Company registration number 06958563 (England and Wales)
MEYLE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MEYLE UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MEYLE UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
89,809
60,171
Current assets
Stocks
912,723
778,034
Debtors
4
1,690,520
1,121,011
Cash at bank and in hand
789,975
617,832
3,393,218
2,516,877
Creditors: amounts falling due within one year
5
(2,338,904)
(1,652,182)
Net current assets
1,054,314
864,695
Total assets less current liabilities
1,144,123
924,866
Provisions for liabilities
(3,200)
(7,000)
Net assets
1,140,923
917,866
Capital and reserves
Called up share capital
6
300,000
300,000
Profit and loss reserves
840,923
617,866
Total equity
1,140,923
917,866

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr B R Dines
Mr A Tress
Director
Director
Company registration number 06958563 (England and Wales)
MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
25% diminishing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value on an average cost basis, after making due allowances for obsolete and slow moving items.

MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

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

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.

1.9
Equity instruments

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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Any deferred tax balance is not discounted.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2023 - 6).

3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
10,447
1,350
12,013
96,400
120,210
Additions
-
0
-
0
-
0
56,438
56,438
At 31 December 2024
10,447
1,350
12,013
152,838
176,648
Depreciation and impairment
At 1 January 2024
10,447
1,350
12,013
36,229
60,039
Depreciation charged in the year
-
0
-
0
-
0
26,800
26,800
At 31 December 2024
10,447
1,350
12,013
63,029
86,839
Carrying amount
At 31 December 2024
-
0
-
0
-
0
89,809
89,809
At 31 December 2023
-
0
-
0
-
0
60,171
60,171
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,454,029
1,103,842
Other debtors
236,491
17,169
1,690,520
1,121,011
MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,921,364
1,315,057
Taxation and social security
351,810
277,292
Other creditors
65,730
59,833
2,338,904
1,652,182
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £10 each
30,000
30,000
300,000
300,000
7
Audit report information

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:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
7 May 2025
Sumer Audit is the trading name of Sumer Auditco Limited
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
703,152
179,352

 

MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Related party transactions

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.

MEYLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Parent company

The ultimate parent company is Meyle AG and consolidated accounts including the results of Meyle UK Limited can be obtained from its registered office at Merkurring 111, 22143 Hamburg, Germany.

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