Company registration number 07859982 (England and Wales)
WYKO TIRE TECHNOLOGY (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WYKO TIRE TECHNOLOGY (UK) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WYKO TIRE TECHNOLOGY (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
414
1,053
Current assets
Stocks
8,123
1,476
Debtors
5
123,109
236,436
Cash at bank and in hand
223,061
221,692
354,293
459,604
Creditors: amounts falling due within one year
6
(105,017)
(194,321)
Net current assets
249,276
265,283
Total assets less current liabilities
249,690
266,336
Provisions for liabilities
7
(10,590)
(10,853)
Net assets
239,100
255,483
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
239,090
255,473
Total equity
239,100
255,483

The notes on pages 8 to 13 form an integral part of the financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr William Jones
Director
Company registration number 07859982 (England and Wales)
WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Wyko Tire Technology (Uk) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Storage Giant - Unit 10 Dudley Road, Gibbons Industrial Park, Kingswinford, West Midlands, England, DY6 8XF.

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 £.

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of proving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. While a loss has been made in the current financial year historically the company has been profitable and holds cash reserves to more than sufficiently cover the loss. The Company maintains a strong net current asset and net asset position on the Balance Sheet. The cash reserves and balance sheet position is sufficient to support the company in the unlikely event that the current years financial performance was repeated over the next three years. The company is forecast to return to profitability in 2025 and beyond. Given this the directors continue to adopt the current concern basis of accounting and preparing these financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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. Turnover is recognised at the point at which the company has fulfilled its contractual obligations to the customer. The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

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:

Fixtures and fittings
3-10 years
Computers
2-10 years

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.

WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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. Amounts 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.

1.9
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
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 in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgments in applying the companies accounting policies

 

None noted.

 

Critical judgments critical accounting estimates and assumptions

 

Dilapidations provision

Under the terms of the lease held for the property during the year the company is required to make right any alterations or adjustments made to the property during its use. Management have made an estimate of the dilapidations provision considering the nature and condition of the property at the point of inception of the lease and at the point of expected expiry of the lease and vacation of the building. Refer to note 6 for the dilapidation provision. 

 

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
7,713
33,034
40,747
Disposals
(4,085)
(19,208)
(23,293)
At 31 December 2024
3,628
13,826
17,454
Depreciation and impairment
At 1 January 2024
7,713
31,981
39,694
Depreciation charged in the year
-
0
639
639
Eliminated in respect of disposals
(4,085)
(19,208)
(23,293)
At 31 December 2024
3,628
13,412
17,040
Carrying amount
At 31 December 2024
-
0
414
414
At 31 December 2023
-
0
1,053
1,053
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
50,442
Corporation tax recoverable
3,519
-
0
Amounts owed by group undertakings
103,518
178,174
Other debtors
16,072
7,820
123,109
236,436

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,221
7,614
Amounts owed to group undertakings
62,358
122,674
Corporation tax
-
0
3,519
Other taxation and social security
4,935
5,069
Other creditors
23,503
55,445
105,017
194,321
WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are payable on demand.

7
Provisions for liabilities
2024
2023
£
£
Dilapidations
10,590
10,590
Deferred tax liabilities
-
0
263
10,590
10,853
Movements on provisions apart from deferred tax liabilities:
Dilapidations
£
At 1 January 2024 and 31 December 2024
10,590

Included within dilapidations are amounts regarding previous premises departed in September 2024. Negotiations regarding settlement are ongoing.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10
9
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Andrew Williams FCCA
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
14 April 2025
WYKO TIRE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Operating lease commitments
Lessee

The company has future operating lease commitments of £3,775 (2023 - Nil).

11
Pension commitments

The company operates a defined contribution pension scheme for employees. Contributions are charged to the profit and loss account as they are paid, employer contributions of £10,786 (2023: £10,602) were paid during the year. There were no outstanding contributions at the year end (2023: Nil).

12
Parent company

The company's immediate parent undertaking is Davian Enterprises LLC, a company registered in the United States of America at 6435 Highway 411 South GreenBack, TN 37742, USA.

 

The ultimate parent company is Mesnac Machinery & Electric Engineering Co Ltd, a company registered in the P.R. China, which prepares consolidated financial statements including the results of Wyko Tire Technology (UK) Limited. The registered office is 43 Zhengzhou Road, Qingdao, Chine, 266042.

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