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REGISTERED NUMBER: NI019153 (Northern Ireland)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Philip White Tyres Limited

Philip White Tyres Limited (Registered number: NI019153)

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


Philip White Tyres Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Liam White



SECRETARY: Karen Loye



REGISTERED OFFICE: Station Road Industrial Estate
Loughall Road
Armagh
Co. Armagh
BT61 7NP



REGISTERED NUMBER: NI019153 (Northern Ireland)



ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH



BANKERS: Ulster Bank
Danesfort
Stranmillis Road
Belfast
BT9 5UB

Philip White Tyres Limited (Registered number: NI019153)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,855,915 1,753,013
1,855,915 1,753,013

CURRENT ASSETS
Stocks 1,133,958 1,436,037
Debtors 6 1,423,444 1,416,185
Cash at bank 205,070 405,918
2,762,472 3,258,140
CREDITORS
Amounts falling due within one year 7 2,774,007 3,067,952
NET CURRENT (LIABILITIES)/ASSETS (11,535 ) 190,188
TOTAL ASSETS LESS CURRENT LIABILITIES 1,844,380 1,943,201

CREDITORS
Amounts falling due after more than one year 8 475,401 502,460
NET ASSETS 1,368,979 1,440,741

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 59,440 59,440
Revaluation reserve 9 366,182 366,182
Retained earnings 933,357 1,005,119
SHAREHOLDERS' FUNDS 1,368,979 1,440,741

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 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.

Philip White Tyres Limited (Registered number: NI019153)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2025 and were signed by:





Liam White - Director


Philip White Tyres Limited (Registered number: NI019153)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Philip White Tyres Limited is a private company, limited by shares , registered in Northern Ireland. 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.

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 - Over 50 years
Fixtures and Fittings - Over 10 years
Plant and Machinery - Over 10 years

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 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.

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.

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 34 (2023 - 34 ) .

Philip White Tyres Limited (Registered number: NI019153)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 89,345
AMORTISATION
At 1 April 2023
and 31 March 2024 89,345
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 1,180,000 2,939,045 725,625 4,844,670
Additions - 119,969 82,567 202,536
Disposals - (15,000 ) - (15,000 )
At 31 March 2024 1,180,000 3,044,014 808,192 5,032,206
DEPRECIATION
At 1 April 2023 108,159 2,422,591 560,907 3,091,657
Charge for year 23,600 57,595 18,439 99,634
Eliminated on disposal - (15,000 ) - (15,000 )
At 31 March 2024 131,759 2,465,186 579,346 3,176,291
NET BOOK VALUE
At 31 March 2024 1,048,241 578,828 228,846 1,855,915
At 31 March 2023 1,071,841 516,454 164,718 1,753,013

The company has revised the useful life of its Plant and Machinery, and Fixtures and Fittings, from four years to ten years.
Depreciation has been charged in the year on the undepreciated cost at 31 March 2023 to reflect this change.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 1,316,526 1,268,278
Other debtors 106,918 147,907
1,423,444 1,416,185

Philip White Tyres Limited (Registered number: NI019153)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 981,659 948,284
Other loans 36,916 41,916
Hire purchase contracts 117,585 93,921
Trade creditors 1,516,839 1,848,375
Social security and other taxes 44,328 36,477
VAT 18,081 51,562
Other creditors 58,599 47,417
2,774,007 3,067,952

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans - 1-2 years 45,972 18,000
Bank loans - 2-5 years 183,887 54,000
Bank loans more 5 yr 52,180 213,698
Hire purchase contracts 193,362 216,762
475,401 502,460

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 52,180 213,698

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 366,182

10. SECURITY

The bank loans and overdrafts are secured by fixed and floating charges over the company's property and other assets. Hire purchase liabilities are secured on the assets concerned.

The company has guaranteed the obligation of it's holding company, Philip White Tyres (Holdings) Limited, under a Secured Loan Note instrument. As of the balance sheet date, the outstanding amount owed by the holding company under this instrument was £749,167.

11. ULTIMATE CONTROLLING PARTY

A share for share exchange on 14 December 2023, resulted in the acquisition of the company's entire issued share capital to Philip White Tyres (Holdings) Limited, a company registered in Northern Ireland and controlled by Mr. Liam White.