Meyle UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Dolphin Road, Shoreham-by-Sea, West Sussex, BN43 6PB.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities, including trade and other creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
VW Heritage Parts Centre Limited (VWH)
Associated company
VWH owns 49% of the company's issued ordinary share capital. A director of Meyle UK Limited is also a shareholder and director of VWH. During the accounting period, the following related party transactions occurred:
1) The company paid VWH £193,019 (2023: £195,657) for rent of business premises, and £338,372 (2023: £398,415) for goods and services received.
2) The company made net sales to VWH totalling £176,560 (2023: £168,701).
3) The company provided a loan to VWH in the year of £200,000. The repayment term is 6 months from the date of advance and interest of 3% is being charged.
At 31 December 2024 the following balances are included within the financial statements:
1) Trade debtor balance of £24,603 (2023: £39,887) due to the company from VWH.
2) Trade creditor balance of £94,490 (2023: £97,258) owed by the company to VWH.
3) A loan balance due from VWH of £200,000 (2023: £Nil) included in other debtors.
Meyle AG (MAG)
Parent company
MAG controls the company, as it owns 51% of the company's issued ordinary share capital. During the accounting period, the following related party transactions occurred:
1) MAG charged the company £5,623,163 (2023: £5,026,491) for goods and services received.
At 31 December 2024 the following balances are included within the financial statements:
1) Trade creditor balance of £1,799,920 (2023: £1,172,855) owed by the company to MAG.
Shop4Autoparts LTD (S4A)
Associated company
Owned by VW Heritage Holdings Limited. One director is also a director of Meyle UK. During the accounting period, the following related party transactions occurred:
1) The company made net sales to S4A totalling £39,636. There were no sales during 2023 as S4A was dormant during the period.
At 31 December 2024 the following balances are included within the financial statements:
1) Trade debtor balance of £28,627 (2023: £Nil) owed to the company by S4A.
Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the company does not seek repayment of these loans until the group undertaking is financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support of its group.