023-03-3100278970ns5:AllPeriods2024-03-2900278970ns5:AllPeriods2023-03-3100278970ns5:DeferredTaxation2023-03-3100278970ns5:DeferredTaxation2023-04-012024-03-2900278970ns5:DeferredTaxation2024-03-2900278970ns10:OrdinaryShareClass12024-03-2900278970ns10:OrdinaryShareClass22024-03-2900278970ns5:RetainedEarningsAccumulatedLosses2023-03-3100278970ns5:RevaluationReserve2023-03-3100278970ns5:CapitalRedemptionReserve2023-03-31
REGISTERED NUMBER: 00278970 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

FOR

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024







DIRECTORS: G B Stapleton
J R Hartley
P D O'Hara





SECRETARY: T J G O'Gorman





REGISTERED OFFICE: Icknield Street Drive
Washford West
Redditch
Worcestershire
B98 0DE





REGISTERED NUMBER: 00278970 (England and Wales)





AUDITORS: Carleys
Statutory Auditor
Second Floor South
The Fitted Rigging House
The Historic Dockyard
Chatham
Kent
ME4 4TZ

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


The directors present their Strategic Report on the company together with the audited financial statements for the period ended 29 March 2024.

REVIEW OF BUSINESS
The company is engaged in motoring servicing and trade of motor vehicle parts and accessories.

The company is a subsidiary of Halfords Group plc ("the Group"). Further details on the performance of the Group can be found in the Chairman's Statement, Strategic Report, Chief Executive's Report and Chief Financial Officer's Report in the Group's Annual Report, which does not form part of this report.

The Directors have no plans to change the activities of the company.

Turnover for the period to 29 March 2024 was £35.371m (2023: £33.838m), producing an EBITDA of £1.288m (2023: £1.925m). The overall pre-tax profit is £709k (2023: £1.464m).

Further details on the performance of the Group can be found in the Chairman's Statement, Strategic Report and Chief Financial Officer's Report in the Group's Annual Report, which does not form part of this report. An updated view of the detailed KPIs since acquisition are discussed and documented within the Strategic Report of the Annual Report and Accounts of Halfords Group plc.

Key performance indicators
The directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the performance or position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's financial risks are managed at a group level. A detailed review of the group's financial risk policy is contained within the Annual Report and Accounts of Halfords Group plc. The directors of the group and company consider that the financial risks of the group and company remain the same as those outlined in the Halfords Group plc Annual Report and Accounts for the period ended 29 March 2024.

SECTION 172(1) STATEMENT
This section describes how the Directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2016 (the "Act"), in exercising their duty to promote the success of the company for the benefit of its members as a whole.

Directors are required to have regard, amongst other matters, to the interests of wider stakeholders, as well as:
- the likely long-term consequences of any decision they make;
- the interests of the company's colleagues;
- the need to foster the company's business relationships with suppliers, customers and others;
- the impact of the company's operations on the community and the environment;
- the desirability of the company maintaining a reputation for high standards of business conduct; and
- the need to act fairly, as between members of the company.

The company is an intermediate holding company within Halfords Group plc ("Group"), and therefore key decisions which affect the group, this company and stakeholders are principally made by the Board of the ultimate parent company, Halfords Group plc. Further details of how the Board of Halfords Group plc have had regard to s172(1) (a) to (f) in the current financial period can be found in those consolidated financial statements.

ON BEHALF OF THE BOARD:





J R Hartley - Director


26 March 2025

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


The directors present their report on the company together with the audited financial statements for the period ended 29 March 2024.

DIVIDENDS
The total distribution of dividends for the period ended 29 March 2024 was £Nil (2023 - £8,000,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

G B Stapleton
J R Hartley
P D O'Hara

GOING CONCERN
The Company participates in the Group's centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries. The going concern assessment for the Company is therefore linked to that of the wider group headed by Halfords Group plc.

The Directors have concluded that it is appropriate to adopt the Going Concern basis, having considered the going concern assessment undertaken by Halfords Group plc ('Group') which included the Company. As detailed in the Group annual report, in determining the appropriate basis of preparation of the Group financial statements for the period ended 29 March 2024, the Group Directors reviewed financial forecasts and projections to 31 July 2025. Within these financial projections, management reviewed profit and net cash flow and tested financial covenants in the period. No issues were found. Further details of these reviews can be found in the Going Concern and Viability statement in the Group's Annual Report, which does not form part of this report. This analysis has then been extended to March 2026 and factors in post year end performance for the purposes of the subsidiary financial statement approvals.

Based on the analysis completed, the Group has adequate bank facilities available and the Directors therefore have a reasonable expectation that the Group and the Company will be able to continue in operation and meet their liabilities as they fall due, retain sufficient available cash and not breach any the covenants under any drawn facilities for at least 12 months from the date of approval of the financial statements. They do not consider there to be a material uncertainty relating to the Group's and the Company's ability to continue as a going concern.

The financial statements have been prepared on the going concern basis, which the Directors believe to be appropriate for the following reasons. The Company is dependent for its working capital on funds provided to it by Halfords Group plc, the Company's ultimate parent. Halfords Group plc has indicated that for at least 12 months from the date of approval of these financial statements ("going concern assessment period"), it will continue to make available such funds as are needed by the Company, and in particular will not seek repayment of the amounts currently made available unless the company has means to pay. The Directors consider that this will enable the Company to continue in operational existence for the going concern assessment period by meeting its liabilities as they fall due for payment.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Carleys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J R Hartley - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED


Opinion
We have audited the financial statements of The Universal Tyre Company (Deptford) Limited (the 'company') for the period ended 29 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 March 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, our approach was as follows:
- we obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that are applicable to the company and of how the company is complying with those frameworks;
- we enquired of management about their own identification and assessment of the risks of irregularities, including any known instances of fraud;
- we discussed matters concerning non-compliance with laws and regulations and how fraud might occur including assessment of how the financial statements might be susceptible to fraud.

As a result of these procedures we consider that the most significant laws and regulations relating to the financial statements are FRS102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to enable us to detect non-compliance with significant laws and regulations which may have a material impact on the financial statements which included reviewing disclosures within the financial statements and inspecting correspondence with tax authorities.

We considered the risk of fraud through management override and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. In response, we incorporated testing of the appropriateness of journal entries, assessing judgements made by management in making accounting estimates and evaluating the business rationale for any significant unusual transactions or those outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Claire M Ralph ACA (Senior Statutory Auditor)
for and on behalf of Carleys
Statutory Auditor
Second Floor South
The Fitted Rigging House
The Historic Dockyard
Chatham
Kent
ME4 4TZ

26 March 2025

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

INCOME STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

Period
1.4.23
to Year Ended
29.3.24 31.3.23
Notes £    £   

TURNOVER 35,371,974 33,838,036

Cost of sales (23,138,406 ) (22,189,268 )
GROSS PROFIT 12,233,568 11,648,768

Distribution costs (9,241,788 ) (8,080,448 )
Administrative expenses (2,318,105 ) (2,190,441 )
OPERATING PROFIT 5 673,675 1,377,879

Interest receivable and similar income 59,032 102,833
732,707 1,480,712

Interest payable and similar expenses 6 (22,908 ) (16,391 )
PROFIT BEFORE TAXATION 709,799 1,464,321

Tax on profit 7 (174,160 ) (253,237 )
PROFIT FOR THE FINANCIAL PERIOD 535,639 1,211,084

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

Period
1.4.23
to Year Ended
29.3.24 31.3.23
Notes £    £   

PROFIT FOR THE PERIOD 535,639 1,211,084


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

535,639

1,211,084

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

BALANCE SHEET
29 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 152,051 238,934
Tangible assets 10 2,261,243 2,201,053
Investments 11 1,092 1,092
2,414,386 2,441,079

CURRENT ASSETS
Stocks 12 4,078,018 4,175,007
Debtors 13 7,737,936 6,627,277
Cash at bank and in hand 3,979,362 3,505,607
15,795,316 14,307,891
CREDITORS
Amounts falling due within one year 14 (8,966,227 ) (7,855,707 )
NET CURRENT ASSETS 6,829,089 6,452,184
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,243,475

8,893,263

CREDITORS
Amounts falling due after more than one
year

15

(48,835

)

(147,773

)

PROVISIONS FOR LIABILITIES 18 (285,962 ) (372,451 )
NET ASSETS 8,908,678 8,373,039

CAPITAL AND RESERVES
Called up share capital 19 45,110 45,110
Revaluation reserve 20 188,836 188,836
Capital redemption reserve 20 15,390 15,390
Retained earnings 20 8,659,342 8,123,703
SHAREHOLDERS' FUNDS 8,908,678 8,373,039

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





J R Hartley - Director


THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 45,110 14,912,619 188,836 15,390 15,161,955

Changes in equity
Dividends - (8,000,000 ) - - (8,000,000 )
Total comprehensive income - 1,211,084 - - 1,211,084
Balance at 31 March 2023 45,110 8,123,703 188,836 15,390 8,373,039

Changes in equity
Total comprehensive income - 535,639 - - 535,639
Balance at 29 March 2024 45,110 8,659,342 188,836 15,390 8,908,678

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

CASH FLOW STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

Period
1.4.23
to Year Ended
29.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,134,483 2,098,229
Interest element of finance lease payments
paid

(22,908

)

(16,391

)
Tax paid (9,694 ) (744,646 )
Net cash from operating activities 1,101,881 1,337,192

Cash flows from investing activities
Purchase of tangible fixed assets (592,628 ) (719,798 )
Sale of tangible fixed assets 4,508 27,619
Interest received 59,032 102,833
Net cash from investing activities (529,088 ) (589,346 )

Cash flows from financing activities
Capital repayments in year (99,038 ) (98,600 )
Equity dividends paid - (8,000,000 )
Net cash from financing activities (99,038 ) (8,098,600 )

Increase/(decrease) in cash and cash equivalents 473,755 (7,350,754 )
Cash and cash equivalents at beginning
of period

2

3,505,607

10,856,361

Cash and cash equivalents at end of
period

2

3,979,362

3,505,607

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Profit before taxation 709,799 1,464,321
Depreciation charges 619,321 567,639
Profit on disposal of fixed assets (4,508 ) (20,197 )
Finance costs 22,908 16,391
Finance income (59,032 ) (102,833 )
1,288,488 1,925,321
Decrease/(increase) in stocks 96,989 (1,010,263 )
Increase in trade and other debtors (1,361,614 ) (10,416 )
Increase in trade and other creditors 1,110,620 1,193,587
Cash generated from operations 1,134,483 2,098,229

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 March 2024
29.3.24 1.4.23
£    £   
Cash and cash equivalents 3,979,362 3,505,607
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,505,607 10,856,361


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 29.3.24
£    £    £   
Net cash
Cash at bank and in hand 3,505,607 473,755 3,979,362
3,505,607 473,755 3,979,362
Debt
Finance leases (246,473 ) 99,038 (147,435 )
(246,473 ) 99,038 (147,435 )
Total 3,259,134 572,793 3,831,927

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


1. STATUTORY INFORMATION

The Universal Tyre Company (Deptford) 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 principal activity of the Company is distribution, retailing and servicing of tyres and other auto products in the replacement market.

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

2. STATEMENT OF COMPLIANCE

The individual financial statements of Universal Tyre Company (Deptford) Limited have been prepared in compliance with the United Kingdom Accounting Standards including Financial Reporting Standard 102, ''The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland'' (''FRS 102'') and the Companies Act 2006.

The following accounting policies have been used in dealing with items which are considered material in relation to the financial statements.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements are prepared on the going concern basis, under the historical cost convention, as modified by the revaluation of certain tangible fixed assets.

These financial statements cover the period of trading from 1 April 2023 to 29 March 2024.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in 'Critical accounting judgements and key source of estimation uncertainty' section of this note.

Going concern
The going concern basis is considered appropriate based on the assessment made by the Directors in the Directors' report.

The financial statements have been prepared on the going concern basis, which the Directors believe to be appropriate for the following reasons. The Company is dependent for its working capital on funds provided to it by Halfords Group plc, the Company's ultimate parent. Halfords Group plc has indicated that for at least 12 months from the date of approval of these financial statements ("going concern assessment period"), it will continue to make available such funds as are needed by the Company, and in particular will not seek repayment of the amounts currently made available unless the company has the means to pay. The Directors consider that this will enable the Company to continue in operational existence for the going concern assessment period by meeting its liabilities as they fall due for payment.

The ultimate parent company, Halfords Group plc, has a revolving credit facility of £180m at the date of approval of these financial statements, which expires on 16 April 2028, and has no other debt or facilities.

On the basis of the availability of the Group banking facility, the Directors assessment of the Company's financial position and the enquiries made of the Directors of Halfords Group plc, the Company's Directors have a reasonable expectation that the Company will be able to continue in operational existence for the going concern assessment period.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


3. ACCOUNTING POLICIES - continued

Preparation of consolidated financial statements
The Company is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its Group.

The Company's ultimate parent undertaking, Halfords Group plc, includes the Company in its consolidated financial statements. The consolidated financial statements of Halfords Group plc are prepared in accordance with International Financial Reporting Standards, are available to the public and may be obtained from Icknield Street Drive, Washford West, Redditch, Worcestershire, B98 0DE.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Related party exemption
The Company has taken advantage of the exemption, as provided by paragraph 33.1A of FRS 102 and does not disclose transactions with members of the same group that are wholly owned. The Company discloses transactions with related parties which are not wholly owned with the same group.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances.
Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


3. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Supplier income
The Company receives income from their suppliers based on specific agreements in place. These enable the Company to share the costs and benefits of promotional activity and volume growth and are explained below. This supplier income received is recognised as a deduction from cost of sales based on the entitlement that has been earned up to the balance sheet date for each relevant supplier agreement. The Company receives other contributions that do not meet the definition of supplier income, including, but not limited to, marketing, advertising and promotion contributions that are offset against the costs included in administrative expenses to which they relate.

The supplier income arrangements are often not co-terminus with Company's financial period end. Such income is only recognised when there is reasonable certainty that the conditions for recognition have been met by the Company, and the income can be reliably measured based on the terms of the contract. The Company is sometimes required to estimate the amounts due from suppliers at year end. However, as the majority of supplier income is confirmed before the year end, the level of estimation and judgement required is limited.

Supplier income is recognised on an accruals basis, based on the entitlement that has been earned up to the balance sheet date for each relevant supplier contract. The accrued supplier income is included within trade and other receivables.

Supplier income comprises of rebates, typically these are based on the volume of purchases. These are earned based on purchase triggers over set periods of time.

Supplier income recognised is recorded against cost of sales and inventory, which is adjusted to reflect the lower purchase cost for the goods on which the income has been earned. Depending on the agreement with the supplier, supplier income is either received in cash from the supplier or netted off payments made to suppliers.

Business combinations and goodwill
Business combinations are accounted for using the purchase method.

Purchased goodwill, (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising in respect of acquisitions is capitalised. Goodwill is amortised by equal annual instalments over its estimated useful life, which the directors have assessed to be 10 years.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


3. ACCOUNTING POLICIES - continued

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.

Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development expenditure, including website development, is also written off, except where the Directors are satisfied as to the technical, commercial and financial viability of individual projects.

Costs that are directly associated with identifiable and unique software products controlled by the Company, and that will generate economic benefits beyond one year are recognised as intangible assets. These intangible assets are stated at cost less accumulated amortisation and impairment losses. Software is amortised over three to five years depending on the estimated useful economic life.

Tangible fixed assets
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets other than freehold land, by equal annual instalments over their expected useful lives. This policy is reviewed on a regular basis to ensure that the expected useful lives are appropriate.

Long leasehold buildings and improvements to short leasehold buildings are depreciated on a straight-line basis over the remaining lease terms applicable (max of 25 years).

Any impairment in the value of fixed assets is charged to the profit and loss account as it arises.
- Leasehold buildings - straight line over the period of the lease;
- Plant and machinery - straight line over 2-10 years;
- Fixtures and fittings - straight line over 2-10 years;
- Motor vehicles - straight line over 5 years.

No depreciation is provided on freehold land.

Repairs, maintenance and minor inspection costs are expensed as incurred.

Impairment of non-financial assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the statement of comprehensive income, unless the asset has been revalued when the amount is recognised in the other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in the statement of comprehensive income.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of comprehensive income.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


3. ACCOUNTING POLICIES - continued

Investments in subsidiaries and associates
Investments in subsidiaries and associates are accounted for at cost less accumulated impairment losses.

Stocks
Inventories are stated at the lower of cost and net realisable value. Cost comprises purchase cost of goods less rebates received.

Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances (which comprise cash in hand and deposits repayable on demand), are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in statement of comprehensive income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The Company does not hold or issue derivative financial instruments.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.


THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


3. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all temporary differences where the transactions or events that give the group an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is measured using rates of tax that have been enacted or substantially enacted by the balance date.

Leases
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

(ii) Lease incentives
Incentives received to enter into an operating lease are credited to the statement of comprehensive income, to reduce the lease expense, on a straight-line basis over the period of the lease.

The Company has taken advantage of the exemption under paragraph 35.10(p) of FRS 102 in respect of lease incentives on leases in existence on the date of transition to FRS 102 (1 January 2014) and continues to credit such lease incentives to the income statement over the period to the first review date on which the rent is adjusted to market rates.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contribution into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. When material the unwinding of the discount is recognised as a finance cost.

Where the Company expects a provision to be reimbursed, the reimbursement is recognised as a separate asset when the reimbursement is certain.

A wear and tear provision is recognised when there is future obligation relating to the maintenance of leasehold properties. The provision is based on management's best estimate of the obligation, which forms part of the Group's unavoidable cost of meeting its obligations under the lease contracts. Key uncertainties are the estimates of amounts due.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


4. EMPLOYEES AND DIRECTORS
Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Wages and salaries 5,711,828 4,934,176
Social security costs 591,875 557,411
Other pension costs 121,281 125,668
6,424,984 5,617,255

The average number of employees during the period was as follows:
Period
1.4.23
to Year Ended
29.3.24 31.3.23

131 134

Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Hire of plant and machinery 28,471 22,500
Other operating leases 1,039,281 1,031,235
Depreciation - owned assets 532,438 480,977
Profit on disposal of fixed assets (4,508 ) (20,197 )
Goodwill amortisation 86,883 88,383
Auditors' remuneration -
current (19,524 ) 15,917

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Hire purchase interest 22,908 16,391

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 137,307 179,514
Adjustment in respect of
previous periods 123,342 (84,101 )
Total current tax 260,649 95,413

Deferred tax:
Origination and reversal of
timing differences 42,979 85,091
Adjustment in respect of
previous periods (129,468 ) 45,862
Effect of changes in tax rates - 26,871
Total deferred tax (86,489 ) 157,824

Tax on profit 174,160 253,237

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Profit before tax 709,799 1,464,321
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

177,450

278,221

Effects of:
Expenses not deductible for tax purposes 2,836 21,801
Capital allowances in excess of depreciation - (35,417 )
Adjustments to tax charge in respect of previous periods (6,126 ) (38,239 )
Effect of changes in tax rates - 26,871
Total tax charge 174,160 253,237

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


8. DIVIDENDS
Period
1.4.23
to Year Ended
29.3.24 31.3.23
£    £   
Ordinary voting shares of £1 each
Interim - 8,000,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 29 March 2024 1,280,917
AMORTISATION
At 1 April 2023 1,041,983
Amortisation for period 86,883
At 29 March 2024 1,128,866
NET BOOK VALUE
At 29 March 2024 152,051
At 31 March 2023 238,934

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 1,291,781 904,357 748,897 1,792,909 4,737,944
Additions 47,492 23,183 110,601 411,352 592,628
Disposals - - - (36,490 ) (36,490 )
At 29 March 2024 1,339,273 927,540 859,498 2,167,771 5,294,082
DEPRECIATION
At 1 April 2023 154,464 781,089 655,245 946,093 2,536,891
Charge for period 130,980 46,362 33,274 321,822 532,438
Eliminated on disposal - - - (36,490 ) (36,490 )
At 29 March 2024 285,444 827,451 688,519 1,231,425 3,032,839
NET BOOK VALUE
At 29 March 2024 1,053,829 100,089 170,979 936,346 2,261,243
At 31 March 2023 1,137,317 123,268 93,652 846,816 2,201,053

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 March 2024 is represented by:

Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2022 78,619 - - - 78,619
Cost 1,260,654 927,540 859,498 2,167,771 5,215,463
1,339,273 927,540 859,498 2,167,771 5,294,082

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 29 March 2024 1,092
NET BOOK VALUE
At 29 March 2024 1,092
At 31 March 2023 1,092

The company's investments at the Balance Sheet date in the share capital of companies include the following:

G W Commercial Tyres Ltd
Registered office: c/o Teneo Financial Advisory Ltd, 156 Great Charles Street, Birmingham B3 3HN
Nature of business: Tyre distributor
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves - 1,050

This company was dissolved on 17th July 2023.

G W Autoserve (Ipswich) Ltd
Registered office: c/o Teneo Financial Advisory Ltd, 156 Great Charles Street, Birmingham B3 3HN
Nature of business: Tyre distributor
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves - 10

This company was dissolved on 17th July 2023.

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


11. FIXED ASSET INVESTMENTS - continued

Fit4Fleet Holdings Limited
Registered office: Icknield Street Drive, Washford West, Redditch, Worcestershire B98 0DE
Nature of business: Holding company
%
Class of shares: holding
Ordinary A, B & C 100.00
2024 2023
£    £   
Aggregate capital and reserves (7,446 ) (966 )

12. STOCKS
2024 2023
£    £   
Finished goods 4,078,018 4,175,007

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,851,867 5,974,904
Other debtors 312,444 229,627
Corporation tax 54,720 305,675
Prepayments 518,905 117,071
7,737,936 6,627,277

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 16) 98,600 98,700
Trade creditors 7,201,576 5,655,876
Amounts owed to group undertakings 96,334 -
Social security and other taxes 176,006 133,973
VAT 256,399 562,528
Other creditors 415,798 416,102
Accrued expenses 721,514 988,528
8,966,227 7,855,707

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Finance leases (see note 16) 48,835 147,773

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 98,600 98,700
Between one and five years 48,835 147,773
147,435 246,473

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,010,160 971,535
Between one and five years 2,628,601 2,900,008
In more than five years 855,015 1,376,967
4,493,776 5,248,510

The lease commitments represent the company's total future minimum operating lease payments.

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Finance leases 147,435 246,473

The company's bankers, Barclays Bank plc, hold a fixed and floating charge over the assets of the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 285,962 372,451

Deferred
tax
£   
Balance at 1 April 2023 372,451
Credit to Income Statement during period (86,489 )
Balance at 29 March 2024 285,962

THE UNIVERSAL TYRE COMPANY (DEPTFORD)
LIMITED (REGISTERED NUMBER: 00278970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024


18. PROVISIONS FOR LIABILITIES - continued

The balance on the deferred taxation provision comprises the following elements :-

2024 2023
£ £
Timing differences - fixed assets307,354393,843
Timing differences - other(21,392)(21,392)
285,962372,451

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary voting £1 44,510 600
44,510 Ordinary non-voting £1 600 44,510
45,110 45,110

20. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 8,123,703 188,836 15,390 8,327,929
Profit for the period 535,639 - - 535,639
At 29 March 2024 8,659,342 188,836 15,390 8,863,568

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund. At the year end the company owed £19,431 (2023: £15,632) to the scheme in respect of outstanding contributions.

2024 2023
£ £
Contributions payable by the company for the year121,281125,668

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 742,500 1,188,000

23. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Halfords Autocentres Limited. The ultimate parent undertaking and controlling party is Halfords Group Plc, a company registered in England. The annual report and financial statements for Halfords Group plc includes the consolidation of the ultimate parent undertaking and its subsidiaries, including this Company. Copies of the annual report and financial statements of Halfords Group plc are available from Icknield Street Drive, Washford West, Redditch B98 0DE.